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Proposed use of TIF funds in CUF / Mt. Auburn Affordable Housing Project

 

Background

 

The project is a proposed use of CUF tax increment financing incentive district (TIF) funds in an affordable housing project on Vine Street in the CUF / Mt. Auburn neighborhood. Per City Council Ordinance No. 0206-2020, 25% of revenues collected within a tax increment financing incentive district (TIF District) will be set aside for affordable housing projects within the districts. The Department of Community and Economic Development (DCED) may implement the policy with developers and local non-profit corporations to use the TIF District funds to acquire property for the construction or renovation of affordable housing units through a formal request.

The Clifton Heights Community Urban Redevelopment Corporation (CHCURC) is proposing to facilitate an affordable housing development project in the CUF neighborhood by partnering with the private development firm 8K. The Community Development Corporation (CDC) will identify and purchase property to leverage with a private developer's project proposal and financing for construction.  The CDC is interested in using the TIF Funds to acquire the property in advance of an identified project and attract a developer to complete an affordable housing project. Clifton Heights CURC has presented an affordable housing strategy to the local community council and has developed the strategy with the local stakeholders including the Clifton Heights Business Association, University of Cincinnati, and the Heights Community Council.

 

 

Proposed Project  

 

This project is a proposed use of CUF tax increment financing incentive district (TIF) funds in an affordable housing project on Vine Street in the CUF / Mt. Auburn neighborhood. There are three (3) vacant buildings and nine (9) vacant, City–owned parcels of land that are proposed to be developed by the Clifton Heights Community Urban Redevelopment Corporation (CHCURC). CHCURC is proposing to facilitate an affordable housing development project in the CUF neighborhood by partnering with the private development firm 8K. City Capital funds in the form of a loan in an amount not to exceed $896,551. The City funds will be used for acquisition costs/pre-development of the site described above on the 2300 block of Vine Street that will be developed into an affordable housing project.

The addressed to the pieces of land are as follows:

2309, 2311, 2313, 2317, 2319, 2321, 2323, 2325, 2327, 2329, 2331, 2333, 2335 Vine Street in the CUF / Mt. Auburn neighborhoods.

 
Past Public Meetings

 

Contact

Jeremiyah Hairston, Communcity Engagement Specialist
Department of City Planning and Engagement
805 Central Avenue, Suite 720
Cincinnati, Ohio 45202
jeremiyah.hairston@cincinnati-oh.gov | (513) 477-5171