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Project Details
Hospitals, Health Care & Human Services
The Cascades: 32 Units of Senior-Focused Affordable Housing in Yellow Springs
Responding to pent-up demand, The Cascades will provide 32 units of new affordable rentals and townhomes designed for seniors of low-to-moderate income. Funds will be spent on construction. The Yellow Springs site is ideally located to serve seniors and in close proximity to numerous amenities including healthcare and transportation services. Extensive resident input informed all aspects of the design, resulting in a community-centered, inclusive project.
Organization Details
Yellow Springs Home, Inc.
202 South Winter Street
Yellow Springs, Ohio. 45387
Greene
Same
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Non-profit
Organization Contact Details
Emily Seibel
Executive Director
Yellow Springs Home, Inc.
937-767-2790
emily@yshome.org
202 South Winter Street
Yellow Springs, Ohio. 45387
Greene
Alexandra Scott, Yellow Springs Home, Inc. (937)-767-2790, alexandra@yshome.org
Brittany Parsons Keller, Yellow Springs Home, Inc. (937)-767-2790, brittany@yshome.org
Location Details
Yellow Springs
Greene
Ohio 10th
Financial Details
2000000
7950590
The project is currently envisioned to be developed in four phases based on funding award limits. Phase one planning, consisting of eight rental units, is underway with groundbreaking anticipated in 2023. Phases will be combined as is feasible based on funding availability. If awarded, funds would be invested across all project phases. Yellow Springs Home, Inc. has a proven track record of success with all funding agencies listed below.

Sources:
Donated Land (committed)
Ohio Department of Developmental Disabilities - $400,000 ($200,000 committed for phase one)
Village of Yellow Springs - $140,000 ($30,000 committed for predevelopment; phase one funding pending)
Yellow Springs Home, Inc. Equity - $1,500 (committed)
New Permanent Debt - $1,852,420 (committed for phase one, Wright Patt Credit Union)
Finance Fund - $60,000 ($30,000 committed, first phase)
Federal Home Loan Bank of Cincinnati - $899,992 (pending, first phase)
Ohio Housing Finance Agency Housing Development Gap Funding - $2,596,678 (applying in 2023 round, first phase)
Total: $5,950,590
Construction or Capital
Yes
Please see the uploaded budget in question 37.
Yes
Within the next 6-12 months
N/a
Community Details
The need for affordable and accessible senior rentals is acute in Yellow Springs, which is an aging community. A significantly older population resides in Yellow Springs than in the rest of Ohio, with 32.5% of residents aged 65 and older compared with only 17.0% of all Ohioans, according to the 2020 Census. As one of three Ohio designated dementia-friendly communities Yellow Springs is an ideal community to host a senior-focused affordable housing project. Yellow Springs Home, Inc. (YSHI) currently has more than 275 households on an affordable rentals interest list, with 100% occupancy in our existing portfolio. YSHI’s last project, the Glen Cottages Pocket Neighborhood, received more than 13 applications per available unit. All YSHI rental projects have waiting lists, demonstrating pent-up demand.

The Cascades responds to data trends identified as statewide priorities by the Ohio Housing Finance Agency, including a rising aging and disabled population. Housing challenges for these at-risk populations include limited housing options for seniors and persons with disabilities; a unique risk of housing instability and homelessness due to housing cost burden; significant housing cost burden amongst older adults; an above-average population with disabilities including aging adults; and more than half of renters with disabilities experiencing housing problems. These data points reflect the Yellow Springs’ context, with higher than average and rising percentages of seniors and persons with disabilities. A recent Enterprise Opportunity 360 dashboard report further demonstrates that more than half of all renters and a quarter of homeowners are housing cost burdened in Yellow Springs.

A 2018 Yellow Springs Housing Needs Assessment by Bowen National Research included more than 500 local participants and further confirms pent-up market demand for rental housing affordable to seniors of low-to-moderate income. Moreover, more than 100 participants involved in the Yellow Springs Comprehensive Land Use Plan 2020 have indicated that affordable senior rentals are a top local housing priority. Additionally, a 2022 Livable, Equitable, Age-Friendly Yellow Springs survey engaged more than 170 residents—again, affordable senior housing was named a top local priority. The current project was specifically informed by public input from more than 90 residents through listening sessions with neighbors, public officials, local seniors, and other stakeholders alongside an online survey.

Many seniors in Yellow Springs simply have nowhere to go and struggle in place with affordability, isolation, and safety. The Cascades will make a huge difference in an extremely tight housing market, resulting in greater freedom of choice, housing stability, and quality of life for seniors who reside in the development. A partnership with the Ohio Department and Greene County Board of Developmental Disabilities provides for a set-aside two-bedroom unit for a person(s) with a developmental disability, in conjunction with coordinated support services. In addition to meeting pent-up demand, the entire community will benefit from greater housing choice, greater housing supply, improved infrastructure, infill development, and tax revenue.
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Additional Details
No
Emily Seibel
937-767-2790
emily@yshome.org
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