Woda Cooper Completes Conversion of Historic Bank Building Into Mixed-Income Housing in Lima, Ohio
LIMA, OHIO — Woda Cooper Cos. Inc. has completed the conversion of an historic 1926 bank building in downtown Lima into a 47-unit mixed-income housing community. A grand opening ceremony took place Tuesday, June 25. Formerly the First National Bank & Trust Building, the 12-story building is listed on the National Register of Historic Places.
Known as 43 Town Square, the property offers a mix of affordable and market-rate apartments. The building sat vacant for many years and was in need of substantial rehabilitation. Of the 47 units, 37 are designated as affordable for families and seniors with household incomes up to 60 percent of the area median income. Rents for the affordable units range from $313 to $675 per month. The 10 market-rate apartments rent for $769 to $916 per month. The project also includes a first-floor management office, two community rooms, a computer room and multiple laundry spaces. Project funding partners included the Ohio Housing Finance Agency, the U.S. Department of Interior, Ohio Development Services Agency, city of Lima and RiverHills Bank. CREA LLC is investing in the low-income housing tax credits and federal historic tax credits.