The work will represent a $15.8 million investment in that neighborhood, not from from the Dayton Art Institute and the Kettering Health-Dayton hospital.
On Monday, trustees for the port authority voted unanimously to approve a capital lease financing structure for the project, which will save the project more than $420,000 in state and local taxes on materials purchased for construction of the site.
The development will aim at families earning 30% of the “area median income,” with the lowest monthly “net rent” for a one-bedroom apartment covering 637 square feet set for $893. The most expensive two-bedroom unit covering 945 square feet will have monthly net rent of $1,075.
Amenities will include garage parking, an EV charging station, a fitness room, outdoor deck, community room with kitchen, storage, building security, mailroom, and bike storage, said Brian Coate, founder and chief executive of the Dublin Capital Group.
Dublin also owns the Cambridge House apartment complex next door at 149 Cambridge. The new project could be considered the second phase of that, Coate said.
The need for affordable housing in Dayton has only grown, Coate and others say.
“In our neighborhood, only one in 10 residents have housing they can afford, compared to four in 10 for the state, three in 10 for the county. There’s a need for 7,687 units in West Dayton,” he said.
Credit: Jim Noelker
Credit: Jim Noelker
“There’s a terrible need for affordable housing really throughout our community,” said Steve Naas, president of County Corp., a private non-profit developer of housing. “And these units will work to address that.”
Naas pointed to a 2021 report by Bowen National Research that found just 203 vacant apartments at the time among the entire inventory of Montgomery County apartments.
“We will build safe, clearn housing for a full range of families,” says a Dublin overview of the site’s plans. “Some families will qualify for our lowest income set-aside and will pay $25 a month, though a majority will pay close to market rents.”
To qualify to live there, most families can have income of $53,400 per year, the overview says.
Coate said he was uncertain when construction would start. “We’re still working through the final pieces” in closing on the project, he said.
In April, the Ohio Housing Finance Authority approved a $2 million Housing Development Loan, $2.35 million in Housing Development Assistance Program funding, and authorization to issue up to $10.5 million in Multifamily Housing Revenue bonds for the project.
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