OAQDA Issues $74 Million in Financing for Cincinnati Development, Advancing Job Creation and Economic Growth

FOR IMMEDIATE RELEASE
February 10, 2026

Media Contact: Lindsey Sanders
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OAQDA Issues $74 Million in Financing for Cincinnati Development, Advancing Job Creation and Economic Growth

COLUMBUS - The Ohio Air Quality Development Authority (OAQDA) has closed on bond financing to support clean air improvements to Three Oaks, a new multifamily residential development that is creating hundreds of construction jobs and driving economic investment in Cincinnati for much-needed workforce housing options. The OAQDA revenue bonds were purchased by three banks who provided capital for the project, including Associated Bank, First Financial Bank, and First Commonwealth Bank.

The project, located at 2798 Three Oaks Lane, is being developed by Casto Communities through Three Oaks MF, LLC and includes interconnected air quality infrastructure improvements involving 15 buildings and hundreds of apartment units. OAQDA financing of up to $74 million, provided through the Authority's Clean Air Improvement Program (CAIP), is supporting a portion of the project, while encouraging the use of modern, energy-efficient building systems.

"This investment reflects OAQDA's role in helping communities move projects from planning to construction aligned with local economic development initiatives," said Christina O'Keeffe, Executive Director of OAQDA. "By closing on this financing, we are supporting hundreds of construction jobs while adding healthier housing options for Ohio's families and workers, helping deliver long-term economic value for the Cincinnati region."

"This financing represents a meaningful investment in jobs and long-term economic opportunity for our region," said State Senator Catherine D. Ingram (D-Cincinnati). "With construction underway, this project is putting Ohioans to work and contributing to the growth of our community."

The Three Oaks development is expected to support approximately 574 full-time construction jobs during the build phase and six permanent full-time jobs once the project is operational.

"This is the kind of development that delivers immediate and lasting economic impact," said State Representative Ashley Bryant Bailey (D-Cincinnati). "Closing on this financing means jobs are being created now, housing is being delivered and the community is seeing the benefits of responsible investment."

In addition to its economic impact, the development incorporates a range of healthier and more advanced energy-efficient systems, including high-efficiency heat pumps, LED lighting, enhanced building envelope improvements, and reliable on-site solar power generation. Independent analysis confirmed the project is expected to use approximately 50.7% less energy than a baseline building, exceeding OAQDA program requirements for the project type in comparison with other properties.

"Closing this financing allows us to move forward with a project that delivers real economic value," said Brent Sobczak, President of Casto Communities. "Three Oaks will create jobs, expand housing options, and reflect our commitment to high-quality, efficient development in Cincinnati."

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The Ohio Air Quality Development Authority (OAQDA) is an independent state agency that partners with cities, counties and other municipalities across the state to stimulate job growth, drive economic benefits and improve community health through financing air quality projects. OAQDA's primary activity is to further economic development in Ohio by providing financing and incentives for projects that cause a reduction in air emissions, regardless of whether the project uses coal, natural gas, oil or another resource type. Since its creation in 1970, OAQDA has issued more than $6 billion in revenue bonds for air quality projects to help Ohio employers achieve energy cost reductions and improve air quality. For more information about OAQDA and its services, please visit ohioairquality.org.