May 21—An affordable housing community in New Carlisle that caters to older adults with limited income recently celebrated the completion of a $13.3 million two-phased renovation project.
Money was invested into the New Carlisle Village, an Episcopal Retirement Services community, that aims to make 96-patio-home apartments available to seniors with limited or fixed incomes. The community also features a large community building, with a communal space for gatherings, an outdoor fitness center, shared laundry facility and onsite parking.
Affordable Living by Episcopal Retirement Services owns and manages the affordable housing community. The organization also provides services such as transportation, activities, and social-services support for residents who seek assistance and socialization.
"We are thrilled to share this revitalized senior community with the town of New Carlisle," said Vice President for Affordable Living James Wilson. "Not only have we been able to provide updated amenities and features for the community, but also add supportive services for our residents to help them age in place well into the future."
Renovations started in 2020 and was completed last July. The project was completed in two phases, each focusing on renovating developments each containing 48 housing units. The developments impacted by the renovations were built under the USDA Rural Development housing program in the late 1970s and early 1980s.
One phase of the recent renovation project, Sunrise Terrace, was awarded tax credits as a rural rehabilitation project. The other, Rachel Court received tax credits as an urban rehabilitation project, competing against projects in Ohio's three big urban centers.
For Sunrise Terrace, development costs were $6.2 million. The project was financed with a 9% Low-Income Housing Tax Credits issued by the Ohio Housing Finance Agency (OHFA) and purchased by U.S. Bancorp Community Development Corporation.
For Rachel Court, development costs were $6.8 million. The project was financed with 9 percent Low-Income Housing Tax Credits issued by OHFA and purchased by USBCDC.
The goal of the renovations were to improve affordable living options for seniors in the community, according to a news release from the Episcopal Retirement Services.
That organization worked with the Model Group, an integrated property development, construction and management company, for the renovations.