In the neighborhood of East Walnut Hills, a significant chapter in Cincinnati’s history is getting a new lease on life. The Cincinnati Metropolitan Housing Authority (CMHA) has announced the renovation of two historic public housing properties, The Riverview and San Marco, with an investment of $38 million. The groundbreaking is slated for August, and the outcome promises to deliver both preservation of heritage and high-quality affordable housing.
Historic Buildings, New Vision
Standing tall for over a century, The Riverview is a majestic 9-floor edifice housing 110 units. Constructed in 1902, this landmark offers a window into Cincinnati’s architectural past. A short distance of .3 miles away in the East Walnut Hills business district, San Marco is equally steeped in history. Built as a 7-floor hotel in 1930, it was repurposed into 30 residential units in the 1960s.
Together, these properties form the “Riverview San Marco Project”, an endeavor that marks CMHA’s first use of Historic Tax Credits. The U.S. Department of the Interior recognizes San Marco as an Historic District Contributing Building, while Riverview has also completed the historic recognition process, thus qualifying both properties for Federal Historic Rehabilitation Tax Credits.
A Commitment to Quality Affordable Housing
“Closing on this latest Rental Assistance Demonstration (RAD) project continues our commitment to invest one billion dollars in our affordable housing portfolio,” says Gregory D. Johnson, CMHA Chief Executive Officer. This statement encapsulates CMHA’s vision of ensuring Hamilton County residents access to quality affordable housing.
CMHA, the project’s landowner and Lead Developer, has partnered with The Gorman Company, which will function as the Co-Developer, General Contractor & Architect. The scope of work includes the installation of new flooring, bathrooms, kitchens, appliances, and plumbing, in addition to upgraded energy-efficient HVAC and electrical systems.
The Financial Framework
The Riverview San Marco project’s $38 million renovation funding includes a diverse array of financial instruments. It features tax-exempt bonds, housing tax credits ($14 million), federal historic rehabilitation tax credits ($4 million), re-invested developer fees, OHFA Bond Gap Financing ($1.4 million), deferred developer fees, and public housing capital dollars.
A Bridge Between Past and Future
Annie Ross, VP of Development for Ohio Capital Corporation for Housing, commends CMHA’s endeavor, stating, “Cincinnati residents are lucky to have CMHA. Riverview San Marco uses historic properties to maintain the greatness of the past while providing gold standard housing for the future.”
The project truly exemplifies a fusion of historic preservation and future-forward vision, bringing the grandeur of the past into the service of modern affordable housing needs. For the residents of Cincinnati, particularly those of East Walnut Hills, the Riverview San Marco project signifies a palpable step towards enriching the local community while preserving its unique heritage.
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