Thursday, December 3, 2009

Avondale senior project seeking LEED tax break

Forest Square Apartments Limited Partnership (the Model Group) is seeking a Community Reinvestment Area LEED tax exemption agreement for the 21-unit Forest Square Senior Apartments, an infill project at the corner of Harvey and Rockdale avenues in Avondale.

The agreement would reduce the property tax liability of the $4.2 million project by approximately $898,000 over fifteen years.

The project has been registered with the U.S. Green Building Council in the LEED for Homes program.

Construction on the 26,000-square-foot building is scheduled for completion by fall 2010.

Forest Square Apartments Limited Partnership already has received $1.2 million in federal economic stimulus funding through the Ohio Housing Finance Agency and $775,000 through the U.S. Department of Housing and Urban Development's HOME program.

Rendering courtesy of City Studios Architecture.

Previous reading on BC:
OHFA announces $1.2M for Forest Square senior infill (11/9/09)
Funding for Avondale senior infill project approved (8/17/09)
Transfer of federal HOME funding could bring senior infill to Avondale (7/28/09)