Groundbreaking for Blair Lofts

In June, Cincinnati City Council unanimously approved two key incentives that helped move the Blair Lofts low income housing project in Avondale to break ground..

Blair Lofts is a $15.2 million, four-story rental housing project featuring 64 low income units with a mix of one and two bedroom apartments. Ten three bedroom units will be reserved for residents at or below 30% and 60% of the area median income. It is being developed by Fairfield Homes and Kingsley + Co. 

Council voted to allocate $300,000 from the Avondale tax-increment financing district to the project, which will help complete its capital stack. It also approved a 15-year property tax abatement valued at $1.9 million.

Blair Lofts is part of the Avondale Development Corporation’s housing strategy, which is designed to ensure housing choices that respect and sustain a vibrant Avondale. The strategy calls for new housing to serve unmet demands and encourage housing in areas of development momentum, building on and supporting future developments of scale. The project has a 25% MBE/WBE subcontractor goal, toward which ADC – which is serving as master developer – will work with WEB Ventures.

Blair Lofts shows the challenges of funding low income housing projects, which are being overcome thanks to the dedication of a number of organizations to the revitalization of Avondale. Local Initiatives Support Corporation – Cincinnati served as the pre-development funder. Cincinnati Children’s Hospital Medical Center and the City of Cincinnati are providing gap financing. Uptown Consortium, Inc. is the project advisor. The Port has formal ownership of the property for tax purposes and will sell revenue bonds to build the project backed by tenants’ rents once the project is build.