CINCINNATI — More than a dozen developers are rolling up their sleeves and putting shovels in the ground as Hamilton County's largest affordable housing investment moves forward.
Commissioners announced Tuesday the launch of phase one of the project. In partnership with the Cincinnati Development Fund, the county will allocate $14 million to fund 17 new developments that will add 552 units, 445 of which are income-restricted and 65 of which are single-family homes.
Forty percent of the units will serve households at 50% Area Median Income and below.
"Our board has taken a bold step. It has invested the most that we've ever had — and probably any government entity has ever done — investing in affordable housing, so today is historic," Hamilton County Commission President Alicia Reece said.
The money comes from $31.8 million in American Rescue Plan funds granted to the county earlier this year to finance developments with "shovel-ready" projects for the production, rehabilitation and preservation of affordable housing units.
CDF has been financing affordable housing projects for more than three decades. According to the county, the urgency and scale of these projects has increased over the past few years following the creation of the Affordable Housing Leverage Fund.
"That's the target. That's what we're trying to accomplish," said Commissioner Denise Driehaus. "We're building housing that others aren't building. We're doing it with the brave partners that stand up every day and say yes to building affordable housing in the community. It is not easy and it is expensive and it is challenging."
The projects include three developments that were previously at risk of falling through, commissioners said. The county, like other communities across the country, experienced cost increases averaging 30% and, in some cases, even greater amounts, according to the National Council of State Housing Agencies (NCSHA).
Two of the saved developments are senior housing projects including Logan Street near Findlay Market and Pedretti in Delhi. Vandalia Point in Northside will be a 52-unit apartment complex for families earning between 30-60% AMI.
"We're just really excited and humbled and honored," Michael Chewning said.
A partner with up-and-coming Cincinnati-based construction company 8K, Chewning stood beside other developers at Tuesday's announcement.
"Development is such a team sport. It's such a special moment to have Hamilton County Commissioners, leaders at CDF, nonprofits, minority developers, small developers kind of all chipping in to make our city a better place."
8K is leading the project at 56 East McMicken across from Grant Park in Over-the-Rhine, offering 13 units at or below 60% AMI.
"This is exactly why our company exists," he said. "Our goal is to build stronger neighborhoods for everyone."
All but one application came from Cincinnati-based developers, with one coming from an out-of-town developer with experience in the market, commissioners said.
Construction will break ground as early as July and the first units are expected to be available within 12-18 months.
Though 17 developers were selected to move forward, the county received 30 applications. Those, along with any new applications, will be reviewed on a rolling basis and more projects will be announced later this year.
