One phase of the recent renovation project, Sunrise Terrace, was awarded tax credits as a rural rehabilitation project. The other, Rachel Court received tax credits as an urban rehabilitation project, competing against projects in Ohio’s three big urban centers.
For Sunrise Terrace, development costs were $6.2 million. The project was financed with a 9% Low-Income Housing Tax Credits issued by the Ohio Housing Finance Agency (OHFA) and purchased by U.S. Bancorp Community Development Corporation.
For Rachel Court, development costs were $6.8 million. The project was financed with 9 percent Low-Income Housing Tax Credits issued by OHFA and purchased by USBCDC.
The goal of the renovations were to improve affordable living options for seniors in the community, according to a news release from the Episcopal Retirement Services.
That organization worked with the Model Group, an integrated property development, construction and management company, for the renovations.