Last Wednesday, Cincinnati City Council unanimously passed a resolution supporting Ohio Historic Preservation Tax Credit (OHPTC) applications for several projects in the Central Business District, Over-the-Rhine, and Walnut Hills.
Applications have been submitted for:
- 308-316 Main Street, recently acquired by the Cincinnati Center City Development Corporation (3CDC) for a $9 million project to create five condominium units and two commercial storefronts;
- Ironworks Apartments at 716-718 Main Street, the Model Group's redevelopment of the former Dennison Hotel into 63 units of affordable housing, to be managed by the Talbert House;
- Abington Flats at 33 Green Street, a partnership between the Model Group and Cornerstone Corporation for Shared Equity;
- 521-523 E 12th Street, part of the 100-unit scattered site Losantiville Apartments development by the Model Group;
- 1108-1124 and 1200-1206 Broadway and 404-412 E 12th Street, a scattered site development project by the Model Group; and
- 961-975 E McMillan Street, four buildings containing 30 residential units and 6 commercial storefronts, to be redeveloped by the Model Group and Walnut Hills Redevelopment Foundation.
Administered by the Ohio Development Services Agency (formerly the Ohio Department of Development), the OHPTC provides 25 percent of qualified rehabilitation expenditures for buildings located on the National Register of Historic Places, in a registered historic district, or certified by Ohio's Preservation Officer as being of historic significance.
Through the program's first eight rounds, $290.4 million in tax credits have been approved for 141 projects to rehabilitate 191 historic buildings in 34 communities. The Ohio Development Services Agency estimates that the program has led to the leveraging of $1.78 billion in private redevelopment funding.
Previous reading on BC:
City to lease Walnut Hills buildings for redevelopment (9/25/12)
3CDC buys endangered buildings on lower Main Street (9/5/12)
Ohio Dept of Development, Fed Home Loan Bank award money for projects (6/28/12)
Two Hamilton Co projects win affordable housing tax credits (4/12/12)
Council supports state tax credits for redevelopment of 7 buildings (3/26/12)
