Leading affordable housing developer breaks ground on first Ohio community

Emerald Place to provide 216 apartment homes to help address Lancaster’s need for more housing options for local families.

(Lancaster, OH—) LDG Development, one of the nation’s largest developers of high-quality affordable housing, is proud to announce its first-ever development in Ohio. Located at 730 S. Ewing St. in Lancaster, Emerald Place will offer 216 one-, two-, three- and four- bedroom apartment homes for families earning between 40 and 70 percent of the area median income, or approximately $73,000 for a family of four.

“As more cities recognize that economic growth is tied to housing availability, we are proud to bring our first Ohio development to Lancaster,” said Chris Dischinger, co-founder of LDG Development. “Emerald Place represents our commitment to providing high-quality, affordable housing that supports a thriving workforce in communities across the country. Emerald Place is just the beginning of the high- quality housing we are focused on bringing to the state of Ohio.”

Emerald Place will provide residents with spacious floor plans and a variety of unit amenities, including energy-efficient appliances, luxury vinyl plank flooring, walk-in closets, balconies or patios, ceiling fans and washer and dryer hookups. Additionally, the development will offer a variety of community amenities, including a clubhouse that houses a business and fitness center, a pool, a playground area and a dog park.

This development represents a $69 million investment within the area. Financing for the development was provided by the Ohio Housing Finance Agency (OHFA), which issued tax-exempt bonds and provided a Housing Development Loan; Key Community Development Corporation, which purchased both Federal 4% Low-Income Housing Tax Credits and Ohio Low-Income Housing Tax Credits (OLIHTCs), making Emerald Place the largest development to utilize this new funding resource created in 2023 by Governor Mike DeWine and the Ohio Legislature; KeyBank, National Association, which provided the construction debt; Barings, which provided the permanent debt; and the Affordable Housing Trust for Columbus and Franklin County, which provided a cashflow loan and an equity bridge loan.

“It is great to be here to mark the start of construction for Emerald Place. Funded in part with the Ohio Low Income Tax Credit, it will provide new housing opportunities to residents as Lancaster grows,” said Bill Lancaster, executive director of OHFA. “Residents of Lancaster and all Ohioans deserve a safe affordable place to call home and Emerald Place will do just that. We know that when you have a roof over your head, and you know it’s going to be there, you’re going to thrive which is what we want for all Ohioians.”

LDG also worked closely with the Lancaster Port Authority and the City of Lancaster, both of which played an important role in making this development possible.

“We’re thrilled to welcome this development to Lancaster as it will help create a more balanced housing market while providing families with greater stability and the opportunity for a brighter future, “said Mayor Dublin.

Construction on Emerald Place is expected to be completed by December 2026. Monthly rental rates at the development are expected to range between $732-$1,723.

“Emerald Place is a milestone development—not only for LDG as our first project in Ohio, but also as a demonstration of the state’s commitment to expanding affordable housing through new and innovative funding sources, said Dischinger. “We are honored to play a role in this progress and look forward to providing communities hundreds of Ohioans will be proud to call home.”