| Homeownership Progress Report |
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The University Neighborhood Revitalization Plan: Concept Document recommended that The Ohio State University develop a homeownership incentive program to encourage faculty and staff to purchase homes in the University District. As a result, The Ohio State University Faculty and Staff Neighborhood Homeownership Incentive Program was created, effective June 1, 1998. As originally established, the program offered $3,000 in downpayment assistance in the form of a no-interest, forgivable loan to faculty and staff members to purchase homes and live in the University District. The purchaser must live in the house for five years, or repay a prorated portion of the $3,000. The University District is bounded by Fifth Avenue on the south, Glen Echo Ravine on the north, the Conrail tracks on the east and the Olentangy River on the west. The total funding for the program was divided with approximately two-thirds of the funding targeted to Area A of the University District (see map) and approximately one-third of the funding targeted to Area B of the University District. As of Nov. 2, 2001, funding has been exhausted for the purchase of homes in Area B. No further applications are being taken for downpayment assistance for the purchase of homes in this area. Funding continues, however, for Area A. The program is administered by Northside Development Corporation, a non-profit housing corporation, and the university's Office of Human Resources. As of September 2001, 74 homes have been purchased under the incentive program. |