A resolution supporting Model Property Development's (Model Group) application for Low Income Housing Tax Credits to acquire and rehabilitate the building at 3257 Gilbert Avenue in Evanston has been passed unanimously by Cincinnati City Council.The $10.2 million St. Leger Place Apartments project will result in the creation of 49 affordable rental units.
Thirty percent of the units will be affordable to households earning at or below 60 percent of the area median income (AMI), 60 percent will be affordable to households earning at or below 50 percent of the AMI, and 10 percent of the units will be affordable to households at or below 35 percent of the AMI.
A resolution of support from the City gives the project bonus points in Ohio Housing Finance Agency's (OHFA) competitive scoring system.
Tax credits awardees will be announced by the OHFA on July 2.
Previous reading on BC:
$10.2M St. Leger Place rental project seeks tax credits (3/10/09)