Germantown Village, a 60-unit affordable housing community, recently opened its doors in Dayton, Ohio.
Developed by The Michaels Development Co., the project is the first phase of a larger neighborhood revitalization initiative that is bringing new housing and other improvements to the city’s Germantown-Broadway area.
The apartments range from one-bedroom to three-bedroom units. All feature energy-efficient building systems and appliances. Amenities include a playground, a community garden, walking paths, and a community center. More than half of the apartments offer rents affordable to households earning at or below 50 percent of the area median income.
The $12.8 million development is financed with several sources of funding, including equity raised through the sale of low-income housing tax credits allocated by the Ohio Housing Finance Agency. UnitedHealthcare invested $8.9 million through a partnership with U.S. Bank subsidiary, U.S. Bancorp Community Development Corp. U.S. Bank also provided a construction loan.
In addition, the project used federal Neighborhood Stabilization Program and HOME funds from the Department of Housing and Urban Development.
UnitedHealthcare’s investment is part of its Affordable Housing Investment Program, which has provided more than $100 million in financing for community developments throughout the United States, $35 million of which is in partnership with U.S. Bank.