New affordable housing units open downtown in over two decades

For the first time in more than two decades, new affordable housing units are open in Cincinnati’s Central Business District.

The Barrister, located on 9th Street, creates 44 new units of housing between two different adjacent buildings. Each unit’s interior includes high ceilings, central air and large windows.

The renovation is a partnership between Over-the-Rhine Community Housing and Urban Sites. Leasing agent Cynthia Bell said that when she first walked into a unit, she wanted to stay.

“Every time we do a project, we get better and better,” Bell said. “Every unit has a washer and dryer [hook up] … Something so simple means a whole lot.”

Residents started moving in at the end of last year, with many more by the end of March. Bell said the buildings are taking spots on the waitlists.

Rent is designed to be less than 30% of the monthly incomes for families, the developers said. Qualified applicants make 30%-60% of the Area Median Income (AMI), which is $25,600-$51,240 for a family of four.

Monthly rents range from $400 to $1300, depending on the type of unit.

“We believe in second chances. So we try to help individuals that are coming out of homeless shelters, individuals that are couchsurfing,” Bell said.

The building itself is a second chance. It’s a former law office turned apartments. Some of the bedrooms look out at the courthouse.

OTR Community Housing Director of Real Estate Development Ben Eilerman said the central business district’s proximity to commerce, transportation and entertainment makes it an ideal place to live.

“This is a quality of life that many people have been enjoying,” he said. “But that simply hasn't been available to everyone because rents have been so high.

Getting the building move-in ready took $14.4 million, according to a presentation to city council in January 2024.

Eilerman said the project, which took more than four years, required an enormous amount of funding collaboration: Federal Low-Income Housing Tax Credits (LIHTC); both State and Federal Historic Tax Credits; City of Cincinnati TIF financing; OHFA HDAP Loan; Local Initiative Support Corporation (LISC) loan; and local philanthropy. National Equity Fund (NEF) is the investor and First Financial Bank is the construction lender.

“This is what getting creative looks like in terms of funding models,” council member Meeka Owens said. “This is what it looks like when we're moving the red tape from doing business in the city.”

Council streamlined tax exemptions for affordable housing projects in 2022. It was designed to allow developers to close on construction financing sooner.

“Affordable housing is not a stigma, it should be an opportunity to say yes, we're all growing together,” said Owens.