Wednesday, November 14, 2018 || By Michael Romain || @maywoodnews
Featured image: A preliminary design sketch of the proposed 68-unit affordable apartment building at 800-820 S. 5th Ave. in Maywood. | Interfaith Housing Development Corporation
A 68-unit affordable apartment building, with ground-floor commercial space, was initially scheduled to be built at 800-820 S. 5th Ave. in Maywood by this fall, but recent changes have pushed the completion date back to May 2020.
In November 2017, the Maywood Board of Trustees unanimously approved a redevelopment agreement with Interfaith Housing Development Corporation for the purchase of a vacant, village-owned lot on which the nonprofit developer will build the apartments.
According to the agreement, Interfaith would install 18 residential parking spaces behind the building and an additional 14 on-street parking spaces for use by non-residents.
Interfaith officials also said that while they can’t promise that they’ll secure a grocery store as a tenant in the first-floor commercial space, they will make an effort to attract a grocer — something that many Maywood residents said is a necessity, particularly since the village does not have an adequate full-service grocery retailer.
At the time, Maywood’s attorney, Michael Jurusik, said that the village will not turn over the property until Interfaith has secured financing, completed building plans, applied for a building permit and are ready to build.
Back in September 2017, Perry Vietti, Interfaith’s president, said that Interfaith could secure financing and start construction on the development by around September 2018.
Last month, however, Interfaith officials reached out to village staff requesting that Maywood board members agree to change the redevelopment agreement to reflect timing issues, according to a recent staff memo.
Interfaith asked board members to move the closing date on the village-owned lot from Oct. 30 to May 1, 2019 in order to meet the requirements of a $990,000 capital award from Federal Home Loan Bank of Cincinnati — a request to which board members agreed.
Last year, Interfaith officials said that the 5th Avenue development could amount to a more than $20 million investment in Maywood that will help revitalize the village’s downtown corridor. They added that the development could bring in an estimated annual property tax revenue of around $60,000 to $70,000.
During a meeting in August 2017 Interfaith officials worked to persuade some community members who felt that the affordable housing development would attract crime and other quality of life problems to that area of town.
Interfaith officials said that the organization owns and manages all the buildings it operates and functions like any other market-rate development. They said that what makes their housing affordable is the fact it is income-targeted, meaning that eligible tenants must have incomes that fall below certain percentages of the area median income.
Eligible tenants of a one-person household would need to make no more than 60 percent of the average median income, or $32,180. For a four-person household, 60 percent of the average median income is $47,400, according to information Vietti presented. Interfaith rents, he said, range from between $673 to $ 808 for a studio unit to $1,000 to $1,200 for a three-bedroom unit.
Vietti said last August that Interfaith owns most of the nearly two dozen buildings it owns and manages for at least several decades, as it plans to do in Maywood. And the majority of the nonprofit’s tenants, he said, are people with jobs who are law-abiding citizens.
The updated project timeline is below: