NeighborWorks Capital is pleased to extend a $2 million line of credit renewal to St. Mary Development Corporation to support land acquisition and predevelopment expenses for planned LIHTC-financed projects serving low- and moderate-income seniors in the Dayton, Ohio, region.
The funding will go towards the creation of 287 affordable housing units among five projects, with most providing affordable housing for seniors. Of the five projects, two have received a competitive 9% LIHTC award, and one has received a non-competitive 4% LIHTC award. Wildenhaus Place, located in Eaton, Ohio, has a 4% LIHTC conditional commitment, and St. Mary plans to submit a 4% application for Lyon Place in Dayton this year.
St. Mary’s mission is to serve low- and moderate-income seniors. The organization is a faith-based nonprofit development corporation headquartered in Dayton and was started 45 years ago. Throughout its history, St. Mary has developed over 4,800 affordable housing units, serving more than 5,000 individuals. The organization develops properties on its own and co-develops properties with other Ohio-based developers (Brentwood Builders, Miller Valentine, Oberer Companies, Pivotal) and national developer, Related Affordable. St. Mary plans to work with Related Affordable to preserve 567 affordable housing units. In addition to real estate development, St. Mary works with service and healthcare providers to connect residents to free community health programs, home health access, and transportation.
This is the fourth loan with St. Mary since our partnership began in 2013, and we look forward to continuing our relationship so that the organization can continue to carry out its mission in the greater Dayton, Ohio area.
