The Department of Community & Economic Development is excited to announce the recipients of the Notice of Funding Availability (NOFA) 2019-B loan program.
DCED’s Housing Division is recommending five (5) residential developments for NOFA loan awards. The awarded projects total $27 million in investment and 88 housing units. Fifty-three percent (53%) of all recommended units (47 units) will be affordable to households earning less than 80% of Area Median Income (AMI). A summary of each awarded project is listed below.
Awarded up to $295,000, anticipated Total Development Cost (TDC) $2.9MM
This historic renovation project, located in Walnut Hills, is being developed by Walnut Hills Redevelopment Foundation and The Model Group. A total of 9 rental units will be created for households earning between 60% and 80% of AMI.
Awarded up to $1,000,000, anticipated TDC $6.1MM
This single-family infrastruture project is being developed in Avondale by Titan Real Estate Group. The project will create 20 single-family homes along Alaska Avneue.
12th & Main
Awarded up to $200,000, anticipated TDC $8.8MM
This renovation project, located in Over-the-Rhine, is planned by 3CDC. Nineteen (19) apartment units will be created and Four (4) of those apartments will be affordable for residents earning 60% of AMI or less.
West End (Seven Hills Neighborhood Houses & The Port)
Awarded up to $500,000 anticipated TDC $3.2MM
This scattered-site West End historic renovation project is being developed by the Port Authority of Greater Cincinnati in partnership with Seven Hill Neighborhood Houses. A total of 15 apartments will be created. All 15 units will be affordable to residents earning 80% AMI or less.
Warsaw Avenue Creative Campus
Awarded up to $700,000, anticipated TDC $5.1MM
This project, located along Warsaw Avenue in East Price Hill, is being developed by Price Hill Will. At completion 19 apartment units will be rehabbed and be made affordable to households earning between 60% and 80% of AMI.