Thursday, June 28, 2012

Ohio Dept of Development, Fed Home Loan Bank award money for projects

Several Cincinnati projects have been awarded Ohio Historic Preservation Tax Credits by the Ohio Department of Development (ODOD), it was announced Tuesday.

Among the recipients:

  • 1405-1407 Republic Street, a $3.4 million project by Over-the-Rhine Community Housing to convert a vacant building into 13 affordable apartment units for residents and students;
  • 1500-1506 Elm Street, a building that has been vacant for decades and will soon be rehabilitated into 15 apartments, with an addition that will add an elevator and amenity space;
  • Central Parkway YMCA, 1105 Elm Street, a $27 million project being undertaken by the Model Group to consolidate the building's offices, add a wellness center, and adapt the underused upper six floors into 60 apartments for senior citizens;
  • St. Paulus Kirche (St. Paul's Church), 1429 Race Street, stabilized by Cincinnati Center City Development Corporation (3CDC) and needing $8.2 million in funds for a ground-floor restaurant and entertainment facility, in addition to retail space.
In all, ODOD awarded $35.8 million to 18 owners, which will result in the rehabilitation of 44 buildings in 10 communities statewide. The projects are expected to leverage $237.5 million in private investment.

"Saving Ohio's historic structures improves our communities and puts vacant buildings back into productive use, creating valuable jobs," said Christiane Schmenk, director of ODOD, in a prepared release.

Also on Tuesday, Ohio Governor John Kasich signed Senate Bill 314, allowing lessees of historic buildings to take advantage of the tax credit program. The 2012-2013 budget, signed by Kasich last year, allocates $60 million annually to the program.

The Ohio Historic Preservation Tax Credit Program provides tax credits equal to 25 percent of qualified rehabilitation expenditures. To date, eight rounds of credits have been awarded to 142 projects in 34 cities, totaling $290.5 million. That has leveraged $1.78 billion in private investment, according to ODOD.

FHLB Cincinnati awards grant to YWCA

In other news, the Federal Home Loan Bank of Cincinnati awarded Fifth Third Bank $825,000 for a new 60-unit shelter for women, to be built by 3CDC at the corner of Reading Road and Kinsey Avenue.

The grant is part of 39 first round grants, totaling $9.5 million, awarded to 37 projects under the bank's Affordable Housing Program (AHP). The funding will help create 685 units of affordable housing in Ohio, Kentucky, and Tennessee.
A second round of grants will be awarded later this year.

AHP, established by the U.S. Congress, utilizes 10 percent of the Federal Home Loan Bank's earnings to create affordable housing for very low-, low-, and moderate-income residents. Since 1990, the program has dedicated $450 million toward the creation of 60,000 units of housing.

Previous reading on BC:
Council rezones parts of OTR's Race St to aid mixed-use development (6/25/12)
North Rhine Heights open for business in OTR (6/14/12)
Amendment opens door to $8M restoration of St. Paulus Kirche (4/9/12)
Council supports state tax credits for redevelopment of 7 buildings (3/26/12)
Cincinnati leaders to visit Columbus, learn about supportive housing (8/23/10)