Monday, March 21, 2011

Model Group wins LEED tax exemptions for Elberon, Woodburn Pointe

At last Wednesday's meeting, Cincinnati City Council passed two emergency ordinances authorizing the City to enter into Community Reinvestment Area LEED tax exemption agreements with the Model Group for two senior apartment rehabilitation projects.

The Model Group will receive a 12-year, 75 percent property tax exemption, equal to approximately $1.8 million over the life of the agreement, for its $7.4 million rehabilitation of the 26,526-square-foot Elberon building at Eighth Street and Elberon Avenue in East Price Hill into 37 one- and two- bedroom affordable apartments.

It will also receive similar terms for its $4 million Woodburn Pointe project in Evanston, which involves the rehabilitation of buildings at 3326, 3330 and 3334 Woodburn Avenue and 3333 Montgomery Road into 24 one- and two-bedroom affordable apartment units. Over 12 years, the project will have its property tax liability reduced by $964,920.

Both projects are registered with the U.S. Green Building Council in its LEED for Homes Multi-Family 1.0 program.

Additional funding for the Elberon Senior Apartments comes from a $3.3 million Neighborhood Stabilization Program 2 (NSP2) loan and a $1.7 million City HOME loan. Additional funding for Woodburn Pointe comes from a $2.3 million NSP1 loan and a $360,000 City HOME loan.

Woodburn Pointe is scheduled for completion in February 2012, and the Elberon Senior Apartments are scheduled for completion by April 2012.

Photo courtesy of Bing Maps

Previous reading on BC:
Work on Elberon project officially begins (2/24/11)
Incline District project wins $750K grant (7/7/10)
Price Hill, City celebrate first NSP rehab and sale (4/21/10)
Price Hill Will unveils latest successful rehab (9/2/09)
Reviving Cincinnati: 723 Mt. Hope Avenue, Part III (3/9/09)