The Revitalist

Rendering of planned development

The NY Times has a can-do story about three Oberlin College grads who decided to do something with a vacant lot that had plagued downtown Oberlin for decades. Four years later they are about to break ground on a three-story modern building that will house a mix of affordable rental units, market rate condos, and retail space. The three formed their own company, raised money to purchase the lot and went seeking mentorship from an Oberlin professor and a successful Oberlin alum. With no prior experience, they have managed to assemble a complex deal that includes multiple equity sources, a tax increment financing agreement with the city, and several million in New Markets tax credits (which are not simple!). That's pretty impressive for a first try. It's a great example of what vision, determination and a smart team can put together. It is very similar to the model that we are utilizing at AHF — by bringing together a variety of sources and employing every incentive program that you can find, you don't necessarily need deep pockets.