Monday, February 14, 2011

Friars' Court wins tax exemption

The second phase of the St. Anthony Village affordable housing project in Over-the-Rhine has received a Community Reinvestment Area tax exemption.

Friars' Court, being developed by Cornerstone Corporation for Shared Equity at 1616-1618 and 1628 Race Street and 23 Green Street, will receive an eight-year, 75 percent exemption – equal to $296,920 – on its property tax liability.

Scheduled for completion this summer, the 22-unit project will expand Cornerstone's Renter Equity program.

That program 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.

Previous reading on BC:
Tax exemption considered for Friars' Court (2/8/11)
Second St. Anthony Village phase to bring 25 units (12/21/07)