Cleveland wins $2 million grant for 200 East Side homes
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Cleveland will receive a $2 million state grant to help build 200 homes in a new East Side housing district.
Why it matters: Mayor Justin Bibb's administration is trying to jump-start investment in parts of the Hough, St. Clair-Superior and Central neighborhoods, where decades of population loss and blight have made conventional development a dicey proposition.
The big picture: The grant comes through Ohio's Residential Economic Development District program, which awarded $14 million statewide last week to communities near major economic development projects.
Catch up quick: Cleveland City Council also approved a tax increment financing district for the area in August that will capture future residential property tax growth to pay for public infrastructure.
What they're saying: "This funding is a sign that our Housing Innovation District is much more than just an idea," Bibb said in a statement.
- "It's a real, tangible solution towards homeownership, entrepreneurship, modern housing, and neighborhood stability."
Zoom out: Housing is only half the strategy. The city is simultaneously marketing hundreds of acres of nearby vacant industrial land as The Midline, hoping new employers and new residents can reinforce one another.
- The city announced in June that modular-home builder MMY would become the Midline's first major business tenant.
The last word: New businesses "can bring tremendous opportunities, but our communities ultimately need the right foundation to make the most of it," Lt. Gov. Jim Tressel said in a statement.
- "These targeted investments will help our local partners prepare for what's ahead by supporting the housing and infrastructure our workforce needs to succeed."