A lot on East College Street in downtown Oberlin, Ohio had been abandoned and vacant since the 1960s and has now been turned into a green mixed-used development. This development was made possible by the developer Sustainable Community Associate, Inc. and by a $5 million Net Markets Tax Credit allocation provided by Enterprise Community Investment, Inc. and a $9.75 million New Markets Credit allocation from MBS Urban Initiatives.

A subsidiary of U.S. Bank, U.S. Bancorp Community Development Corporation, provided the critical equity investment in both of the tax credit allocations. This development is the first main real estate investment in downtown Oberlin in more than 40 years.

This Oberlin development site features 32 residential units with 11 apartments which are reserved for people earning up to 60 percent of the area median income and 19 of the units are for sale. Four for sale commercial unites and more than 18,000 square feet of office and retail rental are also available with the development. In addition, this development is expected to create 30 jobs due to the new employment opportunities in the commercial space.

The Enterprise Community Loan Fund provided financing of $675,000 for pre-development and acquisition. The other sources of financing included funding from a local philanthropist and a HUD Special Project Grant. Oberlin College and other local organizations supported the project developer and helped to secure $1.4 million in tax increment financing. The tax increment financing will help to fund infrastructure improvements.

Lorain County has experienced growth in personal income and population despite the fact that the Cleveland Metropolitan area has seen a population decline over the past five years. Oberlin’s historic downtown district includes Oberlin College, Allen Art Museum, and the world class Oberlin Conservatory of Music.