The 292 Coolidge St., Dupont, house has an unfinished basement usable for future living space.
Tony Callaio | For Sunday Dispatch
NEPA Land Bank addresses region’s affordable housing shortage
The $250,000, 1,200-square-foot single home at 292 Coolidge St., Dupont, has been designated a rent-to-own house owned by the Northeast Pennsylvania Land Bank.
Tony Callaio | For Sunday Dispatch
Ground was broken at 292 Coolidge St., Dupont, on Wednesday, Nov. 12, by the Northeast Pennsylvania Land Bank (NEPALB) and Cornerstone Building Solutions Inc. for a rent-to-own house owned by NEPALB. From left: City of Pittston Mayor Michael Lombardo, Stanley Knick, NEPALB board member and Dupont Borough councilman; Bob Linskey, NEPALB board member and Jenkins Twp. Supervisor; Shannon Bonacci, NEPALB deputy director; Joe Chacke, NEPALB executive director; and Dave Rzeszewski, Cornerstone Building Solutions Inc.
Tony Callaio | For Sunday Dispatch
The Northeast Pennsylvania Land Bank-owned house on Coolidge Street, Dupont, has an open-concept kitchen, living room, and dining room, along with three bedrooms and one bath.
Tony Callaio | For Sunday Dispatch
DUPONT — In a day and age when elevated interest rates and skyrocketing housing prices are the norm, owning a home is just a pipe dream for many, just out of financial reach.
The Northeast Pennsylvania Land Bank (NEPALB), a public agency designed to return vacant or blighted properties to productive status while adding income to the tax base, developed the Mod-Home Initiative Project, a way to purchase a home through an innovative rent-to-own model designed to help families achieve homeownership.
Sustained by a $750,000 grant from the Pennsylvania Housing Affordability and Rehabilitation Enhancement (PHARE) Fund, the Mod-Home Initiative represents an innovative approach to addressing the region’s shortage of affordable housing.
The project includes the construction of two new modular single-family homes, a one two-bedroom unit on N. Main Street, Pittston, and another three-bedroom home on 292 Coolidge Street, Dupont. Both modular homes, built under a controlled environment at Simplex Homes, were designed and contracted by Cornerstone Building Solutions.
NEPALB broke ground, awaiting the first tenant at the Dupont location on Wednesday, Nov. 12.
The $250,000 Dupont house is approximately 1,200 square feet, featuring three bedrooms, one bathroom, and an open-concept kitchen, living room, and dining room.
In addition, the basement is unfinished, with ceiling heights tall enough to finish off with extra rooms. It has three access doors to the outside, one a BILCO door into the basement.
“The Land Bank has proven that we can do more than just buy and sell properties; we can play a vital role in expanding affordable housing opportunities,” Shannon Bonacci, NEPALB, deputy director, said. “It’s been incredibly rewarding to work with families on creating paths to homeownership, and we’re eager to continue these efforts in the years ahead.”
According to Bonacci, the NEPALB will be the acting bank and landlord; “We are trying to be a system that can circumvent a traditional bank to be able to give a pathway to people.”
Stanley Knick, president of the Dupont Borough Council, said neighboring homes complained about the blighted property harboring rodents and wildlife, while borough officials were responsible for maintaining the property.
NEPALB Executive Director Joseph Chacke said he was pleased the property would now produce income for Dupont Borough.
“This was a blighted property that wasn’t productive and wasn’t producing taxes, and Dupont Borough had to spend resources to maintain, and neighbors were constantly complaining,” Chacke said.
He also said a portion of the rent from the renter would be put aside in order for them to put that money towards the purchase of the house.
NEPALB board member and Jenkins Twp. Supervisor Bob Linskey said even though Jenkins Twp. doesn’t have the money to place new houses, it’s feasible as being a part of the collective of the NEPALB.
“I would look forward to possibly having a home like this put up in Jenkins Twp. on one of the vacant lots that we have and eventually putting it on the tax roles,” Linskey said. “That’s our mission to remove blight and get properties on the tax role.”
Currently the NEPALB partners with the City of Pittston Housing Authority on several projects to get referrals for a program such as the Mod-Home Initiative, Bonacci added.
NEPALB was established in 2014 consisting of nine municipalities: Pittston, Pittston Twp., West Pittston, Avoca, Duryea, Dupont, Jenkins Twp., Exeter, and Plains Twp., have acquired 36 properties to date while selling nine.
For further information on NEPALB, reach out to www.nepalandbank.com.
