City Council approved the exemption for the $2.8 million project at its August 7 meeting. The agreement will lower the development's property tax liability by more than $339,000 over its duration.
The 30-year cash flow loan comes from the HOME Investment Partnerships Rental Rehabilitation Program and carries a 1 percent interest rate.
Work will include masonry repair and tuck pointing, a new roof, new windows, gutters and downspouts, flooring, doors, exterior walls, and new mechanicals. Two street-level commercial spaces will be created and an elevator will be installed.
The development, which will be available for people at or below 50 percent of the area median income, is scheduled for completion in July 2014.
Other sources of funding include a gap financing grant from the Ohio Housing Finance Agency, federal and state historic tax credits, U.S. Department of Housing and Urban Development Lead Hazard Reduction Demonstration Grant funds, City equity funds, and deferred developer fees.
The two adjacent five-story buildings, which were built in 1897 and share a common façade, have been vacant for more than 10 years.
The property was acquired by ReSTOC in 1985. In 2006, ReSTOC merged with the Over-the-Rhine Housing Network to become OTRCH.
Photo courtesy of Over-the-Rhine Community Housing
Previous reading on BC:
Elm Street senior housing now pursuing LEED Silver (7/12/13)
Avondale, OTR win nearly $4M in affordable housing funds (6/21/13)
Hamilton County homelessness programs get $12.4M (3/18/13)
OTRCH gets tax exemption for senior supportive housing (1/16/13)
OTR Community Housing to celebrate community with Thursday fundraiser (10/16/12)
