Thirty-four developments have been selected to receive $24.4 million in low-income housing tax credits (LIHTCs) from the Ohio Housing Finance Agency.
The 2013 awardees were chosen out of 107 applicants requesting more than $88 million in credits.
The selected housing developments include 15 seniors communities, 15 for families, and four permanent supportive housing communities. Located in 18 counties, the projects will provide 2,110 units.
A list of the developments receiving reservations can be found here.
Volunteers of America of Greater Ohio received the single largest allocation of $1.33 million for Van Buren Village, a 100-unit supportive housing development in Franklin County.
The Community Builders, Inc. (TCB), received a $1 million LIHTC award to revitalize two distressed multifamily sites in Cincinnati’s Avondale neighborhood.
The housing tax credits will leverage a total of $14.7 million for the project’s first phase, which includes 81 units in two buildings. The remainder of the funding will come from a federal Choice Neighborhoods Implementation grant, a TCB Neighborhood Stabilization Program 2 loan, federal historic tax credits, and traditional debt. Construction is expected to start in mid-2014, according to TCB.
The LIHTC allocation follows TCB’s recent acquisition of 19 properties across Cincinnati, including five sites in the Avondale area. TCB has partnered with a coalition of Cincinnati community organizations to launch an ambitious revitalization and redevelopment plan in the Avondale, Walnut Hills, Over-the-Rhine, Paddock Hills, Sedamsville, and Madisonville neighborhoods. The Avondale neighborhood was the recipient of a $29 million Choice Neighborhoods Implementation grant in late 2012.