Tuesday, July 3, 2012

Scattered-site Abigail Apartments receives HOME loan

Cincinnati City Council last Wednesday unanimously approved a HOME funding agreement for the Abigail Apartments project, providing for the rehabilitation of 71 rental units for low-income individuals and the creation of two commercial storefronts.

Under the HOME Investment Partnerships Program Rental Rehabilitation 2012 Funding Agreement, the City will provide a 15-year, $550,000 cash flow loan to the Abigail Apartments Limited Partnership (the Model Group) to rehabilitate 18 vacant buildings in the West End: 1722-1730 and 2016 Baymiller Street; 1901 and 1903 Colerain Avenue; 1011 Dayton Street; 945 Findlay Street; 1830-1832, 1900, 1921-1923, and 1926-1928 Freeman Avenue; 1087 Mound Street; and 849 and 1018 York Street.

The $14.1 million rehabilitation project will strip most of the buildings to their studs and add new mechanicals, hardwood floors, ceramic tile kitchen and bathroom floors, new doors and windows, and new kitchen cabinetry and appliances.

The apartments, which will be made affordable to households at or below 60 percent of the area median income, will range from studio units to four-bedroom units. Fifteen will be indentified as HOME assisted units, made affordable to households at or below 50 percent of the area median income.

Additional funding for the project comes from low income housing tax credits, debt financing through Key Bank, Neighborhood Stabilization Program funding awarded recently by the Ohio Housing Finance Agency, deferred developer fees, and developer capital.

Previous reading on BC:
Price Hill Will continues to win awards (6/28/12)
3CDC, Model Group to highlight affordable housing options (3/16/12)
More than $3.4M awarded for Ohio affordable housing development, assistance (3/17/11)
Random project photos, 11/20/07 (11/28/07)
Random project photos, 11/20/07 (11/28/07)