With affordability requirements ending for 40-LIHTC single-family homes in Dayton, Ohio, St. Mary Development (SMD) saved the homes by refinancing the existing balance on all the properties with a $615,000 permanent loan from Community Housing Capital (CHC). CHC used its 2020 Capital Magnet Fund award to extend the loan at more favorable terms, including extending the loan amortization and lowering the interest rate by over 300 basis points.
Located generally in the Drexel neighborhood in Dayton, the 1,379 SF, four-bedroom, two-bath homes are 100% occupied, with a long list of people on the waiting list. Many SMD residents rely on Social Security as their only source of income, making them vulnerable to living in unsafe housing and neighborhoods. Within a three-mile radius of the community, the median household income is $32,693. SMD will keep the rents affordable to residents earning 30%-50% of the area median income. SMD has already sold several of the homes to very low-income residents with plans to release more to affordable homeownership in the future.