Woda Cooper, Housing Services Alliance Open $18.9M Sparrow Ridge Community in Hebron, Kentucky

HEBRON, Ky. — Woda Cooper Cos. and Housing Services Alliance have completed Sparrow Ridge, an affordable seniors housing community in Hebron, just across the Ohio River from Cincinnati.

The 96 units are reserved for residents over age 55 who earn between 30 and 80 percent of the area median income (AMI). Development costs were estimated at $18.9 million.

The affordable development was made possible in part by $1.5 million in Low-Income Housing Tax Credits (LIHTCs) allocated by Kentucky Housing Corporation (KHC). Affordable housing investor CREA LLC purchased the tax credits in exchange for equity financing.

Cedar Rapids Bank & Trust provided a permanent first mortgage. Fifth Third Bank also was financial partner for Sparrow Ridge, providing a construction loan.

“Older, outdated properties often lack items seniors look for like elevators, wider doorways, and units with accessible bathrooms,” says Tammy Stansbury, Woda Cooper’s vice president of development. “If needed, all the units can be adapted to accommodate those with physical disabilities. Housing with these age-in-place features is in very tight supply in North Kentucky so this is a welcome addition to the housing stock.”

Rents for Sparrow Ridge range from $404 to $995 per month, depending on size of unit and income restriction.

The architect for Sparrow Ridge was Grimm Architecture, with engineering by Hagen Engineering. Woda Construction Inc. was general contractor and Woda Cooper’s management division oversees day-to-day operations.