$1M in city funding will be spent in 'quick strike' property acquisition

A total $1 million is headed to community development corporations (CDCs) in Cincinnati for "quick strike" property acquisition.

City Council approved the funding late last year as part of the annual carryover budget. The organization HomeBase Cincy is distributing the grants to CDCs in five neighborhoods.

"[The] projects will likely result in at least 418 affordable and mixed income residential units, and almost $50 million leveraged in development," said HomeBase Executive Director Rosa Christophel.

This funding is aimed at purchasing the property needed for eventual development. The timeline for applications was fairly short, and CDCs had to demonstrate the ability to close on the deal within six to eight months, and begin redevelopment within one year.

Projects include the potential for 300 mixed-income housing units in the College Hill Business District; a 57-unit affordable housing development in Clifton Heights; and 55 units of senior affordable housing in Mt. Washington. Smaller projects in Northside and Price Hill also were awarded grants.