CINCINNATI – More than a dozen developers are rolling up their sleeves and putting shovels in the ground as Hamilton County’s largest affordable housing investment moves forward.
Commissioners announced the launch of the first phase of the project on Tuesday. In partnership with the Cincinnati Development Fund, the county will allocate $14 million to finance 17 new developments that will add 552 units, 445 of which are income restricted and 65 of which are single-family homes.
Forty percent of the units will serve households with an area median income of 50% and below.
“Our board has taken a bold step. It’s invested the most we’ve ever had, and probably any government entity has ever done, investing in affordable housing, so today is historic,” said County Commission Chairwoman Hamilton, Alicia Reece.
The money comes from $31.8 million in American Rescue Plan funds awarded to the county earlier this year to finance developments with “shovel-ready” projects for the production, rehabilitation and preservation of affordable housing.
CDF has been financing affordable housing projects for over three decades. According to the county, the urgency and scope of these projects has increased in recent years following the creation of the Affordable Housing Leverage Fund.
“That’s the goal. That’s what we’re trying to accomplish,” Commissioner Denise Driehaus said. “We’re building homes that others aren’t building. We’re doing it with the brave partners who stand up every day and say yes to building affordable housing in the community. It’s not easy, it’s expensive and it’s a challenge. .”
The projects include three developments that were previously at risk of failure, commissioners said. The county, like other communities across the country, experienced cost increases averaging 30 percent and, in some cases, even larger amounts, according to the National Council of State Housing Agencies (NCSHA).
Two of the developments saved are senior housing projects such as Logan Street near Findlay Market and Pedretti in Delhi. Vandalia Point on the Northside will be a 52-unit apartment complex for families earning between 30 and 60 percent of AMI.
“We are very excited, humbled and honored,” said Michael Chewning.
A partner in Cincinnati-based construction startup 8K, Chewning was joined by other developers in Tuesday’s announcement.
“Development is a team sport. It’s such a special time to have Hamilton County Commissioners, CDF leaders, non-profits, minority developers and small developers coming together to make our city a better place.”
8K leads the project at 56 East McMicken across from Grant Park in Over-the-Rhine, offering 13 units at 60% or less AMI.
“This is exactly why our company exists,” he said. “Our goal is to build stronger neighborhoods for everyone.”
All but one of the applications came from Cincinnati-based developers, and one was from an out-of-town developer with experience in the market, commissioners said.
Construction will begin in July and the first units are expected to be available within 12-18 months.
While 17 developers were selected to move forward, the county received 30 applications. Those, along with any new applicationsit will be continuously reviewed and more projects will be announced later this year.
