Cincinnati Metropolitan Housing Authority (CMHA) will begin construction in August to completely renovate two public housing properties .3 miles apart in East Walnut Hills. All units will remain affordable housing.
The Riverview is a 9-floor building built in 1902 with 110 units. San Marco, in the heart of the East Walnut Hills business district, was built as a 7-floor hotel in 1930 and converted to 30 residential units in the 1960’s.
The Riverview San Marco Project will be CMHA’s first use of Historic Tax Credits. San Marco is recognized by the US Department of the Interior as an Historic District Contributing Building. Riverview has completed the historic recognition process, and both received Federal Historic Rehabilitation Tax Credits.
“Closing on this latest Rental Assistance Demonstration (RAD) project continues our commitment to invest one billion dollars in our affordable housing portfolio,” says Gregory D. Johnson, CMHA Chief Executive Officer. “Residents of Hamilton County deserve quality affordable housing and we’re delivering.”
CMHA is land owner and Lead Developer, with The Gorman Company serving as Co-Developer, General Contractor & Architect. The scope of work includes new flooring, bathrooms, kitchens, appliances and plumbing, and upgraded energy-efficient HVAC and electrical systems. The Riverview San Marco project includes $38 million dollars in renovation funding, from tax exempt bonds, housing tax credits ($14MM), federal historic rehabilitation tax credits ($4MM), re-invested developer fee, OHFA Bond Gap Financing ($1.4MM) deferred developer fee and public housing capital dollars.
“Cincinnati residents are lucky to have CMHA. Riverview San Marco uses historic properties to maintain the greatness of the past while providing gold standard housing for the future,” says Annie Ross, VP of Development for Ohio Capital Corporation for Housing.