The Department of Community & Economic Development is excited to announce the recipients of the Notice of Funding Availability (NOFA) 2019-A loan program.
DCED’s Housing Division is recommending six (6) affordable residential developments for NOFA loan awards. The awarded projects total $60 million in investment and 365 housing units. Ninety percent (90%) of all recommended units (328 units) will be affordable to households earning less than 80% of Area Median Income (AMI). A summary of each awarded project is listed below.
As we announce our first round of NOFA awards for the year, we look forward to the release of our 2019-B funding round in the Fall. If your team is interested in applying for funding, please fill out the NOFA19-B Intent to Apply form and return it to our department by Friday, August 31 at 3 PM.
1865 Chase Ave
Awarded up to $165,000, anticipated Total Development Cost (TDC) $668k
This Northside renovation project is being developed by Grey Rock Property Development. A total of 7 rental units will be created for households earning less than 60% of AMI.
Awarded up to $1,000,000, anticipated TDC $28.5MM
This rental project is being developed in the West End by Birge & Held in partnership with Over-the-Rhine Community Housing for residents with incomes ranging from 30% to 80% AMI. The project will preserve a total of 248 affordable rental units.
Chalfonte Place Housing
Awarded up to $124,000, anticipated TDC $312k
This renovation project, located in Avondale, is planned by Renting Partnerships. Four (4) apartments will be created, all of which for residents earning less than 80% AMI.
Awarded up to $350,000, anticipated TDC $17.5MM
This scattered-site northern Over-the-Rhine historic renovation project is being developed by the Model Group. A total of 46 apartments, 13 of which will be affordable to residents earning less than 60% AMI, will be created.
Madisonville New Homes Phase III
Awarded up to $280,000, anticipated TDC $1MM
This project, located in Madisonville, is being developed by the Madisonville CURC for homeowners earning 120% AMI. Four (4) infill, single-family homes will be built.
Awarded up to $1,000,000, anticipated TDC $11.9MM
This scattered-site development is proposed in partnership by 3CDC & the Model Group. 56 units will be created for households earning less than 60% AMI.