Tuesday, September 25, 2012

Alston Park rehabilitation receives CRA LEED tax break

Last Wednesday, Cincinnati City Council approved a Community Reinvestment Area (CRA) LEED tax exemption agreement with an affiliate of Westerville, Ohio-based Woda Development Group for the rehabilitation of two vacant and blighted apartment buildings in Avondale.

The $7.1 million project by Alston Park Limited Partnership will lower the number of units in the buildings at 313 Glenwood Avenue from 66 to 39, to 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.

The 12-year, 75 percent tax exemption will reduce the developer's property tax liability by $1.9 million over the life of the agreement.

On August 1, the City approved a 15-year, $200,000 HOME forgivable cash flow loan for the project through the City's Rental Rehabilitation Program. 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.

Registered with the U.S. Green Building Council as a LEED for Homes Multi-Family project, the rehabilitation is scheduled for completion by the end of 2013.

Previous reading on BC:
Alston Park project to rehab Avondale eyesores (8/10/12)