Ohio Housing Finance Agency (OHFA) board on Thursday approved $10.5 million in tax-exempt Multifamily Housing Bonds for new construction at the Salvation Army's Catherine Booth Residence in College Hill.
The new three-story, 93,791-square-foot building, to be built adjacent to the current 150-unit facility at 6385-6387 Center Hill Avenue, will feature 96 one-bedroom units for low-income senior citizens. On-site services will include a community room, laundry facility and a computer room, with future plans for a convenience store, game room, and library.
The project cost is estimated at $18.2 million. Construction is scheduled for completion in spring 2014.
Cincinnati City Council approved a Community Reinvestment Area tax exemption worth $1.4 million in December. 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.
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:
Salvation Army's 96-unit Booth expansion gets tax break, HOME funds (12/27/12)
Discussion of Booth expansion tabled for more neighbor input (5/27/10)