Second St. Anthony Village phase to bring 25 units

The second phase of the St. Anthony Village project in Over-the-Rhine will feature 25 units of affordable rental housing.

Yesterday, City Council approved the extension of a 15-year, $1.2 million forgivable loan to Cornerstone Corporation for Shared Equity (dba Race, Republic and Green LLC) for the $2.8 million project.

Friar's Court, as it will be called, will involve the rehabilitation of six abandoned buildings at 1616-1618 and 1626-1628 Race Street, 1623 Republic Street and 23 Green Street (BIRD'S EYE/MAP).

The rehabilitation will create two one-bedroom units, 15 two-bedroom units, five three-bedroom units and three four-bedroom units.

The vacant buildings currently contain 38 units.

Cornerstone hopes to expand its Renter Equity program, which allows low-income residents to build "equity credits" by paying their rent on time, participating in the residents organization, and doing routine maintenance work. After five years of residency, the credits can be converted to a cash payment that can be used for a home, education, or investment.

St. Anthony Village, with 28 units, was Cornerstone's Renter Equity demonstration project and currently has a waiting list, meaning that vacancies stay low.

The City's financial contribution comes from federal HOME program funds, which are disbursed by the U.S. Department of Housing and Urban Development.

The remainder of the project funding will come from a loan from the Federal Home Loan Bank, a loan from the Cornerstone Loan Fund, a grant from the Franciscan Friars and a grant from the Ohio Community Development Finance Fund.

Construction is expected to take 18 months, with 1623 Republic Street to be the first completed and the buildings on Race to be the last.