This morning Mayor Aftab, Councilmember Harris, and City Manager Sheryl Long announced the nine recipients of this year's Affordable Housing Funding Awards. The FY23 Department of Community & Economic Development (DCED) Notice of Funding Availability (NOFA) program will award $7.1 million dollars to nine affordable housing projects containing 408 units—creating 266 new affordable housing units and preserving 142 existing affordable units through renovation. 70% of the new units created (186) target households at 30% to 60% of the city's Area Median Income.

 

3104 Warsaw Avenue
Complete historic renovation of a mixed-use historic building.

Developer: Price Hill Will | Neighborhood: East Price Hill
Est. Total Project Cost: $3.5 Million | Number of Units (Affordable): 9 (All) | Income Target: 60% & 80% AMI
NOFA Award: Up to $350,000 | Per Unit NOFA Subsidy: $39,000 | Total Cost Per Unit: $389,000

 

Victory Vistas (LIHTC)  – 4106 Victory Parkway
LIHTC construction of a four-story apartment building for seniors equipped with a laundry, fitness center, and business center. Supportive services will be provided for residents by the Servicing Older Adults Through Challenging Times nonprofit group.

Developer: Kingsley & Company | Neighborhood: Paddock  Hills
Est.  Total Project Cost: $13.8 Million | Number of Units (Affordable): 50 (All) | Income Target: 30% &  60% AMI
NOFA Award: Up to $1,000,000 | Per Unit NOFA Subsidy:  $20,000 | Total Cost Per Unit: $276,000

 

1007 Dayton Street
Complete historic renovation of a mixed-use historic building.

Developer: 8k Development Company | Neighborhood: West End
Est. Total Project Cost: $1.5 Million | Number of Units (Affordable): 9 (All) | Income Target: 80% AMI
NOFA Award: Up to $291,500 | Per Unit NOFA Subsidy:  $32,000 | Total Cost Per Unit: $167,000

 

Lincoln & Gilbert  II (LIHTC) –­ 935-955 Foraker Avenue
LIHTC construction of a three-story building for families with amenities like on-site laundry and a community room.

Developer: Pennrose & WHRF | Neighborhood: Walnut Hills
Est. Total Project Cost: $9.9 Million | Number of Units (Affordable): 36 (All) | Income Target:  60% AMI
NOFA Award: Up to $500,000 | Per Unit NOFA Subsidy:  $14,000 | Total Cost Per Unit: $275,000

 

Terri Manor (LIHTC) – Multiple addresses along the 600 Block of Church and Burns Streets, 600 Block of Neave Street, 700 Block of State Street, Storrs, and Hatmaker
LIHTC Rehabilitation of 19 buildings that house families, seniors, and individuals with disabilities; buildings were last renovated 20 years ago.

Developer: Preservation of Affordable Housing | Neighborhood: Lower Price Hill
Est. Total Project Cost: $13.7 Million | Number of Units (Affordable): 81 (All) | Income Target: 50% and 60% AMI
NOFA Award: Up to $1,000,000 | Per Unit NOFA Subsidy:  $12,000 | Total Cost Per Unit: $169,000

 

The Bridge –­ 1740 Brewster Avenue; 3570 & 3604 Montgomery Road
Complete historic renovation of three mixed-use buildings for families.

Developer: 8k Development Company | Neighborhood: Evanston
Est. Total Project Cost: $8.6 Million | Number of Units (Affordable): 26 (All) | Income Target:  50% - 80% AMI
NOFA Award: Up to $1,000,000 | Per Unit NOFA Subsidy:  $38,000 | Total Cost Per Unit: $331,000

 

Vandalia Point (LIHTC)  –­ 1601 Bluerock Street
LIHTC construction of two buildings on one site, as well as a renovation of an existing building for families; the site will include laundry facilities, a community room, and onsite parking.

Developer: Over-the-Rhine Community Housing & Urban Sites| Neighborhood: Northside
Est. Total Project Cost: $14.6 Million | Number of Units (Affordable): 52 (All) | Income Targets:  30% - 60% AMI
NOFA Award: Up to $1,000,000 |Per Unit NOFA Subsidy:  $19,000|Total Cost Per Unit: $281,000

 

Blair Lofts II & Lindsay Lofts (LIHTC) –­ 3550 Van Antwerp Place; 548 & 588 Blair Avenue
LIHTC construction of two buildings, one on Blair which will house 48 units and the other on Van Antwerp which will house 36 units. Both buildings will offer community space and on-site parking as well as visitability, accessibility, and aging-in-place features.

Developer: MVAH Partners/Kingsley & Company Neighborhood: Avondale
Est. Total Project Cost: $24.2 Million | Number of Units (Affordable): 84 (All) | Income Targets:  30% & 60% AMI
NOFA Award: Up to $1,000,000 (includes a proposed allocation of TIF District funding set aside for affordable housing) | Per Unit NOFA Subsidy:  $12,000 | Total Cost Per Unit: $288,000

 

Community Manor & Pendleton (LIHTC) –­ Multiple addresses along the 1300 block of Vine and Republic Street; 500 block of Dandridge Street; 1221 Jackson Street, 2155 Loth Street, 1609 Pleasant Street, and 15 Back Street
LIHTC renovation of 10 buildings spanning the neighborhoods of Pendleton and OTR.

Developer: Preservation of Affordable Housing | Neighborhood: OTR/Pendleton
Est. Total Project Cost: $13.8 Million | Number of Units (Affordable): 61 (All) | Income Targets:  50% & 60% AMI
NOFA Award: Up to $1,000,000 | Per Unit NOFA Subsidy:  $16,000 | Total Cost Per Unit: $226,000

 

About the Notice of Funding Availability (NOFA) Program

DCED’s NOFA program provides residential developers with loans for up to 40% of total project costs not to exceed $1 million. The goal of the program is to support projects that provide a full spectrum of healthy housing options and to improve housing quality, affordability, and availability. The program achieves Plan Cincinnati’s Live Goal 3 by providing a full spectrum of housing options and improving housing quality and affordability. Funding for the NOFA is appropriated through the City of Cincinnati’s (the City) capital budget as well as the City’s Annual Action Plan for use of Federal Entitlement Funds, including the Community Development Block Grant (CDBG) and Home Investment Partnership Program (HOME).