Group Offers Help to Cincinnati Homeowners

Due to the significant difficulties occurring in major metropolises and cities across the United States, many sectors are economically affected by the volatile market changes. Among the most affected are homeowners, who are facing steep increases in property taxes and rising energy costs.

Although inflation has slightly decreased so far this year, unexpected increases in the housing market continue to significantly impact thousands of American homeowners, especially residents of Cincinnati, Ohio.

In response to the concerns of affected business owners and individuals who are seeking solutions to this troubling situation, a task force has been created, consisting of more than a dozen organizations and community members. Their goal is to offer advice and better assistance to all Cincinnati homeowners, particularly those at risk of facing foreclosure.

The initiative, developed by this group called Green Savings, primarily aims to offer one million dollars to help cover overdue property taxes, especially for seniors and low-income homeowners who are struggling to pay their bills.

Although the group acknowledges that they cannot directly change property tax bills or improve the financial situation of those affected, their main objective is to implement alternative methods to reduce costs. This way, they aim to assist individuals who are at imminent risk of eviction or foreclosure on their homes.

Green Savings, made up of more than a dozen organizations and community members, understands that while this is a temporary solution to the challenges faced by those affected, their fundamental purpose is to implement definitive actions to improve the real estate market in Cincinnati.

To improve the state’s economic situation, Ohio has created the so-called Federal Inflation Reduction Act, which aims to allocate resources to reduce energy costs and consumption. These resources include up to $10,000 for low-income homeowners and $2,500 for middle- and high-income households. To achieve this, the state has allocated more than $500 million to help thousands of homeowners weatherproof their homes, install heat pumps and solar panels on their roofs, and provide discounts for energy-efficient appliances.

Since these resources are distributed among all cities in Ohio, priority will be given to those that are better organized and present better development plans. This is why the Green Savings group intends to create measures to efficiently secure these funds for the city of Cincinnati and its residents. Among the main measures is the creation of a Green Bank. This is not a traditional bank, but rather the creation of a “quarterback” to coordinate various funding programs, ensuring that projects are well-prepared and helping homeowners complete their energy audits to access these funds. This measure is also being developed by the Cincinnati Development Fund, the Port, and other partners, as well as the cities of Cleveland and Columbus.

Another measure the group plans to implement is investment in training. The goal is to ensure that the city has qualified personnel to carry out energy audits and implement improvements, as a homeowner, for example, cannot install solar panels on a leaking roof. Another action the Green Savings group intends to take is to capture funds from private foundations to improve local investments, with the goal of achieving a return on investment above 3.1%.

The benefits of implementing these measures or actions sought by the group are to allow all homeowners, who choose to participate in the program for free, to achieve an annual savings of approximately $800 on their bills. What homeowners need to understand, says the group’s representative, is that annual energy savings will help reduce their costs, especially for those on the brink of foreclosure, and will make Cincinnati a cleaner and greener city.

Foreclosures available:

Cincinnati: 150

Columbus: 200

Cleveland: 180.

By Elias DaSilva | September 18, 2024.