Yellow Springs Home, Inc. awarded $1.5 million for senior housing
- Published: August 28, 2023
Yellow Springs Home, Inc. announced via press release last week that the Ohio Housing Finance Agency, or OHFA, has reserved approximately $1.5 million to fund a 32-unit senior rental housing unit slated to be built on 1.8 acres along Marshall and Herman streets. The land is located behind Miami Township Fire-Rescue and across the street from Friends Care Community.
According to the press release, the OHFA funds — reserved through the Housing Development Gap Financing program out of $5 million available in the state this year — will fully fund the first phase of the senior housing project, which will include eight units facing Herman Street.
The project is slated to be completed in four phases. According to a 2022 News report, the estimated development cost for the first phase is $1,938,755; $800,000 of funding had already been secured when the project was announced last year. The entire four-phase project is expected to cost around $8 million. The OHFA funds are part of a larger financing package of about $2.3 million.
Last fall, Home, Inc. announced the housing development as being “senior-focused,” with 22 affordable rental units earmarked for seniors and 10 two-story townhomes to be sold at low cost to qualifying buyers of varying age demographics. The rental units will be built in duplexes and triplexes, with some second-floor units and mostly first-floor units.
Construction on the project’s first phase is anticipated to begin in 2024, according to the release.
“This long-awaited project is the result of years of sustained, tireless advocacy by community members, including Suzanne Patterson, Andreé Bognar, Helen Eier and members of an all volunteer Senior Housing Working Group,” Home, Inc. Executive Director Emily Seibel stated in the release. “We promised to be unflagging in our enthusiasm until affordable senior rentals are a reality in Yellow Springs, and we intend to keep that promise.”
An interest list for the Home, Inc. rental project is online at yshome.org/rental-interest.html. Anyone who would like to be informed once applications are open is encouraged to sign up. Approximately one month out from lease-up, Home, Inc. will make applications publicly available. Though around 300 households are already on Home, Inc. interest lists, renters will be selected using a lottery system to ensure equal access and fairness, according to the release.