A project converting a mostly vacant and historic Downtown office building into residential and commercial space, including housing for moderate income residents, could get city fuding help.
Cincinnati City Council's Budget, Finance and Governance Committee, Monday, approved $2.9 million from the Downtown/Over-the-Rhine East TIF fund for a project by Urban Sites at 530 Walnut Street. The project has also secured $5 million in Ohio Historic Rehabilitation Tax Credits, according to city documents.
The $22.8 million project would turn the building into 67 housing units, and more than 12,000 square feet of commercial space, including longtime tenant, Urbana Coffee. About half of that housing would be affordable at the 60% and 80% Area Median Income levels — or affordable for a single person making between $46,200 to $61,550 per year.
As WVXU has previously reported, development of non-market rate housing in the Central Business District is rare.
Commonly called the Atlas Building, the 10-story office building constructed in 1925 was once home to Atlas Bank.
"The goal of the project is to bring mixed-income housing to the Central Business District, a vibrant urban area that is lacking attainable, mixed-income options for the community," a packet recommending approval of the TIF funds from city administration reads.
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