The project’s site plan, as well as the rezoning request, had been reviewed and approved by the Trotwood Planning Commission earlier this month and was recommended for council approval.
Reasons cited by Trotwood Council members for voting down the amendment stemmed from the fast-tracked nature of the emergency vote, with some members feeling they needed more time and more detailed information to make an informed decision on behalf of residents.
“One of the biggest issues that arose is that the financing for this project is complex and it’s not something that’s standard,” said Chad Downing, Trotwood Community Improvement Corporation executive director. “So I don’t know that it’s necessarily opposition to the project, but I think there was a sense of it being rushed and not enough opportunity for questions to be answered.”
Downing said he has since been in touch with some council members who have reached out to learn more about the project. Council will meet in regular session Monday, Jan. 3, at which time a council member who gave a dissenting vote to the amendment will have the opportunity to reopen the issue for discussion.
The $24 million proposal includes plans for 11 buildings containing 132 units, a community building, and open space. The development aims to provide affordable, workforce housing to those earning between $28,000 to $53,000 per year, according to Winfield Gibson, chief executive officer at Cubik LLC.
“There’s a huge discussion about affordable housing because there’s a huge problem with it across the country ... there’s been almost nothing built in the last 10 years to service the working folks,” Gibson said. “This is a part of that solution to service the entry-level part of that initiative and helping those working folks.”
Gibson said the the development will include 60 one-bedroom units, 60 two-bedrooms, and 12 three-bedroom units, with rent estimated at $750 for a one-bedroom, $890 for a two-bedroom, and $1,164 for a three-bedroom.
The rezoning amendment was requested as an emergency by Gibson due to a time constraint requiring the rezoning to take place prior to the beginning of 2022 in order for the project to remain designated as a qualified census tract (QCT).
An area of land is designated as a QCT when there is a poverty rate of at least 25% or when 50% of the households within the area have incomes below 60% of Area Median Income. Used in the Low Income Housing Tax Credit program, QCT designation means the project could receive a 30% basis boost in qualified costs, increasing tax credits and resulting in greater investment equity.
According to Gibson, the QCT designation for this area will no longer be in effect as of Jan. 1, 2022, a caveat Gibson said he and the company were not aware of until September of this year.
But Downing said the door is not shut.
“If the rezoning does get approved Monday, it would still be eligible to qualify for 2021,” Downing said. “The Ohio Housing Finance Agency (OHFA) is giving some wiggle room on that because they like the project. This is going to be a great new project using some modular construction that can be a real way forward for new developments in Ohio, so we’re excited to potentially be a leader for that.”
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