LIMA, OHIO — The Woda Group Inc., in partnership with the city of Lima, has unveiled plans to convert the historic Lima Trust Co. building into 43 Towne Square, a $16.7 million mixed-use development featuring housing and office space. Built in 1926, the former First National Bank & Trust building is listed on the National Register of Historic Places. The 12-story building will be converted into 47 apartment units, 37 of which will be designated as affordable housing. The property will also feature 9,000 square feet of first-floor office space. Completion is slated for early 2019.
Financing for the project is made possible through federal and state historic tax credits as well as the Low-Income Housing Tax Credits (LIHTC) program. The Ohio Housing Finance Agency provided a $1.5 million bridge loan and RiverHills Bank provided a $1.7 million permanent loan. CREA LLC is investing in the LIHTC program and federal historic tax credits.