Marion Selected for $ 11.4 Million Affordable Apartment Development
After a Columbus-based developer won an award from the Ohio Housing Finance Agency, an $ 11.4 million affordable apartment project is heading to Marion.
Wallick Communities, a Columbus real estate developer specializing in affordable housing and senior housing, has received more than $ 1.5 million in tax credits in the form of housing tax credits for the elderly, according to a statement. low-income people to build a 56-unit apartment in Marion. The new apartments, named Harding Village Apartments, will be located at 685 E. Fairground St. and are part of a statewide effort to build more affordable housing options in Ohio.
For the Harding Village apartments, Wallick earned $ 895,000 in tax credits, resulting in an estimated 10-year equity worth $ 8.2 million. Jimmy McCune, vice president of Wallick Communities, said this tax credit will be sold to banks so the project can have money to start construction. Construction is expected to start next year around May or June.
According to the statement, Ohio lacks affordable rental options with a need for more than 252,000 housing units. McCune said the state annually publishes a map showing the hot spots where affordable housing is most needed in the state and that Marion County is at the top of the list.
“Not only has the data shown that, in our conversations with the city, everyone has said, ‘We’re running out of affordable housing product in Marion,’” said McCune. “It was kind of a win-win.”
Now, Harding Village Apartments will be built on approximately five acres of land after Wallick Communities has secured a contract for the land from a resident of Marion. Once completed, it will offer apartment options for those earning 60% of the median income in the area. McCune said they hope to attract tenants with the location because it is close to downtown Marion and close to local schools.
McCune said it can be difficult to distinguish affordable housing options from regular options in the market and that will be the case with Harding Village. The apartments will be equipped with amenities such as fully equipped kitchens, washer and dryer hook-ups and patios or balconies. In addition, the site will include a playground with green spaces as well as a community pavilion with an exercise room, a computer center and a patio.
When completed, there will be 12 one-bedroom units, 20 two-bedroom units and 16 three-bedroom units for rent.
Wallick also offers a Resident Resource Network for its communities, which provides support services to residents at no cost. Once the residents live in the apartments, a coordinator conducts a survey with them to see what their needs are and how the service can best help them. These services include financial literacy programs, job placement support, and after-school child care.
Since the apartments are built for low-income households, McCune said these services are in place to help alleviate some of the hardships for working families. And if a resident’s needs exceed the capabilities of his programs, McCune said they are able to help connect people with other support programs already in the community.
This project for Wallick is part of a two-part project for them. In addition to building these apartments in Marion, Wallick will use the other portion of the tax credits obtained to rehabilitate 76 low-income senior citizen homes in Dayton. Wallick has secured $ 627,950 in tax credits that will be used for the rehabilitation of a $ 9.9 million project.
Mitch Hooper Story | (740) -244-9935 | [email protected] | @ _MH16 on Twitter