At a time when single-family rental pricing is reaching historic highs, preserving affordability in Dayton, Ohio, is why St. Mary Development (SMD) is essential to helping keep vulnerable residents from living in unsafe housing or neighborhoods. In June 2022, Community Housing Capital provided SMD with a $450,000 Permanent Loan to refinance 33 single-family homes scattered throughout the Resident Park neighborhood of Dayton. Partially financed with CHC’s 2020 Capital Magnet Fund award, the permanent financing will allow SMD to acquire the limited partnership and refinance the properties at more favorable terms, including lowering the existing interest rate by over 300 basis points and extending the loan amortization. Some loan proceeds will establish additional capital improvement reserves for the homes. The lease-to-purchase LIHTC homes are reserved for residents earning up to 50% of the Area Median Income and are 100% occupied with dozens of people on the waiting list.
