Tuesday, May 21, 2013 | 1:18 p.m.
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Posted: 4:54 p.m. Wednesday, Feb. 13, 2013
By Jeremy P. Kelley
Dayton City Commission on Wednesday approved support for two separate housing proposals — one for veterans on the VA Medical Center campus, plus the second phase of a residential development near the Greater Dayton Recreation Center.
The city agreed to direct $400,000 in federal HOME Program funds toward the $9 million Lyons Place II apartment building, which will be constructed in the southwest quadrant of the VA campus, overlooking U.S. 35.
St. Mary Development Corp., the nonprofit agency that is developing Lyons Place II, received about half of the project funding from the U.S. Department of Housing and Urban Development, plus money from the Ohio Housing Finance Agency and low-income tax credits, according to St. Mary Vice President Wes Young.
Young said St. Mary will close on the 55-unit apartment building in April and begin construction this year.
“There’s no shortage of low-income veterans looking for housing choices,” said Aaron Sorrell, Dayton’s director of planning and development.
The other project is the second phase of Roosevelt Homes, a collection of 30 new single-family homes to be built in 2014 just north of Third Street near the Boys Preparatory Academy and Greater Dayton Recreation Center.
The first phase included 43 new homes that are already being built and will be finished this year, according to Young.
Dayton City Commission on Wednesday approved an informal resolution supporting the second phase of the project. Sorrell said the resolution means that if other financing comes through as expected, the city would likely contribute HOME funds to this project as well.
Young said the application for tax credits is due Feb. 21, and St. Mary will likely receive award notices in June. The homes will be restricted to low-income families, and Miller Valentine will manage the development and offer a lease-to-own option.
“These are nice homes. This is the first new construction in 50 years in that neighborhood,” Young said. “We have lot of single parents (interested), and it’s a great way to stabilize their occupancy.”
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