Cincinnati City Council has approved the execution of a Community Reinvestment Area LEED tax exemption agreement with Forest Square Apartments Limited Partnership (the Model Group) for a 21-unit senior housing infill project in Avondale.
Construction began last month at on the $4.2 million Forest Square Senior Apartments, a 26,000-square-foot building that has been registered with the U.S. Green Building Council under the LEED for Homes program. Completion is scheduled for fall 2010.
The agreement will reduce the property tax liability of the project by nearly $900,000 over the next 15 years.
Forest Square Apartments Limited Partnership already has received $1.2 million in federal economic stimulus funding through the --> --> --> and $775,000 through the U.S. Department of Housing and Urban Development's HOME program.
Previous reading on BC:
Avondale senior project seeking LEED tax break (12/3/09)
OHFA announces $1.2M for Forest Square senior infill (11/9/09)
Funding for Avondale senior infill project approved (8/17/09)
Transfer of federal HOME funding could bring senior infill to Avondale (7/28/09)
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2 comments:
It is very tempting to work on particular projects seeking LEED tax exemptions. It seems as though half the LEED projects that take place are due to the financial exemptions. I suppose it is a fine thing, so long as LEED projects are in the forefront. What's important, in the grand scheme of things, is having LEED certified buildings. I suppose it doesn't matter why project teams develop them, so long as they exist!
It seems like everything I'm writing about has a "green" theme these days, too. I think it's a very solid trend.
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