Nazareth Towers Officially Opens With Ribbon Cutting Ceremony

40- year old apartment building preserved as Affordable Senior Housing in Downtown Columbus

Oct 06, 2010, 15:59 ET from Ohio Capital Corporation for Housing

COLUMBUS, Ohio, Oct. 6 /PRNewswire/ -- On Wednesday, October 6, officials with the Ohio Capital Corporation for Housing (OCCH), the Ohio Department of Commerce, the Ohio Housing Finance Agency, Huntington Community Development Corporation, the U.S. Department of Housing and Urban Development, and Inner City Catholic Parishes, Inc., celebrated the rehabilitation of Nazareth Towers at a Grand Opening and Ribbon Cutting Ceremony.

"We are grateful to be working with our partners in providing quality, affordable housing through projects such as Nazareth Towers," said Kimberly Zurz, Director of the Ohio Department of Commerce and chair of the Ohio Housing Finance Agency Board. "We are not just offering bricks and mortar. We are providing the comforts of home where residents will share a sense of community with their neighbors."

The Nazareth Towers rehabilitation project was developed by Inner City Catholic Parishes, Inc. and is managed by BRC Properties, Inc. Other development partners include East Columbus Development Company and Community Health Center Foundation. Faced with a deteriorating building from the late 1960s that still housed more than 200 residents, a team of industry experts, including the U.S. Department of Housing and Urban Development, OCCH, Residential Capital Corporation, and the City of Columbus partnered together to finance and preserve this 14-story, 208 unit urban apartment complex subsidized under HUD's Section 8 program.

The project received an award of 9% Low Income Housing Tax Credits through the Ohio Housing Finance Agency. The equity for the credits was syndicated by OCCH who invested more than $9 million in the project.  In addition to the tax credit equity, Nazareth Towers received funding through the City of Columbus, Columbus/Franklin County Affordable Housing Trust Fund, the U.S. Department of Housing and Urban Development, and Housing Development Assistance Program funding through OHFA. Huntington National Bank provided significant funding through a side-by–side investment of more than $4.5 million.

Those speaking at the event included Patrick O'Reilly, Inner Catholic Parishes, Inc; The Honorable Kimberly Zurz, Ohio Department of Commerce; Douglas Garver, the Ohio Housing Finance Agency; Scott Hunley, U.S. Department of Housing and Urban Development; Joe Molnar, Huntington Community Development Corporation, and Hal Keller, Ohio Capital Corporation for Housing.

SOURCE Ohio Capital Corporation for Housing