Talbert House to Build 39-Unit Affordable Housing Development in East Price Hill
- Aug 20, 2012
Talbert House started work on Aug. 9 on the Talbert House Grand Development Initiative, a complete renovation of an apartment building in East Price Hill that will provide affordable housing for people who want to live in a drug- and alcohol-free environment. More than 50 community leaders attended the groundbreaking ceremony. According to the Cincinnati Business Courier, the affordable housing project will cost $5.9 million.
The apartment building at 960 Grand Ave. in East Price Hill has been boarded up and vacant for years. Talbert House is giving it a chance at a new life. The social service agency will transform the trashed building into an apartment community with 39 single-bedroom units. This could just be the first of hundreds of affordable housing units that the agency hopes to develop in the coming years.
“This is the first Talbert House-supported apartment community in Cincinnati. We hope to develop others across the region to help residents find affordable, safe housing in the neighborhoods where they want to live – where they want to call home,” stated Neil Tilow, president & CEO of Talbert House, in a press release.
Talbert House is financing the apartment community in part through the Low Income Housing Tax Credit program, a federal program that provides a dollar-for-dollar reduction in income taxes for developers of affordable housing in exchange for providing below-market rent for at least 15 years. The social service agency will sell the tax credits to the project’s equity investor, Fifth Third Bank.
To live in the community, tenants must meet low-income qualifications and also agree to live without drugs and alcohol. Some neighbors aren’t happy about the development, but Talbert Housing said there will be a case manager assigned to the building to help residents with services they may need. The building will also have a full-time resident manager. Talbert House hopes to have the building open and people moving in in about a year.
Image courtesy of Talbert House.