OTR Adopt offers historic buildings for low cost - Cincinnati News, FOX19-WXIX TV

OTR A.D.O.P.T. offers historic buildings at low cost to owners who can rehab them

The goal is to preserve Cincinnati's architectural heritage through interventions targeting endangered historic buildings. (Photos via OTR A.D.O.P.T. website) The goal is to preserve Cincinnati's architectural heritage through interventions targeting endangered historic buildings. (Photos via OTR A.D.O.P.T. website)
OVER-THE-RHINE (FOX19) -

In an effort to continue the gentrification of Over-the-Rhine, a new program allows more than development companies to get involved.

OTR A.D.O.P.T. is a non-profit that matches people interested in rehabilitating historic buildings that are deteriorating downtown, with people who will put in the sweat equity to bring it back to life.

While the program is not just limited to OTR, A.D.O.P.T. stands for "Advancing Derelict and Obsolete Properties through Transfer."

It works by offering the buildings at below market cost to owners who agree to stabilize and rehabilitate them.

The goal is to preserve Cincinnati's architectural heritage through interventions targeting endangered historic buildings.

If you're interested in "adopting" a building, owners must agree to the terms of transfer and provide OTR A.D.O.P.T. with a formal contractor bid of construction costs, and either a letter of commitment to provide construction financing or proof of funds equal to 40-percent of the total development costs.

Within two years of the transfer, buildings must be rehabilitated and a Certificate of Occupancy must be obtained by the city.

After the building is complete, owners are not required to live in the building, and can lease or sell them as long as work is completed.

OTR A.D.O.P.T. will also provide consulting services related to historic building rehabilitation, including assistance with acquisition, financing, cost estimating, financial analysis, historic tax credits, code enforcement, and permitting.

You can also donate a building by contacting OTR A.D.O.P.T. at adopt@otradopt.com.

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