Cincinnati Approved TIF Funding for Housing Conversion
A downtown office building will be transformed into 67 residential units to boost local mixed-income housing.
Updated on Oct. 12, 2026 in Commercial
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The Cincinnati City Council Budget, Finance and Governance Committee has approved $2.9 million in TIF funding for the conversion of an office building at 530 Walnut Street. This project will create 67 new housing units in the Central Business District.
Why it matters
This development aims to increase the availability of mixed-income housing in downtown Cincinnati by repurposing underutilized commercial property. Half of the new units will be reserved for residents earning between 60% and 80% of the Area Median Income.
The $22.8 million renovation of the 10-story, 1925-era building is supported by $5 million in Ohio Historic Rehabilitation Tax Credits. Approximately half of the 67 units are designated as affordable for those earning 60% to 80% of the Area Median Income.
The players
Cincinnati City Council Budget, Finance and Governance Committee
A local legislative body responsible for overseeing municipal financial allocations and urban development initiatives.
The details
The project converts a vacant 10-story office building into a multi-use facility, adding 12,000 square feet of commercial space alongside residential apartments. Funding relies on a combination of TIF district revenue and state-level historic preservation tax credits to bridge the gap between commercial vacancy and residential utility.
Timeline
The office building at 530 Walnut Street was constructed in 1925.
The City Council committee approved the TIF funding on October 12, 2026.
The Home Front
This project reflects a broader trend of utilizing Tax Increment Financing to address the conversion of aging office stock into residential housing. It marks a significant shift in the Central Business District, moving away from historic commercial-only zoning toward mixed-use living.
If you are looking for housing in the Central Business District, keep an eye on upcoming leasing announcements for 530 Walnut Street. Prospective renters should confirm their eligibility for the income-restricted units based on the 60% to 80% Area Median Income thresholds.
The takeaway
Repurposing 1920s-era office buildings is a growing strategy to revitalize downtown living, though residents should verify specific income requirements for affordable units. Review current local eligibility guidelines to see if your household qualifies for upcoming mixed-income housing opportunities.
Further reading
Learn more about the latest Commercial trends affecting your neighborhood.
Source note: This article includes information reported by Cincinnati Public Radio.
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