A total $1 million is headed to community development corporations (CDCs) in Cincinnati for "quick strike" property acquisition.
City Council approved the funding late last year as part of the annual carryover budget. The organization HomeBase Cincy is distributing the grants to CDCs in five neighborhoods.
"[The] projects will likely result in at least 418 affordable and mixed income residential units, and almost $50 million leveraged in development," said HomeBase Executive Director Rosa Christophel.
This funding is aimed at purchasing the property needed for eventual development. The timeline for applications was fairly short, and CDCs had to demonstrate the ability to close on the deal within six to eight months, and begin redevelopment within one year.
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Projects include the potential for 300 mixed-income housing units in the College Hill Business District; a 57-unit affordable housing development in Clifton Heights; and 55 units of senior affordable housing in Mt. Washington. Smaller projects in Northside and Price Hill also were awarded grants.
Christophel says the affordability of units will vary by project, but all affordable units will be priced to 80% of the Area Median Income or lower.
CDCs could request up to $250,000, and had to have other funding sources as well. This grant program is designed to fill a gap in funding that is preventing a project from moving forward. Christophel says another four neighborhoods applied for funding, with a total $2 million requested.
"This is the first time that this kind of flexible, fast funding that matches the array of what the market dictates has been available in a long time," she said.
This was a one-time program, but Council could allocate more funding for the purpose in the future.
The projects awarded funding are:
NEST — $190,000 for 4001 Hamilton Ave.
- 4001 Hamilton is the gateway property for Northside as you enter the neighborhood from Clifton, and its renovation would bring four affordable housing units and one commercial unit
Price Hill Will — $170,000 for 3515 Warsaw Ave.
- 3515 Warsaw Ave. would be leveraged with four other buildings for a multi-million-dollar redevelopment along Warsaw Ave., similar to the Warsaw Creative Campus. If combined with 3509 Warsaw, this will result in two affordable housing units and one commercial unit.
College Hill CURC — $250,000 for College Hill Plaza
- College Hill Plaza is the largest site left in the College Hill Business District and will lay the foundation for a potential of 300 mixed-income residential units and multiple commercial spaces.
Clifton Heights CURC — $200,000 for 2315 Vine Street
- 2315 Vine Street is the last acquisition needed for a 57-unit affordable housing development, being co-developed by OTRCH and 8K.
Mt. Washington CDC — $190,000 for 5455 Beechmont Ave.
- 5455 Beechmond Ave. would bring 55 units of senior affordable housing to Mt. Washington.
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Learn more about the Quick Strike acquisition fund and the awarded projects in this presentation to a City Council committee below:
