$ 24million Trotwood apartment complex suspended after council vote
Downing said he had since been in contact with some board members who contacted to find out more about the project. The Council will meet in regular session on Monday, January 3, at which time a Council member who has given a dissenting vote on the amendment will have the opportunity to reopen the matter for discussion.
The $ 24 million proposal includes plans for 11 buildings containing 132 units, a community building and an open space. The development aims to provide affordable housing for the workforce to those earning between $ 28,000 and $ 53,000 per year, according to Winfield Gibson, managing director of Cubik LLC.
âThere is a huge discussion about affordable housing because there is a huge problem across the countryâ¦ there has been almost nothing built in the past 10 years to serve workers,â Gibson said. âIt’s part of this solution to serve the entry-level part of this initiative and help workers. “
Gibson said the development will include 60 one-bedroom units, 60 two-bedroom units and 12 three-bedroom units, with an estimated rent of $ 750 for a one-bedroom, $ 890 for a two-bedroom and $ 1,164 for a. three rooms. .
The rezoning change was urgently requested by Gibson due to a time constraint requiring the rezoning to take place before the start of 2022 in order for the project to remain designated as a Qualified Enumeration Area (QCT).
An area is designated as QCT when there is a poverty rate of 25% or more or when 50% of households in the area have incomes below 60% of the median income in the area. Used in the low-income housing tax credit program, the QCT designation means that the project could receive a 30% base increase in eligible costs, which would increase tax credits and translate into through greater equity of investment.
According to Gibson, the QCT designation for this area will no longer be in effect as of January 1, 2022, a caveat that Gibson said he and the company were not aware of until September of this year.
But Downing said the door was not closed.
âIf rezoning is approved on Monday, it would still be eligible for 2021,â Downing said. âThe Ohio Housing Finance Agency (OHFA) gives some leeway on this because they love the project. This will be a great new project using modular construction that can be a real way forward for new developments in Ohio, so we’re excited to potentially be a leader in this area.