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New program hopes to increase opportunities for first-time homebuyers

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A new program is kicking off Monday to help people in the greater Cincinnati area reach the dream of buying their first home.

The Home Ownership Center of Great Cincinnati and JP Morgan Chase is teaming up to revitalize neighborhoods across the city.

"We are firmly committed to helping individuals and families like Darryl and Caitlin pursue affordable homeownership through our home donation program," said Ryan Crowley, head of Government and Community Partnerships for Chase, in a release. "We are pleased to partner with The Home Ownership Center of Greater Cincinnati who shares our commitment to revitalize neighborhoods and preserve affordable housing."

Organizers said the program works by acquiring properties throughout Hamilton County, rehabilitating the homes and selling them to first-time homebuyers at discounted sale prices.

"This new program gives the Home Ownership Center the opportunity to eliminate a vacant property, increase the tax base for city and Hamilton County, and secure property values through a new home ownership opportunity." said Rick Williams, President/chief executive office of the Home Ownership Center, in a release.  "This is the first of many properties throughout the county under rehabilitation for homeownership"

Former Silverton Fire Chief Paul Stegman donated the first home to the center.

Stegman’s daughters and Silverton’s Mayor John Smith will welcome the new homeowners in a ribbon cutting ceremony Monday.

Organizers said there are several homes being rehabbed across Cincinnati including Cheviot, Deer Park, Forest Park, Mount Healthy, Price Hill and College Hill.

Copyright 2013 Scripps Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.

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