January 31, 2023
NDC CEF is excited to announce the closing of The Reserve at Mount Gilead, located in Mt. Gilead, Ohio. The project is the new construction of a senior (55+) rental project that consists of forty-seven (47) units in one building. All units will be rented to senior households whose incomes do not exceed 30% – 60% of the area median income. The project will include community amenities such as on-site management, elevator, activity room, laundry facilities, picnic area, surface parking, and controlled building access and surveillance system. Additionally, United Church Homes will provide services that include financial assistance, health & medical assistance, transportation coordination, as well as connections to other resources and information based on resident needs.
The Ohio Housing Finance Agency has allocated the 9% Low Income Housing Tax credits in addition to providing Housing Development Loan funds (equity bridge loan) as well as gap financing through the Housing Development Assistance program. River Hills Bank is providing the construction and permanent loan. Additional permanent gap funding was proRevided by Community Impact Loan Fund (CILF), a CDFI subsidiary of NDC. The project is slated to be completed in December 2023.
Sponsor Name: Fairfield Homes
NDC Equity Investment: $8,999,099
Total Development Cost: $12,008,186