Monday, January 4, 2010

Forest Square wins LEED tax exemption for 21-unit project

Cincinnati City Council has approved the execution of a Community Reinvestment Area LEED tax exemption agreement with Forest Square Apartments Limited Partnership (the Model Group) for a 21-unit senior housing infill project in Avondale.

Construction began last month at Harvey and Rockdale avenues on the $4.2 million Forest Square Senior Apartments, a 26,000-square-foot building that has been registered with the U.S. Green Building Council under the LEED for Homes program. Completion is scheduled for fall 2010.

The agreement will reduce the property tax liability of the project by nearly $900,000 over the next 15 years.

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.

Previous reading on BC:
Avondale senior project seeking LEED tax break (12/3/09)
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)