KeyBank Community Development Lending & Investment has provided a total of $8.3 million in 9-percent LIHTC financing to The Model Group, Inc. and Over-the-Rhine Community Housing, Inc. for the acquisition and renovation of Morgan Apartments, a 48-unit scattered site, affordable multifamily housing project in Cincinnati.
KeyBank arranged a $7.8 million construction loan and a $450,000 permanent loan, using the FHLB of Cincinnati’s Community Investment Program.
The project features six vacant, historic buildings with zero- to five-bedroom units reserved for families earning between 30 percent and 60 percent AMI. All units will be covered by a HAP contract. The Ohio Capital Corporation for Housing (OCCH) provided the LIHTC, federal historic tax credit and state historic tax credit equity for the project.
The Morgan Apartments will also offer early childhood education, before and after school care, credit counseling, financial literacy programs, education assistance, job training and placement assistance through OTRH.
Kelly Frank of KeyBank’s CDLI team arranged the financing.
