Cincinnati City Council unanimously passed an ordinance approving federal HOME loan funds for the rehabilitation of 62 affordable housing units.
The $992,000 loan will go to the Model Group, who will rehabilitate rental units at 1618 Hewitt Avenue, 2200 Vine Street, and 2651 and 2663 Gilbert Avenue under the name of the Navarre Garrone Limited Partnership.
The loan, which will be paid through the City's Rental Rehabilitation Program, will be payable over 30 years at 4.27 percent interest.
The City will hold a second mortgage on the properties and will receive 25 percent of the buildings' annual cash flow to service the loan.
The project will begin within 30 days of the loan closing and take up to 18 months to complete.
The estimated project cost is $10.2 million.
Previous reading on BC:
Model seeks $992,000 loan for 62 units (3/25/08)
Wednesday, April 2, 2008
Model awarded HOME loan for affordable rehabs
