Location: Mercer Street, Cincinnati, Ohio
Developer: 3CDC and McCormack Baron Salazar
Project Type: Real Estate Development
Description: This development includes 67 rentals apartments, 21 new units and 46 rehabilitated units. Thirty of the units are affordable and are made available to households at or below 60 percent of the Area Median Income. This project also created 12,592 square feet of commercial space.
Total Investment: $25 million
Type of City Assistance: The City provided a $1.5 million grant and a 12-year tax exemption for the parking garage and commercial space.
Funding Sources: Additional funding sources include a State of Ohio Department of Development Urban Redevelopment Loan, State and Federal Tax Credits and a Cincinnati Equity Fund Loan.
Innovations: Mixed-Use Development; Mixed-Income Housing