by Amy Sackman Odum (Director of Community Development, City of Lima Ohio), Guest Contributor
What can you do with $257,989 in housing funds? In most Ohio markets, it may buy a comfortable home. In Lima, Ohio, it runs an entire housing program! The City of Lima is the third smallest HOME Investment Partnerships Program (HOME) entitlement community in Ohio. Yet, Lima is attracting attention with the announcement of a 15 million-dollar historic bank building renovation, which will produce 47 apartments and 3 floors of office and retail. Ten of the apartment units will be market rate. This project is in addition to running a popular housing down payment assistance program and providing home repair loans. How can so little funding produce so much? Several strategies are needed for big results, and to make local needs mesh with limited resources and daunting regulatory requirements.