Wallick Receives $5.8 Million TMUD Tax Credit Award for Affordable Assisted Living Development

Wallick received $5.8 million in Transformational Mixed-Use Development (TMUD) tax credits as part of Phase II of its Central Park development in Heath, OH. These credits were awarded to support the construction of Wallick’s Affordable Assisted Living community within the project and will play a vital role in the community’s financial viability, helping to address the growing need for affordable senior care in Central Ohio.

Affordable Assisted Living is a new development focus for Wallick, and this incoming project in Heath is among our first in the category.

Designed to serve seniors who cannot typically afford market-rate assisted living, this income-based approach to senior living provides older adults on Medicaid the opportunity to enjoy their golden years in a supportive community.

Bringing even more value to this development, the Affordable Assisted Living community will be part of a new Ohio Housing Finance Agency (OHFA) program that combines the 4% tax credit with Ohio Medicaid Waiver reimbursements. This program allows qualifying residents to use Medicaid toward their care, making longer stays at a fixed affordable rate possible while ensuring the community’s financial sustainability.

Phase I of Central Park, awarded $4.1 million in TMUD credits last year, is set to transform 48 acres near Heath’s Indian Mound Mall into a vibrant mixed-use community. In this space, Wallick is developing 424 units of Workforce Housing, serving those who make 75-100% of the area median income. Phase I is expected to close in Q1 2025 and break ground soon after (read more here).

Phase II will further elevate the project through Wallick’s creation of an Affordable Assisted Living community, contributing to Central Park’s broader vision as a pedestrian-focused hub that combines multiple housing types and amenities.

Through innovative housing solutions like Affordable Assisted Living and Workforce Housing, Wallick remains committed to meeting a genuine need and Opening Doors to Homes, Opportunities and Hope for residents in Central Ohio and beyond.