First New Affordable Housing in Over Two Decades Opens in Cincinnati

A nearly $16 million apartment building, the Barrister, is the first new affordable housing development in downtown Cincinnati in “at least 20 years,” the Cincinnati Business Courier reports. Over-the-Rhine Community Housing and Urban Sites led the development, but they credit “a bevy of partners, underscoring just how difficult such housing is to build and operate,” according to the article. Mayor Aftab Pureval said, “[p]rojects like the Barrister don’t just happen,” calling it a “huge win for Cincinnati, but specifically downtown” in the article. The Barrister, which was “converted from two vacant structures,” has 44 apartments and “is affordable to those making between 30% and 60% of the area median income, which is $25,600 to $51,240 for a family of four.” OTR Community Housing Director of Real Estate Development Ben Eilerman said the project “required an enormous amount of funding collaboration: Federal Low-Income Housing Tax Credits (LIHTC); both State and Federal Historic Tax Credits; City of Cincinnati TIF financing; OHFA HDAP Loan; Local Initiative Support Corporation (LISC) loan; and local philanthropy,” reports. Cincinnati City Council member Meeka Owens said, “[t]his is what getting creative looks like in terms of funding models,” in the article. Other project partners include The Port of Greater Cincinnati Development Authority, Cincinnati Center Development Corp., Greater Cincinnati Foundation, and First Financial Bank, among others. For more, read the full and Cincinnati Business Courier (subscription may be required) articles.

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