Completion of Perseverance Project Celebrated with Ribbon Cutting
Posted on June 17, 2021 by sujvary
Mixed-Use Development Comprised of 32 Affordable Units, Five Street-Level Commercial Spaces
CINCINNATI (June 17, 2021) – Project leaders from the City of Cincinnati, Over-the-Rhine Community Housing (OTRCH), Cincinnati Center City Development Corp. (3CDC), and several other project partners and stakeholders gathered this morning to celebrate the completion of Perseverance, a $13.9 million mixed-use affordable housing project in Over-the-Rhine.
The ribbon cutting ceremony, which took place in front of the completed project in the 1500 block of Vine Street also featured remarks from project leaders from Fifth Third Community Development Corporation, Ohio Housing Finance Agency (OHFA) and Ohio Capital Corporation for Housing (OCCH), all of which provided funding for the project. Additional funders of the mixed-use development included Ohio Development Services Agency (ODSA), Cincinnati Equity Fund II, and the Cincinnati Development Fund, which provided a New Markets Tax Credit (NMTC) allocation to the project. In addition to NMTCs, the project utilized both federal and state Historic Tax Credits, as well as Low-Income Housing Tax Credits. A resident of the new development and a representative from the Over-the-Rhine Community Council, which supported the project, also spoke at the celebratory event.
Construction on Perseverance, which included the renovation of three historic buildings and construction of one new infill building on a previously vacant lot, began in January 2020. The completed project has yielded 32 residential apartments – 100% affordable units, available to people making 30-60% of the Area Median Income (AMI) – and five street-level commercial spaces The residential units range in size from studio to three-bedroom units. OTRCH, which will retain ownership of the apartments has already signed leases for 30 units and will provide their signature blended management with wrap-around services to all residents. 3CDC will maintain ownership of the five street-level commercial spaces, which total 6,700 square feet. While no tenants have been signed, 3CDC is in active talks with prospective tenants for several of the spaces.
The Perseverance project is part of a larger strategy being executed between OTRCH, 3CDC, and several additional partners to create more affordable housing in Over-the-Rhine.
The project has obtained Enterprise Green Communities Certification for its renovated buildings, and LEED silver certification for the new construction building. 3CDC and OTRCH were the developers on the project, with TriVersity and New Republic Architecture working as the general contractor and architect, respectively.
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