Enterprise and Partners Celebrate the Grand Opening of the Oberlin - East College Street Redevelopment Project

Enterprise allocates $5 million in New Markets Tax Credit Equity to help revitalize Oberlin

Oct 13, 2010, 15:13 ET from Enterprise

OBERLIN, Ohio, Oct. 13 /PRNewswire/ -- A lot on East College Street in downtown Oberlin that has been vacant and abandoned since at least the 1960s is now a green mixed-used development, thanks to a partnership led by developer Sustainable Community Associates, Inc. and made possible by a $5 million New Markets Tax Credit (NMTC) allocation provided by Enterprise Community Investment, Inc. (Enterprise), and a $9.75 million NMTC allocation from MBS Urban Initiatives CDE. U.S. Bancorp Community Development Corporation, a subsidiary of U.S. Bank, made the critical equity investment in both NMTC allocations. The development is the first significant real estate investment in downtown Oberlin in over 40 years.

The Oberlin site now features 32 residential units, 11 of which are apartments reserved for people earning up to 60 percent of median area income, and 19 for-sale units. The development also features four for-sale commercial units and more than 18,000 square feet of office and retail rental space. It's expected to create 30 jobs as a result of new employment opportunities within the commercial space.

"In our first ever project, we wanted to create a thriving downtown where Oberlin residents can live, work and play year-round," said Ben Ezinga, principal of Sustainable Community Associates, Inc. "Our hope is that the development will have a transformative effect on the neighborhood and boost the local economy."

East College Street is a brownfield reclamation project and has been designed to meet U.S. Green Building Council LEED Gold standards, achieving healthy and sustainable design in the residential and commercial buildings. The project will incorporate green building practices and materials, recycled content in the infrastructure and energy-efficient and water-conserving technologies.

"Enterprise is proud to join Sustainable Community Associates to provide early predevelopment financing and the innovative New Markets Tax Credit financing needed to bring revitalization to downtown Oberlin," said Mark McDermott, vice president and Impact Market leader, Enterprise. "This green redevelopment will be a catalyst for bringing more housing, people, jobs, and services to the area."

The Enterprise Community Loan Fund provided $675,000 in predevelopment and acquisition financing. Other financing sources include a HUD Special Project Grant and additional funding from a local philanthropist. Backed by considerable support from Oberlin College and other local organizations, the project developer also secured $1.4 million in tax increment financing which will fund infrastructure improvements at the site.

While the Cleveland metro area has seen a slight population decline over the last five years, Lorain County has experienced growth in both population and personal income. Located within Oberlin's historic downtown district are Oberlin College, the world class Oberlin Conservatory of Music and the Allen Art Museum.  

Enterprise is a leading provider of the development capital and expertise it takes to create decent, affordable homes and rebuild communities. For more than 25 years, Enterprise has introduced neighborhood solutions through public-private partnerships with financial institutions, governments, community organizations and others that share our vision. Enterprise has raised and invested more than $10 billion in equity, grants and loans to help build or preserve more than 250,000 affordable rental and for-sale homes to create vital communities. Enterprise is currently investing in communities at a rate of $1 billion a year. Visit www.enterprisecommunity.org and www.enterprisecommunity.com to learn more about Enterprise's efforts to build communities and opportunity.

U.S. Bancorp Community Development Corporation (USBCDC) is a prominent investor in affordable housing developments, historic renovation projects, renewable energy facilities and the generation of commercial economic activity in low income communities across the country.  In addition to its St. Louis headquarters, it has offices in Los Angeles, Denver, Minneapolis, Kansas City and Washington D.C. USBCDC is wholly-owned subsidiary of U.S. Bank, the fifth largest commercial bank in America, with 3,002 banking offices in 24 states and 5,309 ATMs. . U.S. Bancorp (NYSE: USB) is the parent company of U.S. Bank. Visit U.S. Bancorp on the web at www.usbank.com.

SOURCE Enterprise