The Department of Community & Economic Development (DCED) Notice of Funding Availability (NOFA) program provides residential developers with loans for up to 40% of total project costs. 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. Funding for the NOFA is appropriated through the City’s capital budget as well as through the City’s Annual Action Plan implementing the City’s Consolidated Plan for use of Federal Entitlement Funds (CDBG & HOME).
On April 19, 2021, DCED advertised funding with an anticipated budget of $3.2 million to award to projects. DCED received applications for 16 projects, requesting approximately $13 million. At this time the City has conditionally awarded funding to 5 projects, described below, allocating $3.2 million in NOFA funds and $900,000 of OTR-East Tax Increment Financing (TIF) District Funds. These awards will leverage an anticipated $63.3 million in private investment. Given the limited NOFA resources and number of applications, one of the projects awarded has been recommended for funding out of the OTR-East TIF District’s 25% percent set-a-side balance for affordable housing, as established by City Council under Ordinance 301-2020. This project will be contingent on the completion of community engagement, as established by the City Manager, and appropriation by City Council. Collectively these projects will create and/or preserve 280 total units, all of which are affordable to households at and below 60% AMI.
Peebles Apartments – 2520 Gilbert Avenue – NOFA Award: Up to $800,000 City NOFA loan
The Model Group in Walnut Hills will develop 42 affordable units with income targets: 30% – 60% AMI $235,000/Unit. This new construction of a four-story building is comprised of residential and commercial space at the former Kroger site. This will create rental units for extremely low-income and very low-income households.
Alexandra Apartments – NOFA Award: Up to $800,000
The Model Group/NCR in Walnut Hills will complete 83 affordable units.
This is a proposed rehabilitation of an iconic affordable senior housing community in Cincinnati. The project consists of the rehabilitation of a four-story building located at 921 William Howard Taft Road in Walnut Hills. Highly leveraged with LIHTC and historic tax credits.
The Barrister – NOFA Award: Up to $900,000
Urban Sites/OTRCH in the Central Business District will develop 44 affordable units with income targets up to 60% AMI. This is an adaptive reuse project which will renovate two vacant, historic buildings located at 214 and 216 East 9th Street in the Central Business District. The project was awarded LIHTC, State and Federal Historic Tax Credits, and an OHFA Housing Development Assistance Program loan. The project achieves Plan Cincinnati’s Live Goal 3 by providing a full spectrum of housing options and improving housing quality and affordability.
Lincoln & Gilbert – NOFA Award: Up to $800,000
Pennrose & WHRF in Walnut Hills will develop 50 affordable units with income targets of 60% AMI. This project will consist of the rehabilitation of one existing building and the new construction of two residential buildings. The project achieves Plan Cincinnati’s Live Goal 3 by providing a full spectrum of housing options and improving housing quality and affordability.
Hartwell Apartments – NOFA Award: Up to $800,000 City NOFA loan
The Model Group/NCR in Hartwell will develop 60 affordable units with income targets of 50% – 70% AMI. This is the new construction of one building located at 68 Shadybrook Drive. This project is utilizing Low-Income Housing Tax Credits. The project achieves Plan Cincinnati’s Live Goal 3 by providing a full spectrum of housing options and improving housing quality and affordability.