Thursday, October 2, 2008

Taft Road Townhomes to receive incentive money

Cincinnati City Council has passed unanimously an ordinance that could help move the seven unsold units of the Taft Road Townhomes project in Walnut Hills.

Walnut Hills Redevelopment Foundation (WHRF) will receive $70,000 in HOME funds to apply to a homebuyer assistance program for families whose household incomes do not exceed 80 percent of the area median income.

The funding would provide forgivable loans of $10,000 to any buyer of a Taft Road unit, credited to the down payment and closing costs, and forgiven at a rate of $2,000 per year over a five-year period.

The Taft Road Townhomes, a 12-unit project at William Howard Taft Road and Stanton Avenue, was recently completed.

The City has already provided $729,133 in HOME funds to cover construction costs for the project.

Disbursed by the U.S. Department of Housing and Urban Development, the HOME program provides approximately $2 billion in federal grants annually to states and communities to help build, buy, or rehabilitate affordable housing for rent or homeownership for people of low income.

Previous reading on BC:
WHRF seeks more HOME funds to move Taft Road units (9/23/08)