The tax credit provides 25 percent of qualified rehabilitation expenditures for buildings located on the National Register of Historic Places, in a registered historic district, or certified by Ohio's Preservation Officer as being of historic significance.
The six local projects awarded tax credits are:
- 1108-1218 Broadway and 400-414 E 12th Street in Pendleton: $2.6 million in tax credits awarded to the Model Group for its $16.1 million Pendleton Apartments project, which will create 80 residential units and more than 12,000 square feet of retail and restaurant space;
- 308-316 Main Street, Downtown: $1.8 million in tax credits awarded to the Cincinnati Center City Development Corporation (3CDC) for a $9 million project to create five condominium units and two commercial storefronts;
- 961-975 E McMillan Street in Walnut Hills: $1.8 million in tax credits awarded to the Walnut Hills Redevelopment Foundation and the Model Group for the $8 million Rhodes Property Redevelopment, which will rehabilitate three vacant buildings and create 30 market-rate residential units and 7,000 square feet of commercial space;
- Eden Park Pump Station at 1430 Martin Drive: $1 million in tax credits awarded to the Cincinnati Beer Company for its $5.2 million Brewery X microbrewery and tap room;
- Abington Flats at 33 Green Street in Over-the-Rhine: $502,000 in tax credits awarded to the Cornerstone Corporation for Shared Equity and the Model Group for its $3.1 million project, which will create 18 rental apartments and ground-floor commercial space; and
- 521-523 E 12th Street in Pendleton: $203,000 in tax credits awarded to the Model Group for a $1.2 million portion of its Losantiville Apartments project, which will create six residential units;
The Ironworks Apartments, a 63-unit affordable housing redevelopment of the former Dennison Hotel at 716-718 Main Street, failed to win credits in this round of funding.
Through the program's first nine rounds, $328.4 million in tax credits have been approved for 159 projects in 34 communities. The ODSA estimates that the program has led to the leveraging of $2.1 billion in private redevelopment funding.
Round 10 applications are due by March 30, with awardees announced around June 30.
Previous reading on BC:
Council supports historic tax credits for Downtown, OTR, Walnut Hills projects (10/2/12)
City to lease Walnut Hills buildings for redevelopment (9/25/12)
3CDC buys endangered buildings on lower Main Street (9/5/12)
Ohio Dept of Development, Fed Home Loan Bank award money for projects (6/28/12)
Two Hamilton Co projects win affordable housing tax credits (4/12/12)