Created on Friday, 21 June 2013 Written by THE BELLEFONTAINE EXAMINER STAFF
Green Hills Community in West Liberty was recently awarded $664,000 in federal income tax credits from the Ohio Housing Finance Agency to use toward renovation of affordable housing apartments.
The local non-profit senior community was one of 34 developments in 18 counties to receive a portion of the $24.4 million in available credits.
Awards are based on several factors including: local collaboration with public entities in the area; characteristics of the project; finances of the residents; and proposed work to be done to the apartment units.
The credits, which are for 15 years, are sold to investors, typically banks, which then use the credits on business tax returns.
Revenue from the tax credit sales will be used by Green Hills to fund the project.
Green Hills started with 36 apartments in 1975. Two years later, a 60-bed nursing center opened. As need grew for more housing, 40 more apartments were constructed in 1980.
While the apartments have been well-maintained and continue to score well on U.S. Department of Agriculture Rural Development inspections, accessibility and energy efficiency standards have changed explained Mike Ray, President and CEO of Green Hills.
The details of the renovations have not yet been finalized. Mr. Ray shared that the units will be updated inside and out.
“The improvements made possible by these tax credits will allow us to improve our apartments to service the residents here for the next 20 years,” said Cindy Melvin, manager of the apartments.
“All through this process we were told that we had to find the right partners,” explained Mr. Ray.
“We chose to work with Episcopal Retirement Homes based in Cincinnati. They are very experienced in working with Low Income Housing Tax Credits and they currently work with 10 projects totaling 598 units. We were pleased to find another non-profit organization to guide us through this project,” he said.
“We hope to start the construction in the spring of next year,” said Mr. Ray.