![Cleveland Mayor Frank Jackson talks with bank representatives and others before a news conference Wednesday. [Nick Castele / ideastream]](https://npr.brightspotcdn.com/dims4/default/55b4e2e/2147483647/strip/true/crop/980x520+0+0/resize/840x446!/format/webp/quality/90/?url=http%3A%2F%2Fnpr-brightspot.s3.amazonaws.com%2Flegacy%2Fuploads%2F2017%2F5%2F10%2F0510jackson.jpg)
Cleveland neighborhoods between University Circle and Downtown will be targets for investment under the mayor’s development plan.
Mayor Frank Jackson and other officials revealed more details on the $25 million proposal Wednesday afternoon. Including public and private money, Jackson said about $65 million has been committed to the initiative.
Under this plan, the city would help pay part of the construction costs for building 25 homes and rehabilitating 50. Another 25 homeowners would be eligible for other home rehab assistance.
The east side target area includes parts of Glenville, Hough and Fairfax, as well as the Buckeye neighborhood near Shaker Square. On the west side, Clark-Fulton, home to MetroHealth Medical Center, will also be included.
In a study prepared for the city, researchers at Cleveland State University identified the east side target area as “geographically well-positioned for reinvestment.”
Jackson said the city is trying to revitalize the housing market in those places.
“This is not perpetual subsidy,” he said. “This is attempting to stop the decline, stabilize it, so that there can be investments for growth in the future. And in order for that to happen, the market has to take over. That’s what this is about.”
Jackson is also proposing a loan fund for mixed-use developments in the target neighborhoods. The city would contribute $8.5 million to the fund, with millions more committed from local banks.
