SpringfieldNewsSun.com

Springfield, Ohio — The site plan for the Lincoln Park Hope VI development program will no longer include homes for sale.

Market studies by the U.S. Department of Housing and Urban Development, which funded the $20 million project, showed the current slow buying market could not support the planned 38 home ownership units for the site, said Danielle L. Mulligan HOPE VI Administrator. As a result of the study, HUD dictated that the plans for the area located off John Street be changed to 24 lease-to-own properties under a tax-credit program.

The program will allow tax credits to the developer, Pennrose Properties, for 15 years if it rents those homes to low income families, who can then purchase the homes. Income criteria is 60 percent of the median income. For a family of three the income limit would be $32,520.

While not the private investment local HOPE VI administrators had hoped, the 15 year purchase option still allows for future stability for the completely renovated neighborhood made up of 108 new public housing units, mostly single-family homes, a park and community center, Mulligan said.

Contact this reporter at (937) 328-0347 or kmori@coxohio.com.