In June, partners from across Ohio gathered to celebrate the grand reopening of Alexandra Apartments, a historic apartment community in the Walnut Hills neighborhood of Cincinnati.
Alexandra Apartments was rehabilitated to preserve 83 affordable homes for seniors and represents the latest milestone in a years-long, cross-organizational effort to revitalize Walnut Hills.
OCCH, a nonprofit low-income housing tax credit (LIHTC) syndicator, has seen Alexandra and more than a dozen other developments move the neighborhood forward thanks to many investors, local developers, and mission-aligned nonprofits. Walnut Hills’ ongoing transformation is a microcosm of what OCCH has stood for since its founding in 1989.
For 37 years, OCCH and affiliates have partnered with developers and nonprofit organizations to expand affordable housing access and support residents. As a full-service, client-focused organization, OCCH brings creative thinking and practical solutions to align investor capital with thoughtful development. Its advocacy keeps the organization at the forefront of housing policy, helping advance affordable housing efforts on the ground and at every level of government. OCCH’s lending affiliate, OCFC, provides gap financing that keeps projects moving, while its philanthropic affiliate, OCIC, offers grants that help residents pursue higher education and participate in out-of-school programming. Together, this comprehensive approach has made OCCH a trusted partner for affordable housing solutions across Ohio and beyond.
“Affordable housing work requires creativity, persistence, and a willingness to bring every tool to the table,” said OCCH president and CEO Catherine Cawthon. “That approach allows us to meet partners where they are, structure solutions around real project needs, and stay engaged through the long, complex process of bringing important properties like Alexandra Apartments back to stability.”
Alexandra Apartments’ rehabilitation started in the fall of 2024, but its story begins in 1904, when it was constructed as the neighborhood’s first large apartment building. Initially rehabbed with LIHTCs in 2004, the building struggled again years later, falling into foreclosure in 2019.
In 2021, OCFC partnered with the Model Group and the Walnut Hills Redevelopment Foundation (WHRF) to provide $881,280 in financing through OCFC’s Cincinnati Neighborhood Transformation Fund, helping save the property from foreclosure and supply predevelopment capital for a 4% LIHTC resyndication. In 2024, National Church Residences assumed ownership and began rehabilitation. This collaboration between organizations not only kept a project moving; it ensured that a rapidly changing neighborhood would remain affordable to the residents who had long called it home.
“OCFC’s early-stage financing was one important piece of a broader effort among mission-aligned organizations,” Cawthon said. “Together, we preserved a historic property and ensured Walnut Hills’ revitalization continues without displacing longtime residents.”
Once marked by disinvestment and vacancy, Walnut Hills has reemerged over the last decade as one of Cincinnati’s most dynamic neighborhoods. With local stakeholders including WHRF, Talbert House, the city of Cincinnati, the Cincinnati Metropolitan Housing Authority, Cincinnati Development Fund, Cincinnati Union Bethel, Model Group, and many others leading the way, OCCH and its affiliates have supported more than $120 million in equity investments and $36.4 million in lending, creating or preserving at least 700 affordable homes across developments including Alexandra Apartments, Klekamp Family Veteran Residences, Lincoln & Gilbert I and II, Melrose Place, Paramount Square, Park Eden, Scholar House, Trevarren Flats, and more, with additional pipeline activity underway.
The work reflects a broad partnership supporting a neighborhood-led, grassroots effort to expand quality rental housing, preserve affordability, strengthen key community assets, and create economic opportunities for residents.
“Our vision is a Walnut Hills that is vibrant, safe, healthy and inclusive for all,” said WHRF executive director Samantha Miller. “That means diversifying housing opportunities by preserving affordable housing while also creating workforce and market-rate options and recognizing that affordable housing itself serves different needs. Alexandra provides senior housing, Peebles Apartments serves families, and Melrose Place provides permanent supportive housing. When those choices exist alongside local businesses, public spaces and neighborhood amenities, we are creating the kind of community we believe in—a quality place that is accessible to everyone.”
At the center of this effort is Paramount Square, a multi-building, mixed-income, mixed-use development by Model Group that brings new affordable and market-rate housing, as well as local business development to the block. Just a three-minute walk from Alexandra Apartments, Paramount Square was made possible in part by $8.7 million in equity funding facilitated by OCCH, along with $4.96 million in acquisition and bridge loans from OCFC.
Paramount Square has completed two phases, and two more phases have future redevelopment plans. When finished, it’s estimated to have 89 workforce apartments for individuals and families earning between 60% and 80% of the area median income, with another 88 available at market rate. The city’s first minority-owned brewery, Esoteric Brewing, fills its commercial space, serving as a neighborhood gathering place and community anchor.
“Our work in Walnut Hills is a great example of using every tool in our tool kit to deliver revitalization that is shaped by what this neighborhood actually needs,” said Matt Reckman, president of property management at Model Group. “We’ve preserved affordable housing across a mix of historic and new buildings, and we’ve carefully curated a business district that benefits residents and visitors alike. We keep at it every day. We’re never done, and that’s what Walnut Hills deserves.”
Just across the street from Paramount Square, Scholar House—also developed by Model Group and supported by equity funding through OCCH and pre-development loans from OCFC—opened in 2020 as a community for families earning low incomes. In partnership with Her Cincinnati, Scholar House provides on-site childcare and supportive services for parents looking to earn a two- or four-year degree. OCIC has provided more than $150,000 in grants to Scholar House, funding new playground equipment and installation, welcome baskets for residents, and educational and recreational activities for youth. Overall, OCIC has contributed more than $260,000 in grants to support Walnut Hills developments.
Today, a visitor walking through Walnut Hills might never see the years of strategy, partnership, and persistence behind the neighborhood’s transformation. They may stop for a drink at Esoteric Brewing without realizing the site once held vacant buildings and an abandoned Kroger—one of many places where long-term collaboration helped turn disinvestment into renewed community energy.
Walnut Hills’ transformation is ongoing. Where it stands today and where it will be in another decade is not decided by one development, partner, or funding source alone. OCCH stands behind a community of organizations leading a comprehensive effort and supports them with strategic funding and advocacy, the expertise to know when and how to use every available tool, and the patience to keep moving through complex challenges over many years.
“What is happening in Walnut Hills is exactly why this work matters,” said Jeff Beam, OCCH executive vice president of acquisitions. “When partners are aligned around a shared vision, creative financing and deep community commitment can turn long-term plans into real results. OCCH is proud to help bring those pieces together.”