LIMA — First Federal Bank last week donated $5,000 toward development of Spring Street Senior Lofts, an 88-unit senior housing complex to be built at the old YWCA property between Market and Spring streets.
The project is being developed through a partnership between New Lima Housing for the Future and MVAH Partners, a Cincinnati-based affordable housing developer.
“We understand that we have a role to play in removing barriers to quality housing for seniors in our community,” said Shannon Tyler, a community development officer with First Federal Bank in Lima. “I’ve seen firsthand that retirement years can be ones of increasing stress and instability. It is our hope that this grant, modest in scope but heartfelt in its intention, will help support the efforts of New Lima Housing for the Future and MVAH Partners.”
Construction of the mixed-income development at 649 W. Market St., across from the Lima Public Library, is expected to begin this fall.
The project has already received $1.2 million in annual affordable housing tax credits through the Ohio Housing Finance Agency.
“Households and families are having an increasingly difficult time finding an affordable place to live, due to static incomes, quality housing and a shortage of housing subsidies that help to close the housing affordability gap,” New Lima Housing for the Future Executive Director Scott Frenger said. “This project will help us further our mission of providing affordable housing options for the people of Lima.”
The building, the Hughes-Russell Mansion, is one of two homes left from West Market Street’s 19th century Golden Block. The other is the MacDonell House. The mansion was built after the Civil War and donated to the YWCA in 1948.
The YWCA closed the building’s pool, fitness center and child care program in 2008 and voted to sell the property in February 2010. It sold in February 2011 to Rhodes Investments LLC for $150,000.
While plans are still being finalized, developers presently intend to keep the mansion intact.