$14M will subsidize 450+ affordable housing units in Hamilton County wvxu.org - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from wvxu.org Daily Mail and Mail on Sunday newspapers.
Hamilton County commissioners plan to spend $33.5 million as gap financing for affordable housing. The board is set to vote Thursday on a contract with the Cincinnati Development Fund, the same nonprofit lending group managing Cincinnati’s Affordable Housing Trust Fund.
Council unanimously approved Mayor Aftab Pureval's plan to use excess revenue at the end of each fiscal year for the city's Affordable Housing Trust Fund. Officials estimate it will add about $1 million annually for the next couple of years.
Cincinnati's Affordable Housing Trust Fund could be used to subsidize development for the first time ever within the next few months. Some of that is contingent on council approval, including the first proposed annual revenue source for the fund.