Cincy suburb buys up homes to save itself

GREENHILLS, Ohio (AP) — Like many older suburbs, Greenhills in southwest Ohio is losing people, businesses, and taxes. But the 70-year-old village is trying an unusual, and risky, way to change that: It’s buying big chunks of itself.

The village just north of Cincinnati has been buying old homes, renovating them and selling them with the goal of attracting young families. It hopes to get enough federal economic stimulus help to buy up its downtown shopping area to remake it into a vibrant center of trendy shops and markets.

“It’s not every day that a community literally buys its downtown — lock, stock and barrel,” said municipal manager Jane Berry.

Greenhills last month adopted a new comprehensive plan that includes seeking historic landmark status, beautification work, making municipal buildings more energy-efficient and adding wireless Internet connections around the community.

Some residents have questioned the effort as too costly and risky — the village has been losing an average $5,000 per home on resales.

“Let’s face it. It’s not the best economic time for a large financial undertaking, but you’ve got to be somewhat of a risk-taker,” Berry said. “You can either sit back and wait for something that may never happen, or take charge to sustain the future of a community.”

Planning experts say if it works, it could be a model for other struggling “first-ring” suburbs, or older communities that are adjacent to urban areas.

Greenhills, with some 4,000 residents, has lost nearly 40 percent of its population in the last 40 years and has seen steep dips in the number of employed workers. Meanwhile, newer suburbs farther north of Cincinnati such as Lebanon and West Chester have boomed.

The village has bought 135 homes so far. Its move to take over its downtown is unusual, said Chris Leinberger, a visiting fellow with the Brookings Institution in Washington, D.C.

“I think it’s a very progressive and forward-looking thing to do,” he said. “Authenticity is a major factor that many young people are looking for and this town seems like it’s got some authenticity.”