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MV Embarks on Affordable Housing

From the Dayton Business Journal:

http://www.bizjournals.com/dayton/print-edition/2011/06/10/miller-valentine-embarks-on-affordable.html

Miller-Valentine embarks on affordable housing projects

Premium content from Dayton Business Journal - by Ginger Christ, DBJ Staff Reporter

Date: Friday, June 10, 2011, 6:00am EDT

Miller-Valentine Group is rolling out a bevy of affordable housing projects.MV Residential, a division of the Moraine-based development company, is ramping up its efforts in the affordable housing market, hoping to capitalize on the growing need for quality affordable housing options.

Dave Liette, president of MV Residential Development, said the company already hassecured four tax credits for developments this year, nearly half of its nine-project goal. The projects include:

• Roosevelt Homes in Dayton, a 35-unit lease-to-own development;

• Patterson Point in Bloomington, Ind., a 61-unit affordable senior apartment development;

• United Senior in Columbus, Ind., a 63-unit affordable senior apartment development; and

• South Saginaw II in Saginaw, Mich., a 42-unit single-family lease-to-own housing development.

The company also has applications for tax credits pending in six other states. Locally, MV Residential received $772,600 in federal tax credits in March for construction of a 35-unit lease-to-own housing development called Roosevelt Homes. The project, which will begin construction in spring 2012, will be in Dayton's Roosevelt neighborhood.

MV Residential is partnering with St. Mary Development Corp. and the city of Dayton onthe project. The 25 lots on which Roosevelt Homes will be built were purchased through the city's new expedited tax foreclosure program, which cuts the length of time it takes to acquire property from 18 months to 120 days. The project also involves the use of Neighborhood Stabilization Program funds to aid in the demolition and acquisition of the property.

The 1,500-square-foot homes will feature four bedrooms, two full bathrooms and a two-car detached garage. Last year, MV Residential received nine tax credits for housing projects in six states, which marked the company's best year for new business. Liette said he hopes to recreate that success this year.

Liette anticipates future growth in senior housing as the baby boomer generation ages. One such example is MV Residential's 34-unit Carriage Trails Senior Villas project in Huber Heights, on which it is partnering with St. Mary. The project will be part of the 700-acre Carriage Trails housing development north of I-70 between Brandt Pike and Old Troy Pike.

Apart from its growth in the affordable housing market, MV Residential also is upping its game in the apartment arena. The firm is in the process of building new sites in Iowa, Tennessee and Kentucky and will close on seven other projects within the next two months.

E-mail gchrist@bizjournals.com. Call (937) 528-4427.

 


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