What's next for affordable housing in Over-the-Rhine?

Historically, Over-the-Rhine has been at the epicenter of Cincinnati’s housing boom; however, it can be argued that not enough of the neighborhood’s housing options are affordable. But 3CDC, Cornerstone Corporation for Shared Equity, Model Group and Over-the-Rhine Community Housing are working together to change that.
 
It’s estimated that 550 new apartments will be developed this year, with the majority designated as affordable housing. Developers are working to save 300 units of low-income and affordable housing that have been lost in recent years or are at risk of leaving the market, and a total of 12 new housing projects are also in the works that will add 50 more affordable units and 200 more market-rate apartments to the neighborhood.
 
In order for these projects to happen, 3CDC had to acquire the Section 8 Jan and Senate apartments, which include six separate buildings, from Community Builders. To complete the project, 3CDC needs to get 101 housing assistance payments — these are U.S. Department of Housing and Urban Development subsidies — that are associated with the two buildings. Those subsidies will be donated back to the 12 projects that will create a mixture of low-income, affordable housing and market-rate units in different buildings.
 
Model Group and 3CDC also plan to acquire the Mercy Housing portfolio, which is a group of 18 buildings, or 140 units, scattered around OTR. The goal is to rehab half of the units that are in desperate need of repairs, and make basic renovations to the other half.
 
The Jan and Senate buildings, located at the northwest corner of 13th and Walnut streets, along with 216 W. 12th St., are vacant, and will be included in the housing overhaul.
 
The City of Cincinnati also recently passed an ordinance that will forgive four loans that are associated with the Mercy buildings, for a total of $2.2 million in loan forgiveness. The loans were federal housing funds that were passed through the City to the projects.
 
In partnership with McCormack Baron Salazar, developers are planning to build high-quality affordable housing that will ensure that there are options available to residents of all income levels. In total, 276 units will be available to those who earn less than 60 percent of the area median income; 71 units for those who earn less than 80 percent of the area median income; the remaining 200 units will be market-rate.