Zanesville, Ohio, March 7, 2024 – Woda Cooper Companies, Inc. hosted a ceremonial groundbreaking today for Munson Crossing, a 43-unit affordable rental community now under construction in Zanesville. The co-developer for the $13.8 million community is Housing Services Alliance.
Representatives from the Ohio Housing Finance Agency, PNC Bank, and RiverHills Bank, joined local leaders representing the City of Zanesville, the Muskingum County Land Reutilization Corporation (MCLRC), the Zanesville-Muskingum County Port Authority, and other invited guests. Participation in the Munson Crossing groundbreaking celebration spotlighted the strong collaboration and comprehensive development planning to address the needs for affordable housing in the community.
“The City is grateful to have a strong partnership with the Muskingum County Commissioners and the Muskingum County Land Reutilization Corporation,” said Mayor Don Mason “Through collaboration and a forward-thinking mindset, we have turned a long-blighted property into a new opportunity for Zanesville and Muskingum County residents.”
Munson Crossing is strategically located in the West Main Street Community Reinvestment Area (CRA) on the site of the former Munson Elementary School building, which was demolished last year. Munson Crossing will provide 14 one-bedroom units that offer 663 sq. ft.; 23 two-bedroom apartments with 858 sq. ft.; and 6 three-bedroom apartments with 1,105 sq ft. Projected rental rates range from $330 to $1025 per month, depending on the size of unit and the resident’s income, with all units reserved for tenants whose income is 30% to 80% of area median income.
Units will feature spacious floor plans with plenty of storage, and modern kitchens with ENERGY STAR appliances, including dishwashers. There will be attractive, contemporary finishes, including quality cabinetry and luxury vinyl tile flooring. Each unit will have a washer/dryer hookup. There are four units with features for residents with physical disabilities and sight/hearing disabilities.
Community amenities include a multipurpose room with kitchenette, package room, laundry room, and dedicated supportive service space. There will be an onsite leasing and management office.
Housing tax credits were allocated to Munson Crossing by Ohio Housing Finance Agency (OHFA) who also provided an equity bridge loan and will provide a second permanent mortgage. “OHFA staff and I are fortunate to attend the groundbreaking of Munson Crossing. This development is an important part of OHFA’s commitment to affordable housing in Muskingum County and Appalachian Ohio as a whole. This building will bring 43 units of affordable rental housing that will serve households across the economic spectrum. Construction would not be possible without $6.7 million in federal Low-Income Housing Tax Credits and a $5 million investment from the Ohio Housing Trust Fund. OHFA is a proud partner in this development and looks forward to seeing how it will catalyze additional investment in the community,” said Taylor Koch, Director of Multifamily Housing for the Ohio Housing Finance Agency.
PNC Bank provided $6.1 million in Low Income Housing Tax Credit (LIHTC) equity. “Access to affordable housing is a significant issue for communities across Ohio,” said Todd Krumwiede, senior vice president and regional manager of originations for PNC Tax Credit Solutions. “As a leader in developing and rehabilitating affordable housing, PNC is proud to work with Woda and Housing Services Alliance to add this new property and units for families earning 30 to 80% of the area median income.”
RiverHills Bank is construction lender. “RiverHills Bank is honored to provide a construction loan of $7.8 million for this endeavor,” said Millicent Hurtt, Vice President and Development Officer. “This investment underscores our commitment to supporting initiatives that enhance the well-being of our community members and create positive change.”
Cedar Rapids Bank & Trust will provide the first permanent mortgage. “Supporting the development of new affordable housing options is critical in our mission as a lender supporting neighborhoods and communities like Zanesville. We are pleased to provide financial support to Munson Crossing developed by Woda Cooper Companies and Housing Services Alliance,” said Michael J. Goerdt, Vice President, Specialty Finance Group, Cedar Rapids Bank & Trust.
Maximizing resources to ensure rents can be offered at affordable rates for lower and moderate-income residents was key to developing Munson Crossing. The MCLRC offered the property at a nominal price and Munson Crossing will also benefit from sales tax exemption issued by the Zanesville-Muskingum County Port Authority for building materials purchased in Muskingum County.
Additionally, the Ohio Department of Development’s CRA program enables local municipalities to encourage the development of new structures or revitalization of existing housing stock by providing a real estate tax exemption for 100% of the increase in value for 15 years.
“The development of Munson Crossing is built upon a clear vision and commitment by Ohio Housing Finance Agency, the City of Zanesville, and Muskingum County to address housing needs for all residents,” said Jonathan D. McKay, Vice President – Development for Woda Cooper Companies. “Munson Crossing will bring an excellent new option for affordable housing in Zanesville that will offer space and amenities suited for families with children, along with units for singles or those with disabilities.”
Architecture for Munson Crossing is being performed PCI Design Group, Inc. with civil engineering by Chadan Engineering, Inc. Woda Construction, Inc. is the general contractor. Leasing and property management will be performed by Woda Management & Real Estate. For more information about the property, call 740-825-7539 or visit www.wodagroup.com.
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About Housing Services Alliance
Housing Services Alliance is 501(c)(3) nonprofit housing corporation specializing in developing and preserving affordable housing and coordinating tenant services for low- and moderate-income households, seniors, and special needs populations. Founded in 2003 by civic leaders with varied backgrounds, HSA’s mission is to preserve and develop the vibrant neighborhoods of which we are a part, including the development of quality, affordable housing and providing services that improve the quality of life of every disadvantaged resident. HSA is currently in a seven-state area from Michigan to Maryland and maintains an executive office in King of Prussia, Pennsylvania.
About Woda Cooper Companies, Inc.
Woda Cooper Companies, Inc. and its affiliates specialize in the development, design, construction, and management of high-quality affordable multi-family communities, senior communities, and single-family homes. The company was founded in 1990 and now has operations in 17 states and a portfolio of 330 communities and 16,000 units. Green building is standard with certifications including Passive House, Zero Energy Ready Homes, LEED, Enterprise Green, EarthCraft, and ENERGY STAR. Woda Cooper Companies has offices in Savannah, GA; Indianapolis, IN; Shelbyville, KY; Queenstown, MD; Mackinaw City, MI; Columbus, OH; and Norfolk, VA. Affordable Housing Finance magazine ranked Woda Cooper Companies 7th in nation among Developers and 21st among Owners in 2023.
