More than 500 affordable apartments around the Dayton area will be renovated through a $48 million project.
The project is being led by Related Affordable and locally-based St. Mary Development Corporation, a faith-based nonprofit that offers housing and services to seniors and families.
The partners will be rehabbing five existing apartment complexes in the Miami Valley.
Saint Mary’s President Wes Young advocates this approach to navigating the area’s affordable housing crisis.
"We have such a housing shortage and it's hard to build your way out of that shortage if you don't also preserve existing properties. These properties are actually in pretty good shape considering their age," Young said. "And this is a great way to bolster the housing stock that we already have and preserve it so that we don't have to take a hit and then try to build back new."
He said the 567 units are in Dayton, Riverside and Trotwood, all originally built in the 1970s.
"This is different work than building from the ground up," he said.
- Northcrest Gardens (Dayton) – 182-unit family property originally built in 1971
- Asbury Apartments (Dayton) – 119-unit senior property originally built in 1971
- Albright Apartments (Trotwood) – 112-unit family property originally built in 1973
- Pinewood Gardens (Trotwood) – 80-unit family property originally built in 1973
- Mad River Manor (Riverside) – 74-unit senior property originally built in 1979
While they’re all structurally sound, Young estimates the average rehab cost for each unit is $84,000.
"Roof replacement, brick repair, HVAC system modernization, elevator modernization, window replacement, parking lot repairs and upgrades to common areas and amenities," Young said. "Also the in-unit work will include new lighting, flooring, painting, kitchen and bathroom cabinets and counters, and new kitchen appliances."
Rents will be HUD subsidized. Young believes this type of project is something the federal government likes to support.
"They (HUD) have agreed to sign a new contract for the properties going forward that establishes financial security," said Young, "HUD certainly wants to see quality development teams come together and, you know, take responsibility for these properties. And do the quality job."
The rehab is expected to begin this spring in stages, starting with vacant units. According to Young, federal money and tax credits will help pay for this project.
