ZANESVILLE, OHIO — Woda Cooper Cos. Inc. has broken ground on Munson Crossing, a 43-unit affordable housing community in Zanesville, about 50 miles east of Columbus. The co-developer for the $13.8 million project is Housing Services Alliance. Munson Crossing is located in the West Main Street Community Reinvestment Area (CRA) on the site of the former Munson Elementary School building, which was demolished last year.
Munson Crossing will provide 14 one-bedroom units that offer 663 square feet, 23 two-bedroom apartments with 858 square feet and six three-bedroom units totaling 1,105 square feet each. Projected rental rates will range from $330 to $1,025 per month, depending on unit size and the resident’s income. All units are reserved for tenants whose income is 30 to 80 percent of the area median income. Amenities will include a multipurpose room with kitchenette, package room, laundry room and dedicated supportive service space.
The project received housing tax credits allocated by the Ohio Housing Finance Agency, which also provided an equity bridge loan and will provide a second permanent mortgage. PNC Bank provided $6.1 million in Low-Income Housing Tax Credit equity. RiverHills Bank is the construction lender, providing a loan of $7.8 million. Cedar Rapids Bank & Trust will provide the first permanent mortgage.
The Muskingum County Land Reutilization Corp. offered the property at a nominal price, and the project will also benefit from sales tax exemption issued by the Zanesville-Muskingum County Port Authority for building materials purchased in the county. Additionally, the Ohio Department of Development’s CRA program enables local municipalities to encourage the development of new structures or revitalization of existing housing stock by providing a real estate tax exemption for 100 percent of the increase in value for 15 years.
PCI Design Group Inc. is the architect, Chadan Engineering Inc. is the civil engineer and Woda Construction Inc. is the general contractor. Woda Management & Real Estate will handle leasing and property management.