Georgetown Senior Apartments in Delaware were recently awarded $473,942 in low-income housing tax credits from the Ohio Housing Finance Authority.
“Through that award we’re going to be able to do a much-needed renovations to the roof, windows, heating and cooling systems,” said Nicole Boyer, vice president of development for Reynoldsburg-based Wallick-Hendy, which manages the 50 apartments at 100 Georgetown Drive. “In the units themselves, we’ll be providing new kitchens and bathrooms, flooring, light fixtures, doors and trim. It’s really a complete renovation of the property, bringing it up to present-day standards.”
In January, Delaware City Council passed a resolution in support of the project that included a letter from City Manager Tom Homan, and providing assistance with the application to the authority.
“The city support was huge for us in really helping to put together a solid application for the financing,” Boyer said. “OHFA has an annual program that you can go through for these competitive tax credits.”
“The low-income housing tax credit is the primary federal program to encourage the production of affordable rental housing for low-income households,” states a “Briefing Book” from the Tax Policy Center. “Financed by the federal government but administered by state housing authorities, it subsidizes the acquisition, construction, and/or rehabilitation of rental property by private developers.”
Despite Wallick-Hendy receiving the funding, the renovations at Georgetown won’t begin until next June. Wallick-Hendy will need to work with their funding partners, finalize plans and get permits from the city, a process Boyer said that typically takes a year.
“We would love to start tomorrow, but we want to make sure we’re doing everything in the correct order,” she said. “We had a meeting with our residents telling them the same thing.”
The renovations at Georgetown Senior Apartments are expected to be completed in June 2017.
“When the renovations are finished, they’ll come into a home that has these features that will allow them to move about in a more efficient and easy manner,” Boyer said.