Over-the-Rhine Community Housing affiliate Elm St. Senior Housing, Ltd. for its senior housing project, currently under construction at 1500-1506 Elm Street.
The $3.99 million project will convert the Over-the-Rhine building into 15 units of supportive housing for low-income elderly residents and will represent the first project of its kind in the neighborhood.
The project is pursuing LEED Silver certification from the U.S. Green Building Council.
The 12-year exemption will reduce the development's property tax liability by approximately $811,026 over the life of the agreement. Additional funding for the project comes from the U.S. Department of Housing and Urban Development Section 202 program, federal Low Income Housing Tax Credits, and Ohio Historic Preservation Tax Credits.
Construction is scheduled for completion in May 2014.
The new agreement replaces a previous eight-year CRA property tax exemption, which was approved by City Council in January.
Photo courtesy of Over-the-Rhine Community Housing
Previous reading on BC:
Avondale, OTR win nearly $4M in affordable housing funds (6/21/13)
CDC Association honors community developers; U Square prominent (6/18/13)
Hamilton County homelessness programs get $12.4M (3/18/13)
OTRCH gets tax exemption for senior supportive housing (1/16/13)
OTR Community Housing to celebrate community with Thursday fundraiser (10/16/12)