A comprehensive and collaborative partnership.
Like many communities across the country, Slavic Village was devastated by the national housing crisis. Slavic Village Rediscovered, or SVR, is a partnership initiated in direct response to community blight and housing market needs in the Slavic Village neighborhood.
SVR is a first of its kind strategic collaboration between for-profit and non-profit groups. The diverse alliance between Slavic Village Development, Forest City Enterprises, Cleveland Neighborhood Progress, and RIK Enterprises brings decades of experience in real estate acquisition, home renovation, urban development and home sales. This partnership provides financial support for SVR and requires no public funding.
Slavic Village Rediscovered concentrates its efforts within a 530-acre section of Slavic Village. We partner with lenders, servicers, and public entities in the area to acquire large numbers of structurally-sound blighted, at risk, or vacant properties in this target area of Slavic Village. We then provide major updates to their construction and interior, giving them new life as family-friendly affordable homes. By collaborating in such a way, the Slavic Village Rediscovered steadies market volatility, stabilizes the larger community, and matches home-buyers with a move-in-ready home at a great price.
Our first completed home at 3672 E 54th St. -- Before and After
Slavic Village Rediscovered provides quality, affordable housing in one of the most historic and vital neighborhoods of Cleveland. It creates opportunities for first-time homeowners and families of a modest income to own a home in a vibrant neighborhood.
In addition, the city of Cleveland benefits from increased tax appraisal values that also serve to strengthen the neighborhood. Tax collections to pay for city services also increase, while the number of nonperforming mortgages and vacant, deteriorating houses weighing on the city is reduced.
In the news
SVR is a unique program. The unprecedented level of coordination and support from banks, institutions, and partner organizations allows SVR to leverage each organizations' resources and expertise to delivery high-quality, affordable, rehabilitated homes. By targeting multiple properties at a time for rehabilitation. SVR achieves positive, holistic change on a large scale. Our innovative process of partnership and rehabilitation is being viewed as a new, successful affordable housing model that addresses blight and can be replicated in communities around the country.
Unlike many urban housing initiatives, Slavic Village Rediscovered does not rely on public funds. Instead, it combines private investment and public services. The innovative SVR model offers the potential of profit for participating organizations while providing solutions to blight, crime, property value depreciation, and other negative impacts of rampant vacancies.