Revitalization of Biltmore Towers with Related Affordable

Project Overview

Revitalization of HUD Mark-to-Market Property and Former Historic Hotel in Dayton, Ohio with Related Affordable

Biltmore Towers is a 230-unit affordable housing community located in Dayton, Ohio. The property was formerly a hotel hosting distinguished guests such as John F. Kennedy and Elvis Presley. It was converted into affordable housing for elderly and disabled families in 1980 and added to the National Register of Historic Places in 1982. Related Affordable and its partner, St. Mary Development Corporation, recently completed a comprehensive upgrade of the property’s residential and community spaces and implemented long-term extensions of its affordability protections.  The renovation included the addition of a gym and multipurpose room, restoration of the project’s historic ballroom into a community gathering space, and the expansion of resident services provided by St. Mary.

Prior to Related Affordable’s acquisition, Biltmore Towers went through HUD’s MTM restructuring program resulting in regulatory restrictions limiting future rent increases and providing that any sale would require full repayment of the project’s Mark-to-Market (MTM) debt.  HAO worked with Related Affordable and HUD to assign the project’s HUD-held MTM loans to St. Mary as a Qualified Nonprofit, waive the due on sale provisions of those loans, execute a new  HAP contract for 20 years, and extend the project’s affordability protections for an additional 20 years beyond the initial 30-year affordability period under the MTM program.