Collingwood  Springs  •  The  Old  West  End  •  The  Corridor  •  UpTown

Neighborhoods In Partnership, Inc.
a   n o n p r o f i t   c o m m u n i t y    d e v e l o p m e n t    c o r p o r a t i o n

2052 Collingwood Blvd • Toledo, Ohio 43620 • 419-241-9682 • Fax 419-243-1100
R O A R
Renascence Ottawa Area Residences
Architect's rendering of a typical home to be built for the ROAR project.
Home Design and Rendering by Andrews Architects
www.andrewsarchitects.com
Go to story and pictures
of ROAR groundbreaking. 		Go to in-progress
pictures of ROAR homes.
     Renascence Ottawa Area Residences, a partnership between two Toledo Community Development Corporations , has been awarded $4.5 million in Housing Tax Credits through the Ohio Housing Finance Agency. Fifty new single family homes will be built in the Neighborhoods In Partnership and the Ottawa Community Development Corporation service areas.
     This is the first time two community development corporations (CDC) have partnered on a Housing Tax Credit project. Each CDC will also be working on various additional programs which will continue to improve the neighborhoods surrounding the new homes.

" This is an exciting project that will bring a significant amount of new investment to our area," said Carter Johnson, NIP's Board President. Thirty-five homes will be built in NIP's service area and fifteen homes will be built in Ottawa's area. "Our goal is quality, affordable housing that working families will be able to acquire at the end of a fifteen year rental period" according to Kathleen Kovacs, NIP's Executive Director.

"A combination of three and four bedroom homes will be constructed ranging in size from 1,370 to 1,540 square feet," stated Ben Tallerico, Executive Director of Ottawa CDC, "including several designed for the physically disabled. The houses will also feature one car attached garages and basements."

Partnership Equities, Inc., a third partner in the project and noted for their projects in cities in several states, will be adding its housing expertise for the constructon phase and Wallick Properties will serve as the leasing agents.
What are Housing Tax Credits?

      The Federal Tax Reform Act of 1986 created the Low Income Housing Tax Credit program in order to spur private investment in low income housing development.
      The housing tax credits are to be used to obtain a dollar-for-dollar reduction in income tax liability or to obtain equity for a low-income housing project through syndication (selling) of the credits to investors.
      Each year the State of Ohio receives an allocation of $1.25 in low income housing tax credits per resident from the Federal Government.
      The State, through the Ohio Housing Finance Agency, then awards the tax credits to the developers of low-income housing.
The total project is expected to cost over $5.5 million with additional funding from the City of Toledo Department of Neighborhoods, Ohio Community Development Finance Fund, Charter One Bank, Local Initiative Support Corporation and the National Equity Fund.
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