Friday, August 10, 2012

Alston Park project to rehab Avondale eyesores

A pair of adjacent buildings in Avondale, long a vacant neighborhood eyesore, will soon see new life.

On August 1, Cincinnati City Council approved a $200,000 HOME Investment Partnerships Program funding agreement with Alston Park Limited Partnership to rehabilitate the buildings at 313 Glenwood Avenue for low-income households.

The 15-year, forgivable cash flow loan comes from the City's Rental Rehabilitation Program.

The $7.1 million project by the affiliate of Westerville, Oh.-based Woda Development Group will reduce the number of units from 66 to 39 and will be made available to households at or below 60 percent of the area median income. Six of the units will be identified as HOME assisted units, reserved for households at or below 50 percent of the area median income.

Upon completion, residents will have access to a community center, outdoor recreation space, picnic areas, and a "tot lot". Thirty-four of the units will have two bedrooms, and five will have three-bedrooms.

The buildings have been registered with the U.S. Green Building Council as a LEED for Homes Multi-Family project, and the developer has applied to the City for a Community Reinvestment Area LEED tax exemption.

Additional funding sources for the project include $3.6 million in Neighborhood Stabilization Program funds, $2.4 million in Low Income Housing Tax Credits, and $955,000 in private financing.

Founded in 1990 and targeting the affordable family and senior markets, the Woda Group owns and manages over 160 properties with approximately 6,000 units in 11 states in the Midwest, Northeast and Southeast.