OTR advocates develop lending strategy options for historic rehabs

Over-the-Rhine's historic building stock could continue to be redeveloped successfully with the help of Vice Mayor Roxanne Qualls and the Owner Redevelopment Loan Task Force.  This past week, the Task Force issued its recommendations to City Council's Livable Communities Committee, chaired by Qualls, that would address inadequate lending options for historic building rehabs.  

The task force recommended closing the "development gap" by investing in small-scale, owner-occupied buildings in place of large corporations. Six vacant properties surrounding Findlay Market will be transformed into owner-occupied, single-family homes and two family homes.

"The task force has recommended an innovative strategy to close the development gap and leverage local lending partnerships to redeveloped blighted, vacant properties and make Over-the-Rhine and all of our neighborhoods stronger," said Qualls. "It will provide a significant tool to allow owner-occupied and single-family projects- currently an underserved market- to complement the large-scale development that's taking place now."

Initial development will focus on owner-occupied homes on Elm Street and Pleasant Street with first-floor retail space. These homes may attract young professionals, downtown workers, or retired individuals looking to move to the urban core. The task force recommended that the project begin in two phases, with the first phase to be completed this year. Phase I will include two properties on Elm Street, and Phase II will include three Pleasant Street properties and one Elm Street Property.

"Cincinnati's historic building stock holds incredible potential for job growth and economic development, but without the proper financial tools we just have a bunch of old buildings. The proposed loan program can be part of a solution to gaps in the current lending market," said Michael Morgan, an attorney and real estate agent who chaired the task force.

Funding has not yet been issued, but will be reported back to the committee February 1st. 

Writer: Lisa Ensminger
Photography by Scott Beseler.