RESIDENTIAL REDEVELOPMENT PROJECT OPENS IN OBERLIN, OHIO

OBERLIN, OHIO — Sustainable Community Associates, serving as developer, has completed the redevelopment of a vacant lot into East College Street, a residential, office and retail property located on East College Street in downtown Oberlin. The project features 32 residential units, including 11 affordable rental units and 19 for-sale units, and four for-sale commercial units offering more than 18,000 square feet of office or retail space. The project was financed by a $5 million New Markets Tax Credit (NMTC) allocation provided by Enterprise Community Investment and a $9.75 million NMTC allocation from MBS Urban Initiatives CDE. The Enterprise Community Loan Fund provided $675,000 in predevelopment and acquisition financing. Additional financing sources include a HUD Special Project Grant, funding from a local philanthropist, Oberlin College, local organizations and $1.4 million in tax increment financing.