Seven Northeast Ohio projects win tax credits for low-income housing

Seven Northeast Ohio projects won critical tax credits for low-income housing this week, to undergird deals that will create or renovate 406 homes.

On Friday, May 20, the Ohio Housing Finance Agency awarded more than $31.9 million in federal tax credits to 31 projects scattered across the state. Developers and investors claim the credits over 10 years to offset the costs of construction. In return, they must cater to low- and middle-income residents for decades.

Demand for the annual awards always surpasses supply. This year, the housing finance agency received 76 applications for more than $78.8 million in credits.

“Housing, especially affordable housing, is needed to support our state’s growing economy. As jobs are created across Ohio, we want to ensure that Ohio families have an affordable place to call home,” said Shawn Smith, the agency’s executive director, in a news release. “The investments we announced today will create new housing opportunities in communities across Ohio.”

Five of the local winners are Cleveland projects. The other two are in Cleveland Heights and Lorain. The deals range from apartments for the homeless to single-family homes that will be eligible for sale to low-income tenants after 15 years.

The developments are as follows:

Amesbury Rosalind Apartments: The Orlean Co. and Renewal Development Associates LLC plan to renovate this 66-unit apartment complex in Cleveland’s Hough neighborhood, at Amesbury Avenue and East 93rd Street.

The low-slung buildings, constructed in 1981, will undergo a $14.7 million makeover, according to a project summary submitted to the state. The developers plan to upgrade mechanical systems, renovate the units and redesign seven apartments for tenants with mobility challenges.

The project also will include a new outdoor recreation and fitness area and the installation of a Wi-Fi system to provide free Internet access across the property.

Broadway Commons: This Lorain apartment project is permanent supportive housing, a 62-unit building designed to combat chronic homelessness. Tenants will have access to on-site services provided by a slew of organizations.

CHN Housing Partners and EDEN, or Emerald Development and Economic Network Inc., are co-developers on the nearly $14 million deal.

Franciscan Annex: This ground-up construction project in Cleveland, in the Kamm’s Corners neighborhood, will bring 63 senior apartments to the Franciscan Village campus on Rocky River Drive. Tenants in the mixed-income building will pay $376 to $752 a month for one-bedroom units, according to a deal summary filed with the state.

The project is a $14.3 million endeavor by Salus Development, the same Cleveland-based developer that is renovating an existing 176-unit affordable-housing complex on the property.

Garrett Square Senior Apartments: Another new building, this 49-unit senior-housing project will rise in Cleveland’s Glenville neighborhood, at East 125th Street and Superior Avenue. The team is a partnership between the Commonwealth Cos. and Famicos Foundation, a nonprofit community development corporation that serves a stretch of the East Side.

Tenants will have access to health and wellness services, a fitness center and other amenities. The deal has a $12.8 million price tag, according to a project summary.

Gordon Crossing: This new-construction project will bring 46 apartments to Cleveland’s Hough neighborhood, through a joint venture between Columbus-based Woda Cooper Cos. and Frontline Development Group LLC of Beachwood.

Located at Woodward Avenue and East 101st Street, the complex will be comprised of two- and three-bedroom units for families. The $12.2 million project also will include apartments designed for physically handicapped tenants and residents with hearing or visual impairments.

Henrietta Homes: Famicos Foundation plans to build 40 lease-purchase houses in Hough, on land between East 65th and East 71st streets and Wade Park and Lexington avenues.

The single-family homes each will have three bedrooms and two bathrooms. Four of them will offer single-story living. Tenants will have the option to buy the houses 15 years after completion of the $12.9 million project.

Margaret Wagner Senior Apartments: CHN Housing Partners will transform the first floor of this existing rental property, in Cleveland Heights, into 20 apartments while renovating 60 units upstairs.

Built in 1960 as a nursing home, the complex now serves as affordable residences for elderly tenants. It is managed by the Benjamin Rose Institute on Aging. The redevelopment project, with a budget of $16.6 million, includes elevator upgrades, mechanical improvements and new kitchens and bathrooms.