The City of Cincinnati could make an investment into an affordable housing trust fund created last December, Mayor John Cranley and Councilmember David Mann announced today at an event at the former Manse Hotel in Walnut Hills.
The proposal would make a one-time contribution of $700,000 from city-owned railroad revenues to the fund, which was created last year without a dedicated revenue source. The Cincinnatus Association will also contribute $1,000 to the fund, the nonprofit announced today. Other funding sources have been proposed, including a potential tax on short-term rentals, though none have been approved by council yet.
The Manse Hotel recently received city historic landmark designation that could help owners Model Group secure tax credits to rehab it as 60 units of affordable housing for seniors. Walnut Hills is one of several Cincinnati neighborhoods that has seen rental prices rise, leaving low-income residents struggling with housing costs.
City-wide, Cincinnati has a gap of almost 30,000 units of housing affordable to low-income renters, data from the Ohio Housing Finance Agency suggests.
Cincinnati City Council will need to approve the one-time $700,000 payment to the trust fund. It will likely vote on the proposal next week.