Cincinnati groups launch a lab to work on the region's housing shortage

A new Housing Innovation Lab will study how to build and finance more housing in Greater Cincinnati, WVXU reported Oct. 14. Partners include the Greater Cincinnati Foundation, the University of Cincinnati Real Estate Center, LISC Greater Cincinnati, Fifth Third Bank and developer Model Group.

The lab's first projects look at financing for multifamily housing and at more affordable mortgages for homebuyers. Later it plans to examine tax abatement policies that balance public budgets against homeowners' tax bills, especially for low- and moderate-income owners.

It is also studying a regional hub that would prefabricate housing components to cut construction costs, with an initial report due in November. Organizers named rising building costs, property tax pressure and trouble financing first homes as the main obstacles.

No budget or target number of homes was announced.