Novogradac Journal of Tax Credits Developments of Distinction Award Nomination
Avondale Phase I
Narrative
Avondale Phase I is the first step in a years-long, multi-phase neighborhood transformation, centered on the preservation of a HUD-assisted portfolio of foreclosed buildings. Over the last five years. The Community Builders has led a HUD Choice Neighborhoods Implementation initiative with an array of local partners, working to rebuild or replace a total of 140 units of subsidized housing, while creating 179 new units of unassisted housing across a range of incomes. The combined plan includes 12 properties, from the rehab of occupied buildings to the restoration of historic vacant shells to new infill development, collectively transforming a three-quarter mile stretch of Reading Road in the Avondale neighborhood of Cincinnati, Ohio.
The $20 million Phase I catalyzed the transformation, beginning with the most challenging buildings.The two structures suffered from decades of physical neglect and abuse, with families subjected to unhealthy and unsafe conditions – one of the buildings had been a police "hot spot" of criminal activity and service calls.The redevelopment totals 81 LIHTC units, revitalizing the two largest, most prominent buildings to restore their historic grandeur, preserve their affordability, and create healthy, safe,vibrant apartment homes for families. As part of the development, the buildings were added to the National Register of Historic Places, and were meticulously preserved to the Secretary of the Interior’s Standards, retaining historic exterior and interior architectural features while creating comfortable, modern residences. Through TCB’s revitalization efforts, residents now have homes with new kitchens, bathrooms, restored hardwood floors and trim details, windows, preserved balconies, and beautiful landscaped courtyards. They will soon be adjacent to a new, pedestrian-oriented, mixed use, neighborhood center and retail amenities. The Reading Road corridor through the heart of the neighborhood, consisting of distressed buildings, vacant properties and obsolete retail, is being completely transformed into a vibrant, walkable corridor of beautifully restored historic buildings, new construction, and healthy living that is changing residents’and neighbors’ lives.
Beyond the physical transformation, TCB joined forces with the Avondale Community Council and a number of community partners and residents to work together to improve neighborhood safety, access to healthy food and healthcare, increase civic engagement, and promote early learning for young children.
The project creates a wide ranging approach to services to meet residents "where they are" on their path to family stability and success. A range of partners bring housing stability, workforce development and educational opportunity, nutrition and wellness, health and primary medical care, and civicandcommunity engagement initiatives to residents, sharing data and using a coordinated approach to connect with individual household needs and track progress toward outcomes. The partners collaborate to remove barriers such as substance abuse, transportation, child care, and personal history that are obstacles to resident success. The approach is aided by a carefully implemented relocation strategy that kept nearly all residents in the neighborhood and under TCB property management in order to provide services, build trust, and ensure their return to their redeveloped homes—joinedby new, mixed-income neighbors—tobuild a new community together. A 2017 annual survey has already captured a 50 percent increase in residents who feel safe in their homes, along with other important indicators of community health and engagement.
Thethird phase of redevelopment includes thenew Avondale Centerwhichwill haveagrocery store, health center, commercial laundromat, café, and other retail amenities across three buildings with a total of 119 mixed-income apartment units.
Investments like the Choice award coupled with LIHTC’s have spurred economic investment from other organizations and helped cultivate a culture of neighborhood pride among residents. For example, last year, our partner Children’s Hospital in Cincinnati pledged to invest $11.5 million in Avondale over five years with $2 million earmarked for community development projects.
Between 2015-2016, TCB joined forces with The Center for Closing the Health Gap for the Avondale/Choice Community Engagement Academy (CEA), where 13 residents in the Avondale neighborhood learned the skills needed to help make their community a better one. The six-week CEA training program is an ongoing opportunity for residents to learn to empower themselves and their neighbors to tackle a variety of issues from nutrition to civic engagement to leadership.
Also, TCB and 238 volunteers, community partners and neighbors teamed up to beautify Cincinnati neighborhoods and promote peace for the Neighborhood Pride series. Altogether, 120 bags of trash were collected from Cincinnati streets and 15 old tires littering our neighborhoods were recycled. The events started on Ridgeway in Avondale and continued to touch three neighborhoods with six beautification and safety events. Included were Avondale, Walnut Hills and the West End neighborhoods.
Development Costs
Uses / Avondale phase IAcquisition / 2,718,000
Hard Construction / 12,885,939
Soft Costs / 1,488,636
Financing Costs / 926,759
Reserves / 1,520,826
Fee / 1,519,000
Total Uses / 21,059,159
Sources / Avondale phase I
TCB-NSP Perm Bridge / 3,549,528
HUD Choice grant funds / 1,572,907
TCB-NSP Perm Soft / 2,286,716
LIHTC equity / 9,275,957
Federal HTC equity / 2,911,699
State HTC equity / 1,462,352
Accrued Interest / 480,000
Total Development Cost / 21,059,159