Kingsley and Company has secured a 9% Low-Income Housing Tax Credit award for a mixed-income development at 2828 May Street in Cincinnati's Walnut Hills neighborhood. The project, co-developed with Louisville-based Socayr Inc., adds to the firm's growing portfolio of community-centered housing projects across Ohio.
The award, announced June 19, 2026, will fund the affordable housing portion while Kingsley and Company handles workforce housing and serves as the builder. The arrangement reflects a partnership model the firm has refined through prior collaborations.
Project Structure and Partnership
The 2828 May Street site emerged from an existing relationship between the two firms. Kingsley and Company originally brought in Beacon Property Management, a Socayr Inc. Affiliate, to manage Victory Vistas. That working arrangement deepened when both companies saw an opportunity at May Street after Kingsley and Company reached its limit for additional standalone affordable housing transactions.
Under the final structure, Socayr Inc. Develops the affordable housing component while Kingsley and Company leads the workforce housing portion. The mixed-income approach requires ongoing coordination with Walnut Hills stakeholders and neighborhood representatives throughout the development process.
Ndukwe described the collaboration as rooted in mutual respect between firms, suggesting that prioritizing partner relationships tends to yield positive community outcomes. The comment highlights how Kingsley and Company approaches project sequencing—not just financial returns, but building trust that opens future opportunities.
Broader Expansion Across Ohio
The LIHTC award is one piece of a larger growth strategy. Kingsley and Company also received an award for Mercy on Main in Columbus and expects an upcoming closing on Kinsey Lofts. This pipeline represents a deliberate approach: combine strategic co-development partnerships with a steady flow of affordable and workforce housing developments.
The firm operates as a minority-owned real estate development and investment company focused on affordable housing, workforce housing, and community revitalization. Its geographic scope spans Ohio and the surrounding region, with projects concentrated in neighborhoods where housing options remain most limited.
Our Analysis: Why This Award Matters
LIHTC awards are competitive. The 9% credit is a significant financing mechanism, but state allocators award it based on development experience, partnership strength, and community need evidence. Securing one in Walnut Hills signals that Kingsley and Company's track record convinced reviewers.
For Cincinnati, the 2828 May Street project increases a limited supply of delivered affordable housing. Many developments in this space stall at funding or approval stages. Completed units matter more than announced ones. The fact that Kingsley and Company will serve as builder suggests confidence in execution, not just planning.
The mixed-income structure deserves attention. Pairing affordable and workforce housing in the same development can build economic diversity into neighborhoods rather than isolating low-income residents. Whether this model scales depends on replicating partnerships like the one with Socayr Inc.
Consider a reader evaluating whether to pursue similar tax credit financing. The key takeaway is that relationships matter as much as project quality. Kingsley and Company's path to the award ran through Victory Vistas management—a smaller engagement that built trust before a larger opportunity materialized.
What to Watch Next
Track whether the 2828 May Street development hits construction milestones on schedule. Also watch Kingsley and Company's Columbus projects—the Mercy on Main award and Kinsey Lofts closing will test whether the firm's growth strategy holds across multiple Ohio markets simultaneously.
Key takeaways
- LIHTC award supports affordable housing component at 2828 May Street in Walnut Hills
- Co-development partnership splits affordable and workforce housing responsibilities between two firms
- Kingsley and Company expands across Ohio with additional awarded projects
- Completed developments matter more than announced ones in this space
- Relationship-building can open doors to larger tax credit opportunities
Frequently asked questions
What is a 9% Low-Income Housing Tax Credit award?
The LIHTC provides tax credits to developers who create affordable rental housing. The 9% credit is more valuable than the 4% credit and is awarded competitively through state housing agencies based on development quality and community need.
Who is Chinedum Ndukwe?
He is the owner and founder of Kingsley and Company, a minority-owned real estate development and investment firm focused on affordable housing and community revitalization in Ohio and the region.
What is the difference between affordable housing and workforce housing?
Affordable housing typically serves very low-income residents with rents tied to income levels. Workforce housing targets moderate-income households—often essential workers like teachers, nurses, or first responders—who earn too much for traditional affordable programs but struggle with market-rate rents.
Where is the 2828 May Street development located?
The project is located in Cincinnati's Walnut Hills neighborhood, an area with ongoing redevelopment interest and demand for diverse housing options.
What other projects is Kingsley and Company working on?
The firm has received an award for Mercy on Main in Columbus and expects an upcoming closing on Kinsey Lofts, representing expansion across multiple Ohio markets.