communitycommon.com

Development company seeks to redevelop apartment complex

By Wayne Allen

4 months 11 days 16 hours ago |265 Views | | | Email | Print

By Wayne Allen


tallen@civitasmedia.com


The Scioto County Commissioners recently accepted a letter from Perkins Development Company of Belmont, Ohio regarding Pleasant Valley Apartments in Wheelersburg.


“Pleasant Valley Preservation Housing Partners, LLC has submitted an application to utilize the multifamily funding program of the Ohio Housing Finance Agency (OHFA) for the development of this property (Pleasant Valley Apartments).” wrote Roger Perkins a managing member of Preservation Housing Partners, LLC.


Perkins goes on to explain some of the history of the complex.


“Pleasant Valley Apartments is an existing multi-family rental property, built in 1976 and located at 1250 Bihl Street in Wheelersburg. It (is) comprised of 48 unites, 28 one-bedroom and 20 two bedroom of which, 20 unites receive rental subsidy from USDA Rural Development,” Perkins wrote. “The proposed acquisition and substantial rehabilitation of this property will provide replacement of outdated major components both indoor and outdoor with new, energy efficient products in addition to preserving critically needed affordable housing resource.”


According to Perkins the redevelopment will be financed with refinancing of existing USDA Rural Development Section 515 mortgage, Housing Credit proceeds, HDAP funds and developer financing.


In the letter Perkins did not ask for a letter of support, the letter was to inform the commissioners of their application for funding.


In early February the commissioners signed a letter of support requested by National Church Residences’ for their application for the 2014 low-income housing tax credits.


National Church Residences’ is the owner of Riverview Retirement Center in Portsmouth and will be making the application to conduct an approximate $15 million Green LEED, historic rehabilitation of the existing 106-unit senior affordable housing community.


In the letter of support, dated Jan. 30, the commissioners write, “we are writing to offer strong support for National Church Residences’ efforts to obtain Low-Income Housing Tax Credits offered by the Ohio Housing Finance Agency to rehabilitate Riverview Retirement Center.


With such funding in place, National Church Residences would be able to undertake rehabilitation of Riverview Retirement Center preserving 106 for senior residents. housing that will provide quality, affordable living quarters for some of our most vulnerable citizens is one of out priority interests. The Riverview Retirement Center community, under the direction of National Church Residences’, will continue to fill a pressing and urgent community need, and is well deserving of the funding it seeks.”


In January, National Church Residences’ sought similar support from Portsmouth City Council, to obtain Low Income Housing Tax Credits offered by the Ohio Housing Finance Agency to rehabilitate Riverview Retirement Center on Second Street. Members of Portsmouth City Council did vote to endorse the project.


Wayne Allen can be reached at 740-353-3101, ext. 228 or on Twitter @WayneallenPDT

Reach at or 740-353-3101.

Comments

comments powered by Disqus

Weather

Sponsored By:

Local Gas Prices

Lowest Gas Prices in Portsmouth
Portsmouth Gas Prices provided by GasBuddy.com

Featured Business