CINCINNATI — Cincinnati-based developer Kingsley + Co. is expanding its affordable housing portfolio, securing a 9% low-income housing tax credit from the state of Ohio for two major developments — one in Cincinnati and one in Columbus.
The company, owned by former Cincinnati Bengals player Chinedum Ndukwe, is developing the 2828 May Street mixed-income project in Walnut Hills, where Kingsley + Co. is serving as the general contractor. It's also working on Mercy on Main, a 65-unit development planned for the Olde Towne East neighborhood in Columbus.
"Affordable housing is not easy to get financed," Ndukwe said. "But we were fortunate enough to be receiving an allocation in the city of Columbus. And it's exciting for me personally, as we continue to talk about expanding the affordable housing space, it really makes me think of my grandmother, Mercy…she instilled in myself and my siblings the importance of being a good neighbor."
Ndukwe said he believes the need for more housing is clear.
WATCH: Learn more about Kingsley + Co's expansion despite some city officials' hesitation
Kingsley + Co.'s existing portfolio includes several properties, including the Blair Apartments and Victory Vistas housing for seniors, both in Cincinnati.
Recently, multiple tenants at Victory Vistas have dealt with rent disputes.
The company's Kinsey Lofts project, also backed by the city, received an additional $2.5 million grant from the city's Affordable Housing Trust Fund in early June. That funding came less than two months after City Manager Sheryl Long said Cincinnati would not do future business with the firm — a decision stemming from concerns over previous projects, including the redevelopment of the former Hoffman School.
Cincinnati City Councilman Jeff Cramerding said he opposed the release of those funds.
"I disagree with the city manager's move releasing those funds. We have had a long and troubled history with Kingsley, starting with the purchase of Hoffman School without a plan, threat of demolition," Cramerding said.
The city's administration did not respond to WCPO's request for comment on the situation.
Cramerding said he is still frustrated, but sees a possible path forward.
"Hoffman School, a historic building — is there an opportunity to transform into housing, housing this city needs? Absolutely," Cramerding said.
Ndukwe said that beyond housing, the company's developments are also creating jobs.
"As we're building housing, we're also employing a number of individuals, and those are just the direct jobs. … (there are) over hundreds of indirect jobs that we've created through our developments," Ndukwe said.
Ndukwe said his goal for residents across all of the company's properties goes beyond just providing a place to live.
"Our goal and our hope is that the residents that are living in the building and really for all of our properties, they feel safe, they're comfortable, but also, most importantly, they're supported," Ndukwe said.
Jay Shakur has been following the developments by Kingsley+ Co for months. If you have questions, you can contact him here:
