If constructed as hoped, a total of 171 new affordable senior living units and over $28 million in investment would be coming to Mansfield.
The Ohio Housing Finance Agency has released information about 2019 applicants for the 9% Housing Tax Credit, and two potential local developments are included. One would occupy a very familiar spot for Mansfielders.
According to the OHFA website, “The HTC program is a tax incentive program designed to increase the supply of quality, affordable rental housing by helping developers offset the costs of rental housing developments for individuals with low- to moderate-income. This program has been the largest driver of the production of new affordable housing in the state and nation over the past several years.”
Because of the value of the credits, the 9% version tends to be applied for more often than its 4% counterpart, the latter of which is non-competitive. Only 25 to 30% of the 9% applications are funded in a typical year.
One of the two Mansfield applications would see the erection of an 88 unit development of affordable senior housing on the former location of the Ambassador and Blue Dolphin on the southeast corner of Sturges and Park Avenue West. Called the Sturges Senior Lofts, the project by MVAH Development LLC would see total investment of over $15 million.
This location is located in a recently identified “Opportunity Zone,” and the development group includes CareSource or a to-be formed subsidiary of CareSource as Managing Partner. Sturges Senior Lofts would include a mix of 1- and 2-bedroom units that include a full spectrum of modern amenities, according to the application. “Additional community amenities would include on-site management, a fitness center, and a community room with a kitchenette and computer area.”
The other applying development is Appleseed Senior Apartments at 314 Cline Avenue. TWG Development LLC proposes to construct a 83 unit complex at a total cost of $13.2 million. This development group includes the participation of Ohio District 5 Area Agency on Aging.
According to the application, this affordable housing complex for seniors would have units which incorporate in-unit washer/dryers. The building would include “a community room, fitness center, elevators and nearly 6 additional acres of green space and natural woods to provide scenic views to the north.”
1812 Blockhouse will share an update on these projects once tax credits decisions are made.
Source: Ohio Housing Finance Agency