OTR developers push $128M affordable housing plan

From Bowdeya Tweh from the Cincinnati Enquirer:

“Familiar names in Over-the-Rhine’s real estate market could help chart a new course for 240 low-income apartments in the neighborhood.

The Cincinnati Center City Development Corp. (3CDC) and Walnut Hills-based Model Group want to buy the Jan and Senate Apartments and transfer 101 federal housing subsidy contracts to other low-income housing managers. With the help of the Legal Aid Society of Southwest Ohio, residents are being relocated from those properties.

Also, the developers are working to close a purchase of 18 buildings that hold 140 apartments in Over-the-Rhine and Pendleton from Denver-based Mercy Housing. 3CDC wants to upgrade the properties and keep half of them affordable for families at 60 percent of the area median income. The other half of units would be converted to market-rate; commercial spaces would also be upgraded. Model has already started managing Mercy Housing’s properties.

“There is broad consensus that as housing prices rise in the neighborhood, it will be important to deliberately incorporate high-quality affordable housing in future development phases that both protects a diverse community base, which makes OTR special, and provides for critical workforce housing to support Cincinnati’s growing economy,” according to a development plan summary provided to The Enquirer.

The Jan, Senate and Mercy Housing properties are part of a $128 million plan that involves affordable housing upgrades, developing more affordable housing and making some housing developments mixed-income. 3CDC and Model started the effort more than two years ago and the organizations have since worked with the Legal Aid Society of Southwest Ohio, Over-the-Rhine Community Housing, Community Builders, McCormack Baron Salazar and Cornerstone Corp. for Shared Equity on various elements of the plan.”

Read the complete article here.

Comments are closed.