CLEVELAND - The Greater Cleveland Habitat for Humanity will dedicate another renovated home, this time for a family of five, on May 16 in the city's Fairfax neighborhood.
The home is one of 10 being rehabbed around the E. 82nd Street and Platt Avenue intersection, just north of Woodland Avenue. Habitat has partnered with the city of Cleveland, Fairfax Renaissance Development Corporation and several major financial sponsors to make this possible.
Habitat has concentrated its efforts recently in city areas that are poised for revitalization, including Slavic Village and the Lower Kinsman neighborhood.
In a press release, Habitat's executive director, John Habat, said, "The last recession and its lingering foreclosure legacy present opportunities to adopt streets and neighborhoods in which Habitat can make a significant impact in a relatively short period of time."
The rehab initiative is a new direction for Habitat. It had been building new homes but costs were reaching $200,000 and the nonprofit found it could rehab a home for less than $50,000, therefore providing affordable housing for more families. The lower costs also results in small interest-free mortgages that families can repay more quickly and fully own their homes in as little as 10 years.
Habitat already has partner families signed up for the homes being rehabbed in Fairfax. Each family has to provide sweat equity in renovating their homes and pay at least $1,000 in closing costs.