Home ownership for tenants goal of $2.5M County Corp Dayton rental purchase

152 Hollencamp Ave., one of 100 West Dayton rental homes recently purchased by Dayton's County Corp. Montgomery County photo

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152 Hollencamp Ave., one of 100 West Dayton rental homes recently purchased by Dayton's County Corp. Montgomery County photo

County Corp of Dayton has spent $2.5 million on dozens of West Dayton rental single-family homes, with the goal of helping some of those tenants step into home ownership.

Steve Naas, president of the private nonprofit development corporation, believes the purchase of the properties is an opportunity to help residents in underdeveloped neighborhoods of Dayton own their homes, which could benefit those neighborhoods over the long term.

It’s the largest investment County Corp has participated in when it comes to the number of housing units involved, Naas said.

“It is not exactly routine for County Corp, but it is something that I expect we will see in the future,” he said.

County Corp is the private non-profit development corporation for Montgomery County that administers affordable housing and economic development programs.

Dozens of the homes recently appeared on the Montgomery County auditor’s website, with Dayton Century Homes LLC listed as the buyer. Dayton Homes II LLC, of Oak Brook, Ill., is listed as the seller in the transactions.

All located within Dayton municipal limits, the one- and two-story, two- and three-bedroom homes are on Cummings Court, Whitmore, Crown and Merryfield avenues and elsewhere. Naas said they are concentrated in the Edgemont, Residence Park and other nearby neighborhoods of Dayton.

The previous owner has had the properties up for sale for some time, Naas said. He believes there is a chance to work with some of the tenants to help them acquire their homes.

His goal is to help 15% to 20% of the tenants take that step.

“This is why they were developed,” Naas said. “They were developed as what is known as a lease-to-purchase development, through the tax credits from the state, but the prior owner never really made any progress on it,” he said. “So we’re hopeful.”

“It’s more than just owning the home. It’s a way of bringing the community together so it’s better for everyone,” he added.

County Corp has an affiliated entity, the Home Ownership Center of Greater Dayton, and interested residents will be directed toward that center, with possible down payment assistance and other programs open to them. Down payment assistance need not be repaid while the owner lives in the home, Naas noted.

“We believe that we made a very good investment,” Naas said. “We believe that the value of the assets are in excess of that $2.5 million.”

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