The NCRC Housing Rehab Fund, LLC (NCRC HRF), known as GROWTH by NCRC, broke ground on 12 lots dedicated to new construction in Parma Heights, Ohio. GROWTH is partnering with Cleveland Custom Homes (CCH) to build the project. Lincoln Village, located near Stumph and Snow Roads, is one of a few, select communities in the Greater Cleveland area that will feature Cleveland Custom Homes’ new American Dream Series homes. The American Dream Series offers an affordable homeownership option in a real estate market starved for entry-level and starter homes. The community will feature 12 new-construction, single-family ranch-style homes starting in the $240,000’s. At 1,292 sq. ft. the homes will feature three bedrooms, two full baths, and an attached garage.
GROWTH provides homeownership opportunities in or for low- and moderate-income communities and people, focusing on communities and people of color. In five years, GROWTH, a national, community-bank homeownership initiative, has invested over $123 million in 780+ homes nationwide.
“Homeownership is at the center of the American Dream, and we believe very strongly in its capacity to build multi-generational wealth,” said Edward Gorman, GROWTH’s director. “We know that more people are seeking homeownership opportunities than at any time in our nation’s history, but the deck is stacked against working-class families and particularly against minority communities, given the current inventory shortages and increasing price tags. To create pathways to ownership, we partner with local experts like CCH to find properties that will give our folks a great shot at building wealth.”
With Parma Heights near full build-out, new construction is a rarity. The price point, combined with a 10-year tax abatement, provides homeowners a chance to enjoy the benefits of a new build for a payment comparable to area rents. “It’s exciting to finally break ground in Lincoln Village where the first American Dream Series homes will be built,” says Jeff Crawford, President of Cleveland Custom Homes. “The recent groundbreaking activity puts us on the path of bringing the American Dream to 12 individuals and families that will now have an opportunity to own a home in the City of Parma Heights.”
City Planning and Zoning recently approved the Lincoln Village Project with unanimous support.
“My hope is that Lincoln Village results in housing opportunities to grow our community,” said Parma Heights Mayor Mike Byrne. “I am looking forward to seeing this project progress and expand homeownership here in Parma Heights.”
The first homes are expected to be complete at the end of 2021.
About GROWTH by NCRC
We believe that no matter where you start in life, or the neighborhood you live in, every family deserves the opportunity to own a home, to start building wealth and to enjoy the American Dream. Our mission is to make homeownership possible for more people.
GROWTH is an initiative of the National Community Reinvestment Coalition (NCRC) and is fueled by the NCRC Housing Rehab Fund (the “Fund”), a private equity real estate fund focused on rehabbing and building new construction single-family houses to provide affordable homeownership opportunities in low- and moderate-income communities or for low- and moderate-income people. The Fund has been operating for five years and is operating in over 15 cities.
About Cleveland Custom Homes
We never settle. We never blend in. We do things differently because that’s just who we are. With over 90 years of combined experience, Cleveland Custom Homes, Cleveland’s premier luxury builder, is exceptionally capable and committed to delivering a custom home that you can be proud of and can share with your family and friends for generations to come.
Cleveland Custom Homes is a full-service builder specializing in the development, construction, and management of new single-family homes, multifamily communities, and commercial projects. We use the home building platform to ignite the power and passion in others, multiply the intelligence of others, and generate wealth to all who we serve.