Preparing for 30 New Homes in Buckeye Neighborhood of Cleveland
On Sept. 20, a ribbon-cutting ceremony was held for Larchmere Homes, the new construction of 30 affordable lease-to-purchase homes in the Buckeye neighborhood of Cleveland, Ohio. Buckeye is one of Fifth Third’s Empowering Black Futures nine neighborhoods. The Empowering Black Futures neighborhood program is a $180 million initiative in which Fifth Third and Enterprise Community Partners work with lead community organizations in nine historically Black neighborhoods that have experienced decades of disinvestment to boost economic mobility of its residents. The Buckeye program in partnership with Cleveland Neighborhood Progress, Burten, Bell, Carr Development Inc., and CHN Housing Partners includes a focus on home repairs in the area South of Buckeye Road.
The Larchmere project is a collaboration of multiple partners, including Enterprise Community Partners and CHN Housing Partners (CHN). The Fifth Third CDC made a $6.2 million low-income housing tax credit investment via the Enterprise Equitable Upward Mobility Fund, a multi-investor fund.
The development is for scattered site new home construction in the neighborhood. When complete, 30 single-family homes will be built for families at or below 60% of the area median income. Of the homes, 28 will be three-bedroom, two-story homes and two will be three-bedroom, single story homes.
Through CHN, the homes will be rented on a lease-purchase basis; the goal is for residents to be able to buy the homes from the nonprofit developer at the conclusion of a 15-year period. CHN’s service delivery program will provide tailored wraparound services to each resident family to help them improve their education, career and financial health.
The program will help extend Fifth Third’s EBF goal of improving the upward mobility of Black residents by increasing access to affordable housing in the Buckeye neighborhood.
“This type of development is a game-changer for Cleveland’s neighborhoods,” said Councilwoman Deborah Gray, Ward 4.
For more information on Fifth Third’s Empowering Black Futures program, click here https://53neighborhoodinvest.org/.
About Fifth Third
Fifth Third is a bank that’s as long on innovation as it is on history. Since 1858, we’ve been helping individuals, families, businesses and communities grow through smart financial services that improve lives. Our list of firsts is extensive, and it’s one that continues to expand as we explore the intersection of tech-driven innovation, dedicated people and focused community impact. Fifth Third is one of the few U.S.-based banks to have been named among Ethisphere’s World’s Most Ethical Companies® for several years. With a commitment to taking care of our customers, employees, communities and shareholders, our goal is not only to be the nation’s highest performing regional bank, but to be the bank people most value and trust.
Fifth Third Bank, National Association is a federally chartered institution. Fifth Third Bancorp is the indirect parent company of Fifth Third Bank, and its common stock is traded on the NASDAQ® Global Select Market under the symbol "FITB." Investor information and press releases can be viewed at www.53.com.
