HAMILTON COUNTY, Ohio — Affordable housing developers in Hamilton County now have access to more than $31 million dollars in funding opportunities.
Hamilton County Commissioners and the Cincinnati Development Fund (CDF) are using money from the American Rescue Plan (APRA) to finance developments with "shovel-ready" projects for the production, rehabilitation, and preservation of affordable housing units, the county said in a press release.
While funding applications are open to all developers, a portion of the money will be specifically targeted towards seniors, disabled residents and returning citizens or people who were previously incarcerated, the county said.
“This investment will have a profound impact on our entire local economy," said Hamilton County Commission President Alicia Reece. "This historic investment shows that we are willing to confront the affordable housing crisis head-on."
Hamilton County Commissioner Stephanie Summerow Dumas said this massive investment will lead to healthier communities across the county.
"Increasing access to quality affordable homes will help to diminish income inequalities," Dumas said.
Hamilton County Commissioner Denise Driehaus added that the investment will help stabilize neighborhoods and offer more opportunities for families to generate wealth.
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.
"The County's investment is like rocket fuel for the community's effort to coordinate affordable housing funding," said CDF Chief Strategy Officer Luke Blocher. "These funds only add to the efforts made by previous Affordable Housing Leverage Fund funders like the City of Cincinnati."
The county is encouraging developers to apply for an initial round of funds from now through May 16.
According to the press release, there will be multiple rounds of application opportunities for projects of varying sizes.
The first round of awards will be announced in June. CDF said these awards will be issued to "shovel-ready" projects that demonstrate the ability to proceed immediately.
All funding will be awarded and committed to projects by the end of 2024.
Here are the types of housing projects that may qualify:
- Multi-family rental
- Homeownership, including single-family and owner-occupied multi-family
- Permanent supportive housing to improve access to stable, affordable housing among individuals who are homeless
Here is a breakdown of how the money available will be allocated:
- $16.9 million for new affordable housing
- $7.4 million to preserve existing affordable housing
- $7.4 million for new affordable housing for targeted populations: Senior citizens, disabled citizens and previously incarcerated citizens receiving services through the Hamilton County Office of Reentry
Click here to submit an application.
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