http://development.columbus.gov/Bizdevelopment/BuyCityProperty/LB_170.asp

P.S. gallery hop was fun tonight and the bars are packed…..

http://td.ci.columbus.oh.us/NeighborhoodsandResidents/housing/developer/development_program.asp

p.s. That next broke artist you talk to…you may want to fill them in on that. It’s a 30,000.00 home loan…that they don’t have to pay back. Credit isn’t required…low income is…and here’s the deal on paying the loan back:

Income Qualified Homebuyer Forgivable Loans

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Maximum Homebuyer Affordability Gap Loan Limits: up to $30,000. The loan amount will also consist of any additional City assistance to acquire the property such as downpayment assistance from the American Dream Downpayment Initiative (ADDI)

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Term: 5 years for loans less than $15,000; 10 years for loans $15,000 to $30,000

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Interest Rate: Zero percent (0%) per annum

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Repayment is not required if:

o

The initial homeowner remains an owner/occupant of the property for the term of the loan (affordability period); and,

o

The initial homeowner executes at closing, a non-amortizing, non-recourse, non-interest bearing Promissory Note (Note), Loan Agreement, Mortgage, and Restrictive Covenant (for affordability). The outstanding Principal balance of the Note remains the same as the amount stated at the time of closing until the end of the affordability/loan period.

if you buy four infill lots, build 4 houses, the city will give you $100,000 in cash when you get occupancy permits above and beyond what you sold them for.

I spent a lot of time down there and I wasn’t aware that the city would give we 25 thou to help build a house. I was aware that they’d sell a plot of land to build on for $500, but I didn’t know about any free cash giveaway!

Let’s be honest though, Franklinton has only really had a buzz about it for a short time, and the people that are most likely to move there seem to be the people that have the least amount of resources to pull off a space there. I’ve had several artists contact me about buying space in Franklinton, and in the end it keeps turning out that they don’t have any money, or even the credit or ability to get financing. You can’t get something for nothing, even in Franklinton!

People’s expectations are really out of whack here. Franklinton won’t turn around in a year, and I said the people that are really excited about becoming residents don’t have the wherewithal.

CDS sherman wrote i havnt heard anything new on cooper except that AD farrow who was thinking of building a motorcross arena and complex i think has fell through.

yep, that died. I’m actually kind of glad, because I don’t think it’s the kind of draw the area needs. I can honestly say I have absolutely no idea what it should be…but feel like I’ll know it when I hear it.

Instead of spending the money the city is on some of the enticements, spending it on something that makes the area a real draw may be of better use. We have COSI on one end, which is cool, but something else, more central to the area…not to mention what happens with Cooper…could make all the difference.