The city of Lima approved $500,000 from the city's federal funding or "Home Funds" to contribute to a major housing project in the heart of downtown.
Last week the community and economic development committee listened to two different developers proposals. The committee ultimately choose to move forward with WODA out of Westerville Ohio. WODA proposed a 17 million dollar project to add residential, office space and commercial units in the old National Trust Bank building. The bank building project would house over 40 units. Twenty percent of those units would be market value and the rest will be to low to moderate income. The city will find out in June of this year if the money will be awarded from the state. If everything is approved the owner of the bank building will sell the property to WODA. If all is approved, the city expects the project to be done by the end of 2018.
New Lima Housing for the Future requested funding for their seniors-only housing project at the former YWCA on West Market Street, but the committee decided against it. Two representatives took privilege of the floor to speak in support of New Lima's project focusing on the fact that they are a local developer and could offer more units for a lower price. Those in support of the senior living project asked council to split the 500 thousand and support both projects. Another resident raised questions to council about moving low income housing into the downtown area.
The city will still support the YWCA senior community building project financially with $165,000 in home funds set aside. They have also agreed to provide a tax abatement and other support for their project. The bank building project would be open to young people as well as seniors.
