Woda Delivers OH Adaptive-Reuse Project
- Jul 03, 2019
Woda Cooper Cos. Inc. in collaboration with the City of Lima, Ohio, the state’s Housing Finance Agency, Ohio Development Services Agency as well as the West Ohio Community Action Partnership nonprofit have delivered a new mixed-income community in Lima, Ohio. Located at 43 Town Square, the project was built on the structure of the former First National Bank & Trust Building and provides 47 units for mixed-income families.
The community offers one-, two- and three-bedroom floor plans with an open concept design, the majority of units being available for families and seniors with household incomes of up to 60 percent of the area’s median income. The ten market-rate units are available for monthly rents between $769 and $916.
A joint effort
The property encompasses a first-floor onsite management office, two community rooms, a computer room and multiple laundry spaces. Built in 1926, the 12-story property features Grand Chicago-style commercial architecture from the early 20th century with Renaissance Revival influences. The new building was designed to meet Enterprise Green Communities certification standards.
The adaptive-reuse project was made possible through funding gathered from various sources. One of them was low-income housing tax credits allocated by the OHFA, which has been financing the rehabilitation of various historic properties across Ohio, such as the 198-unit Commodore Apartments in Cleveland.
Other financing sources included federal historic tax credits through the U.S. Department of Interior, National Park Service; Ohio State historic preservation tax credits from the Ohio Development Services Agency and State Historic Preservation Office. The city of Lima provided a 12-year tax abatement for 50 percent improved value. The property also became subject to a permanent loan from RiverHills Bank as well as a bridge loan from OHFA.