Wednesday, January 16, 2013

OTRCH gets tax exemption for senior supportive housing

Last Wednesday, Cincinnati City Council approved a Community Reinvestment Area tax exemption agreement to aid Over-the-Rhine Community Housing's (OTRCH) rehabilitation of a long-vacant building.

OTRCH is planning a $3.9 million project to convert the 13,795-square-foot building at 1500-1506 Elm Street in Over-the-Rhine into 15 units of supportive housing for low-income seniors, the first of its kind in the neighborhood.

The 8-year tax exemption will reduce the tax liability of the project by $640,968 over the life of the agreement.

Other sources of funding include the U.S. Department of Housing and Urban Development Section 202 Program, federal Low Income Housing Tax Credits, and Ohio Historic Preservation Tax Credits.

Construction is expected to be completed by November.

Previous reading on BC:
OTR Community Housing to celebrate community with Thursday fundraiser (10/16/12)
Charrette kicks off vision study for part of OTR (7/30/12)
Council supports state tax credits for redevelopment of 7 buildings (3/26/12)
Cincinnati leaders to visit Columbus, learn about supportive housing (8/23/10)
Dorff showcases City Home, OTR 'Star Award' winner (4/28/10)