WALTON, Ky. — Developer Woda Cooper Cos. Inc. and co-developer Housing Services Alliance have opened Haven Crossing, an affordable seniors housing community in Walton, approximately 20 miles south of Cincinnati.
Haven Crossing is a three-story building with an elevator that provides 33 one-bedroom units and 24 two-bedroom units. It is restricted to residents age 55 and over earning 30 percent to 80 percent of the area median income (AMI).
Project partners included Kentucky Housing Corp., Boone County, City of Walton, Marble Cliff Capital and First Financial Bank.
Primary financing for the $13.2 million property was supported through the allocation of Low-Income Housing Tax Credit (LIHTC) equity by Kentucky Housing Corp. Marble Cliff Capital invested in the tax credits to provide equity financing. First Financial Bank invested in the project via MCC, and provided the construction loan. Cedar Rapids Bank & Trust is providing permanent debt for the project.
Other partners on the project included Grimm Architecture, Chadan Engineering Inc. and Woda Construction Inc. Woda Management & Real Estate will handle leasing and management.