Monday, August 6, 2012

Tax exemption to aid in West End project's LEED certification

Three buildings in the Abigail Apartments redevelopment project will be rehabilitated to LEED standards and have been approved for a Community Reinvestment Area LEED tax exemption.

The 12-year, 75 percent property tax exemption will reduce developer Abigail Apartments Limited Partnership's (the Model Group) tax liability by nearly $600,000 over the life of the agreement, helping it rehabiliate the buildings at 1900 Freeman Avenue, 1921-1923 Freeman Avenue, and 2016 Baymiller Street in the West End into 24 residential rental units for individuals at or below 60 percent of the median area income.

Construction costs are estimated at $2.24 million. The project has been registered with the U.S. Green Building Council as LEED for Homes Multi-Family.

The rehabs are part of a $14.1 million, 18-building scattered-site development that will create 71 affordable rental units at 1722-1730 and 2016 Baymiller Street; 1901 and 1903 Colerain Avenue; 1011 Dayton Street; 945 Findlay Street; 1830-1832, 1900, 1921-1923, and 1926-1928 Freeman Avenue; 1087 Mound Street; and 849 and 1018 York Street.

On June 27, City Council approved a 15-year, $550,000 HOME program cash flow loan for the project. Additional funding for the project comes from low income housing tax credits, debt financing through Key Bank, Neighborhood Stabilization Program funding awarded by the Ohio Housing Finance Agency, deferred developer fees, and developer capital.

Previous reading on BC:
Scattered-site Abigail Apartments receives HOME loan (7/3/12)
Price Hill Will continues to win awards (6/28/12)
3CDC, Model Group to highlight affordable housing options (3/16/12)
More than $3.4M awarded for Ohio affordable housing development, assistance (3/17/11)
Random project photos, 11/20/07 (11/28/07)