Ohio Housing Finance Agency (OHFA) board approved $375,000 in Housing Development Assistance Program (HDAP) funding for Abington Flats, a $3.1 million redevelopment of 33 Green Street in Over-the-Rhine.
The funding will help developers the Model Group and the Cornerstone Corporation for Shared Equity acquire and rehabilitate the four-story building and create 20 affordable rental units.
HDAP provides flexible, low-interest financing for affordable housing developments through funding from the federal HOME program and the Ohio Housing Trust Fund.
The funding was part of $10.4 million approved by the OHFA board for seven projects in Adams, Cuyahoga, Gallia, Greene, Hamilton, Meigs, and Vinton counties.
Abington Flats was awarded $502,000 in Ohio Historic Preservation Tax Credits in December.
Photo courtesy of the Ohio Office of Redevelopment on Flickr/CC BY 2.0
Previous reading on BC:
6 Cincinnati projects awarded nearly $8M in state historic tax credits (12/28/12)
Council supports historic tax credits for Downtown, OTR, Walnut Hills projects (10/2/12)