$30M funding pool for Hamilton County affordable housing projects opens applications

$30M funding pool for Hamilton County affordable housing projects opens applications

According to a news release, the funds can be used to pay the development costs for the following types of housing:

-Multifamily rental

-Homeownership, including single-family and owner-occupied multi-family

-Permanent supportive housing to improve access to affordable housing among individuals who are homeless

The pool of money consists of $16.9 million for new affordable housing, $7.4 million to preserve existing affordable housing and $7.4 million for new affordable housing that targets senior citizens, disabled citizens and previously incarcerated citizens receiving services through Hamilton County Office of Reentry.

Hamilton County Commission President Alicia Reece said in a release. “With inflation and the cost of housing skyrocketing, it is not only families struggling to find quality housing, our businesses are also struggling to find workers. This investment will have a profound impact on our entire local economy.”

Awards in the first round are specifically for projects that are shovel-ready, but there will be subsequent rounds where funds will be allocated to projects of differing sizes. Developers can now apply for funding on CDF’s website.

The first round of awards will be announced in June. All funding will be awarded and committed to projects by Dec. 31, 2024, and developers have to use those funds by Dec. 31, 2026.

This comes as Cincinnati and Hamilton County have a deficit of at least 40,000 units affordable and available to extremely low-income households, according to Local Initiatives Support Corp. (LISC) Greater Cincinnati and the Community Building Institute.


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