What's Happening?
The Dayton Port Authority and CityWide Development Corporation are partnering to finance a new workforce housing project in Dayton, Ohio. The development, planned for a 13-acre site in northwest Dayton, will
include 260 units with amenities such as a gym, rooftop terraces, and a dog park. The project is estimated to cost $77 million, with funding from federal and state low-income housing tax credits and a $2 million investment from the city of Dayton. The Port Authority will issue tax-exempt revenue bonds and craft a capital lease to reduce construction costs. The initiative aims to provide quality housing for workers, addressing a critical need for economic development in the area.
Why It's Important?
The workforce housing project is significant as it addresses the growing need for affordable housing in Dayton, which is essential for attracting and retaining workers. By providing quality housing options, the project supports economic development and helps alleviate housing constraints that can hinder growth. The collaboration between the Port Authority and CityWide demonstrates a proactive approach to urban development, leveraging public and private resources to meet community needs. This initiative could serve as a model for other cities facing similar challenges, highlighting the importance of strategic partnerships in addressing housing shortages.
What's Next?
The next steps for the project include finalizing financing arrangements and beginning construction. The Port Authority and CityWide will continue to work closely to ensure the project's success, with potential impacts on local employment and economic growth. As the development progresses, stakeholders will monitor its effects on the community, including potential increases in local business activity and improvements in residents' quality of life. The project may also inspire similar initiatives in other regions, emphasizing the role of housing in economic development strategies.
