The Ohio Development Services Agency divvied up its thirteenth round of historic tax credits yesterday. As has been the case in the past, Over-the-Rhine, one of the nation’s largest historic districts, was a big winner.
In addition to the mega tax credit awarded to Music Hall, five other projects in the neighborhood received tax credits through the program.
Urban Sites received two tax credits totaling $500,000 that will enable the Over-the-Rhine-based developer to restore three historic structures on Main Street and Clay Street; and create 23 apartments along with street-level retail.
Another project at 51 E. Clifton Avenue received a $147,000 tax credit that will go to help cover the costs of the $750,000 project, and ultimately create seven market-rate apartments in the 124-year-old structure.
Another big winner, in addition to Music Hall and Urban Sites, was Grandin Properties – a company that has taken an increasing interest in the neighborhood and even relocated their office to the Washington Park district in recent months.
Through the historic tax credit program, Grandin Properties will receive nearly $400,000 for their planned $1.5 million renovation of two 136-year-old buildings on Republic Street in between Thirteenth and Fourteenth. Once complete, developers say that the buildings will have 12 residential apartments.
“These projects transform vacant and underutilized properties into viable places for business and living,” said David Goodman, director of the Ohio Development Services Agency, in a prepared release. “This program has been a valuable tool for community revitalization.”
State officials say that the application deadline for the next round of the Ohio Historic Preservation Tax Credit Program is March 31, 2015, and that approved applicants will be announced at the end of June 2015.