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Florence Apartment Project Awarded $1 Million Grant

$4 million dollars in grants for 241 units of affordable housing across Greater Cincinnati, including a development in Florence, was announced last week.

The announcement was made by Federal Home Loan Bank of Cincinnati president and CEO Andrew S. Howell.

The grants are among more than $30.9 million in funds recently awarded under the Affordable Housing Program (AHP), to help create 2,229 units of affordable housing. Program funds will be awarded to 34 member financial institutions in the FHLB Cincinnati’s district of Kentucky, Ohio, and Tennessee. 

“Over more than 30 years, our AHP has steadily provided funds to make an impact on the need for affordable housing locally,” Howell said. “The $749 million we have awarded since AHP’s inception has helped change communities throughout our region thanks to the diversity, creativity and integrity of our lenders, program sponsors and their clients and customers.” 

In Florence, a $1 million grant will help construct 48 multi-family rental units for moderate to very low-income households, 41 of which will be reserved for those with special needs. The $9.2 million Scheper Ridge project will be financed with the sale of tax credits, state and local grants, deferred developer fees, cash contributions from Huntington National Bank, and others.

Scheper Ridge is located on Gunpowder Road.

-Staff report

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