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04/13/10
CONTACT: George Snyder
937.853-2535
gsnyder@citywidedev.com
Denise Blake
513.314.0473
Denise.blake@mvg.com
Miller-Valentine Group and CityWide Development Announce Ribbon Cutting for
The Rising at Phoenix
Dayton, Ohio (April 12, 2010) -Miller-Valentine Group, along with CityWide Development, announced that construction is nearly complete on the Rising at Phoenix - a residential redevelopment initiative underway in the Fairview neighborhood of the City of Dayton.
The Rising, which is made-up of 33 single family homes, is bounded by Hillcrest Drive, Salem Avenue, Catalpa Drive and Benson Drive. The Rising is the first housing construction piece of the Phoenix Project which is a redevelopment initiative focused on the area surrounding Good Samaritan Hospital. The Phoenix Project includes commercial and residential redevelopment as well as infrastructure improvements.
Miller-Valentine Group and CityWide Development became partners in The Rising by working together to complete 33 homes which are throughout the neighborhood. This program was made possible by an award of Low Income Housing Tax Credits through the Ohio Housing Finance Agency. This program raised private equity for affordable housing construction through the sale of tax credits. The City of Dayton has invested HOME dollars in this effort as well.
"The Rising at Phoenix is an important step in the redevelopment of the Fairview neighborhood," Mayor Gary Leitzell said. "The City of Dayton appreciates our community partners - CityWide Development Corporation, Good Samaritan Hospital, Miller-Valentine - and the residents of the Phoenix Project area for their commitment to Dayton neighborhoods."
Each of the 33 houses has four bedrooms, two full baths and a two-car detached garage. Homes are available in two-story and ranch floor plans with an average of 1450 square feet of living space. Two thirds of the homes have been leased, and fifteen families have moved in to date.
"We are happy to welcome these new families to the community through our support of the Phoenix Project. The revitalization of the Fairview neighborhood is a key part of our mission of building healthier communities," said Sister Carol Bauer, Vice President of Mission Effectiveness for Good Samaritan Hospital.
These homes are being made available to qualified residents through a "lease-purchase" program. This concept is similar to other rent-to-own programs. Miller-Valentine Group and CityWide will own and maintain these homes for the duration of the 15-year leases taken by the individual residents. The residents who are occupying the home at the end of the 15th year will have the first opportunity to purchase the home at a below market value, based on the number of years during the 15-year period they occupied the home. This results in instant equity to the resident.
"We are pleased to be part of the Phoenix Project and to provide an opportunity for Dayton families to achieve homeownership", said Denise Blake, Developer for Miller Valentine.
Miller-Valentine Group's residential property management company, MV Residential Property Management is responsible for leasing the new homes. In addition, MV Residential Property Management will take care of all structural issues related to the property and appliance replacement, for the duration of the homes' lease.
According to George Snyder, Vice-President of Neighborhood Development for CityWide Development, "These new homes are an important part of the Phoenix Project's housing strategy which seeks to expand opportunities for homeownership for Dayton families. The new housing compliments other development underway including a new PK-8 Dayton Public School, expansion of the City of Dayton aquatic facilities through the addition of a spray park, and the development of a new green space for civic activities, known as the Fairview Commons."
The official ribbon cutting ceremony and open house will be held April 15 at 4:00 p.m. at 2157 Malvern Avenue with representatives from the City of Dayton, Good Samaritan, CityWide Development and interested neighbors. Parking will be available at Fairview Elementary School.
