YR 16 Program
In Toledo, there are about 750 single-family homes that were built with Low Income Housing Tax Credits (LIHTC) in the early to mid 2000s. These homes are reaching the end of their mandated compliance period and tenants are able to buy them and become homeowners. Existing tenants are linked with the Financial Opportunity Centers to help them prepare financially for the opportunity to acquire the home they’ve been renting--often for a decade or more. This ensures that homes exiting the LIHTC compliance period remain affordable and in the hands of Toledo families, rather than potentially vacant in the hands of investors.
To date, the YR 16 Program has:
- created 86 homeowners, 40 of whom were former tenants
- leveraged more than $650,000 to support new owners through the homebuying process
- provided 50 grants of $7,500 to new homeowners to perform needed repairs or upgrades.
