Monday, June 25, 2012

Loan, property sale aid two affordable housing projects

Cincinnati City Council last Wednesday unanimously passed two ordinances that will aid in the development of low-income and affordable housing.

The first ordinance approved a HOME Investment Partnerships Program Rental Rehabilitation funding agreement with Haddon Hall Senior Apartments, LLC (Wallick-Hendy Development Company), with which the City will provide a 15-year, $200,000 loan for the rehabilitation of 114 residential units for seniors at the historic Haddon Hall, in Avondale.

The $12 million project will tackle mostly exterior issues on the 130,000-square-foot building, such as roof replacement, brick tuck pointing and replacement, fascia and siding replacement, and new exterior doors. Additional funding for the project comes from two loans from the U.S. Department of Housing and Urban Development, a loan from Red Mortgage Capital, an --> --> --> HDAP loan, low income housing tax credits, and developer equity and cash reserves.

Built in 1910 as an upscale apartment complex and listed on the National Register of Historic Places, the building was converted to affordable senior housing in 1982. Wallick has managed the property since 2009.

The second ordinance authorizes the City to sell property it owns to Model Property Development, LLC and Nassau Avenue Investments, LLC (the Model Group) for $1.00 as part of its Neighborhood Stabilization Program 3 Evanston redevelopment project.

The City acquired the Montgomery Road properties through deed in lieu of foreclosure at the request of the Evanston Community Council. The vacant lot on St. Leger Place was acquired through the Cincinnati Land Reutilization Program.

Photo credit: Ohio Office of Redevelopment , CC BY 2.0

Previous reading on BC:
Historic Haddon Hall renovation wins $6.7M in bonds from OHFA (3/26/12)
OHFA awards $2M in affordable housing tax credits to Anna Louise Inn, North Rhine (7/5/10)
Two Cincinnati projects win federal tax credits (7/7/09)
Cincinnati supports tax credits for Evanston rental project (3/18/09)
$10.2M St. Leger Place rental project seeks tax credits (3/10/09)

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