A $27 million, 95-unit senior apartment community from Fairfield Homes is set to start welcoming residents this summer in Lancaster, with leasing already underway for July move-ins and all homes reserved for people age 55 and older.
According to Columbus Business First, the project, called The Reserve at Hunter Trace, rises at 150 Trace Drive on Lancaster’s southwest side and is being billed as a fresh addition to the city’s affordable housing stock.
How It Was Financed
State application materials filed with the Ohio Housing Finance Agency describe The Reserve at Hunter Trace as a 95-unit, new-construction senior community with a total development budget of about $27.8 million, backed by requests for both federal and state low-income housing tax credits. The Ohio Housing Finance Agency details the project’s budget and tax credit requests.
A separate financing announcement notes that Churchill Stateside Group closed a $7,865,000 forward-committed permanent loan to help move the project from blueprint to reality. Business Wire reported the loan terms.
What Residents Will Find
Fairfield Homes lists one- and two-bedroom apartments, with current rents of about $1,067 and $1,287, respectively, and notes that water and trash service are included in those estimates. The company also states that the head of household must be at least 55 years old to qualify. Fairfield Homes further highlights on-site features such as a medical office, community lounge, library, a small fitness and yoga area, along with LEED Silver construction elements.
Local Context And Support
Lancaster officials backed the project with a $250,000 American Rescue Plan allocation, after declaring the city’s housing shortage “severe” and framing the funding as a targeted boost for affordable senior housing. The City of Lancaster resolution formally authorized the ARP pledge.
Developers and financial partners say the building will be income restricted for older households, with Business Wire noting that units will be held at about 60 percent of area median income. That structure is intended to lock in affordability for seniors rather than chasing top-of-market rents.
Leasing And Timeline
Fairfield Homes currently lists the Reserve at Hunter Trace as “NOW LEASING” for July move-ins, with an online application portal and contact information available for prospective tenants. The Fairfield Homes site includes the latest rent estimates along with step-by-step application instructions.
With ARP dollars committed and tax credit financing locked in, project backers expect most of the 95 units to fill as leases are signed over the coming months, adding a sizable block of affordable senior apartments to Lancaster’s housing mix. Supporters say the complex will give older residents more options to downsize or secure service-rich, budget-friendly housing within easy reach of downtown.
