A purchase agreement of Covington city-owned land for a senior, affordable housing development got a stamp of approval from the Covington Board of Commissioners Tuesday night.
The senior development involves a cluster of vacant land in the Lewisburg neighborhood on Western Avenue. The developer is Spire Development out of Columbus, which has already developed both affordable and senior housing in Northern Kentucky, such as the Three Springs Townhomes in Crescent Springs.
The development plan Spire submitted to the city, which you can read here, calls for 30 one-bedroom units and 20 two-bedroom units. If Spire is able to get tax credits, it will pay $5,000 to the city to buy the parcels. Spire plans to spend about $13.67 million to develop the land, $10 million of which will be bankrolled by the tax credits. The units will be marketed to people making 80% or less of the area media income…