Cincinnati Launches CoreFour Program to Boost Housing Development
- Jan 12, 2015
The city of Cincinnati is launching a pilot program that will aim to boost housing by offering financial support to developers working on homeownership and rental projects.
Called CoreFour, the initiative is part of the city’s Notice of Funding Availability (NOFA), a process which provides stimulus for housing development projects.
Initially the program will focus on eight neighborhoods selected for their alignment with supporting development initiatives: Evanston, Avondale, West Price Hill, Walnut Hills, Northside, Madisonville, College Hill and Westwood. Developers can apply for funds to use in any Cincinnati neighborhood, but these eight will receive scoring preference in the NOFA process. The money will provide gap funding for projects which have financing from other sources but need more.
The new program is called CoreFour because it will rotate among four neighborhoods semi-annually. Evanston, Avondale, West Price Hill and Walnut Hills were tapped for the first round of funding this winter. It will switch to the remaining four in the second half of the year.
According to the city of Cincinnati, approximately $4.5 million in funds will be allocated for the 2015 Winter NOFA. Applications must be submitted by February 27. The applicants will be notified on April 17.