$10.2M St. Leger Place rental project seeks tax credits

Cincinnati City Council soon will consider a resolution of support for Model Property Development's (Model Group) St. Leger Place Apartments project.

The developer is seeking Low Income Housing Tax Credits from the Ohio Housing Finance Agency (OHFA) to acquire and rehabilitate the building at 3257 Gilbert Avenue in Evanston, creating 49 affordable rental units.

Thirty percent of the units will be affordable to households earning at or below 60 percent of the area median income (AMI), 60 percent will be affordable to households earning at or below 50 percent of the AMI, and 10 percent of the units will be affordable to households at or below 35 percent of the AMI.

The Evanston Community Council has been working with Model Property Development to plan the $10.2 million project.

This year, the state has only one application round for the tax credits, and a resolution of support for the project would give the project an advantage in the OHFA's competitive scoring system.

The deadline for applications is March 19, and funded projects will be announced July 2.

Since 1987, OHFA has awarded approximately $348 million in housing credits to more than 1,400 properties, resulting in the creation of more than 75,000 affordable housing units.