An affordable housing project for seniors in downtown Cincinnati won approval for $1.8 million from the city of Cincinnati Wednesday.
City Council voted unanimously to allocate the funds from a Tax Increment Financing (TIF) District, which sets aside new property tax revenue to be used for projects that benefit the public.
Council member Anna Albi says it’s a very exciting project.
"Bringing this many units, having it targeted for that income restriction for seniors, is just wonderful," Albi said. "I think we're all just really excited about what that can bring to our city and looking for more of this."
Oskamp Flats will include renovating two vacant buildings: one on W. 4th St. and one on W. 7th St. Seventy units will be created, 34 as studios and 36 as one-bedroom apartments.
Units will be income-restricted to seniors making between 30% and 80% of the Area Median Income; that's between $22,050 and $58,700 a year for a single person.
The properties will include on-site supportive services through Columbus-based nonprofit National Church Residences.
"It's a great project Downtown, especially for folks 55 and older, able to walk to the Kroger to get groceries; able to get around using public transit downtown," Council member Mark Jeffreys said.
Model Property Development, a subsidiary of Model Group, is the developer on the project. Total cost is estimated at $26 million.
The project also is financially supported by competitive federal 9% low-income housing tax credits; the Hamilton County Community Action Agency; the Cincinnati Development Fund; as well as additional support from the city through a $700,000 loan. City officials also have approved a 15-year property tax abatement, which did not need City Council approval because it is an affordable housing project.
The developer plans to break ground in April and finish construction by the end of 2026.
Read more:
- Cincinnati's affordable housing fund is seeing results. Leaders say consistent support is needed
- Residents are moving into Downtown's first affordable housing project in over 30 years
- Bond Hill affordable housing gets Council approval over some community opposition
- LISTEN: What's the latest on the effort to build more affordable housing in Cincinnati?
