Home, Inc. senior housing project gets major boost
- Published: January 11, 2012
Home, Inc. announced yesterday that the organization has been awarded a $250,000 grant from the Morgan Family Foundation to support the senior apartment building project slated for the Barr property on the corner of Xenia Avenue and Limestone Street. The project, to be developed by Home, Inc. and Buckeye Community Hope Foundation, was expected to include 33 apartment units, the majority of which will be affordable units, renting at an estimated $560 and $660 a month. The Morgan Family grant will support the four units that are slated to lease for market value. The market value apartments will allow the project, estimated to cost a total of $4.6 million, to be more cost-effective.
Morgan Family Foundation Executive Director Lori Kuhn stated in a press release this week that the Foundation is “pleased that the addition of our grant funds will help to align this project with the mixed income needs of the senior population in Yellow Springs.”
The grant is contingent on Home, Inc.’s receipt of its major funding source in the form of federal tax credits through the Ohio Housing Finance Agency. The agency is expected to notify Home, Inc. of its financing status sometime this spring.
The Morgan Foundation purchased the Barr property in 2005 and originally gifted it to Friends Care Community for the purpose of building senior apartments. When that project fell through in 2009, Buckeye and Home, Inc. purchased an option to buy the property from Friends, contingent on the zoning approval and financing of the project.
Read more about this story in next week’s issue of the Yellow Springs News.