Wallick Awarded Tax Credits for Cypress Commons Rehab
Wallick Communities was recently awarded federal Low-Income Housing Tax Credits from the Ohio Housing Finance Agency in order to rehab Cypress Commons in Middletown, Ohio (Butler County).
Cypress Commons is a 44-unit family community, and was awarded $483,000 in tax credits. The funding will be used for a variety of improvements, including, but not limited to, new siding, new flooring, kitchen counter tops, cabinets and appliances, hot water heaters, Energy Star HVAC, and bathroom fixtures.
Funding will also be used to build a new, larger community building that will have space for a resident service coordinator, and the one-bedroom units will be renovated to be handicap accessible. Construction is anticipated to start in mid-2017.
The Housing Credit is the largest funder of affordable housing in the nation. Credits are awarded by states on a competitive basis. In Ohio, fewer than half of the applicants received funding awards.
Congratulations to Tim Swiney, Nicole Boyer, Tyler Ponder and others who committed time and effort into structuring these deals and putting these applications together.