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Senior Housing Construction Aims For Affordability
By: Brad Hawley
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Ground was broken on the Three Rivers Housing Project in The Plains on Wednesday.
The non-profit housing project will make affordable apartments available to a half dozen senior citizens.
The $600,000 project will be funded by a $400,000 grant.
Three Rivers will finance the remainder of the project with two $100,000 loans each from the Ohio Finance Agency and Hocking Valley Bank.
“Our goal is to reinvest in our community,” Senior Vice President of Hocking Valley Bank Candy Kemmerer said. “We want to help our resident have a better life.”
These two low-income loans will help keep debt of the project low, allowing for reasonable rent for the seniors.
“Part of the underwriting is minimizing the amount of debt,” Project Underwriter Jim Evans said. “With low rents the project can still operate.”
In September 2010, The Plains was ravaged by strong storms.
Kemmerer said that knows she knows affordable housing is important to the town’s economic well-being.
“In this county, affordable housing is something that is always looked for,” Kemmerer said. “Our goal is making the community better.”
The location for the project was chosen with residents’ convenience in mind.
Standing at the site, one can see a Foodland, Dollar General, Coin Laundry, McDonalds and the Country Corners Shopping Center.
“One thing we look at when we start a project is what amenities are close by,” Evans said. “The fact that this program is so close to amenities is a tremendous asset.”
Tenants are expected to move into their new apartments within 12 months.