Model Property Development has applied for Low Income Housing Tax Credits to rehabilitate 14 buildings in the West End and Avondale.
The federal tax credits, which are distributed in Ohio through the Ohio Housing Finance Agency (OHFA), are awarded each year for 10 years. The housing credit can be deducted from the building owner's federal taxable income.
Model plans to use the funds to rehabilitate up to 72 low-income units at 1722-1730 and 2016 Baymiller Street; 945 Findlay Street; 1921-1923 Freeman Avenue; 849 and 1018 York Street in the West End; and 808 Cleveland Avenue in Avondale.
The total project cost is $12.3 million.
On June 6, City Council passed a resolution supporting the application. Council support improves the project's score in the OHFA assessment system.
The OHFA is scheduled to announce the accepted applicants on August 1.
Tuesday, July 3, 2007
Model Property Development seeking federal funds for fourteen-building rehab
