Thursday, December 27, 2012

Salvation Army's 96-unit Booth expansion gets tax break, HOME funds

On December 19, the Salvation Army's planned expansion of its Catherine Booth Residence got a financing boost with the approval of a Community Reinvestment Area tax exemption agreement by Cincinnati City Council.

The $18.2 million, 93,791-square-foot expansion, to be built on the site of the current 150-unit facility at 6385-6387 Center Hill Avenue in College Hill, will add 96 units of affordable housing and supportive services to low-income senior citizens.

The eight-year tax exemption will reduce the development's property tax liability by $1.4 million over the life of the agreement. Other sources of funding include the U.S. Department of Housing and Urban Development Section 202 Program, federal Low Income Housing Tax Credits, and $500,000 in City of Cincinnati HOME funds.

Ground should be broken next month, and the project should be completed in about a year.

Built in 1981, the Catherine Booth Residence is named for the wife of Salvation Army founder William Booth. She was considered to be of such importance to the growth and development of the organization that she was often referred to as the "Mother of the Salvation Army".

Previous reading on BC:
Discussion of Booth expansion tabled for more neighbor input (5/27/10)