Cleveland Residential Projects Receive Low-Income Housing Tax Credits
- Jun 23, 2015
Two developers plan to start work on three affordable housing projects in Cleveland. And they’ll do it with the help of the state.
Last week, the Ohio Housing Finance Agency announced the recipients of the 2015 Housing Tax Credit program awards. More than $30 million in federal housing tax credits went to a total of 40 projects. The recipients were selected out of a list of 103 applicants seeking to receive approximately $77 million in credits.
Three of the 40 projects are located in Cleveland. They are being developed by the Detroit Shoreway Community Development Organization and Cleveland Housing Network. Together, they will bring more than 160 units with affordable rents to Cleveland’s Clark-Fulton, Hough and Euclid Green neighborhoods.
The Detroit Shoreway project is named The Lofts at Lion Mills. It calls for the conversion of the former Lion Knitting Mills Building, a mostly vacant structure developed in 1919 at the intersection of West 25th Street and Meyer Avenue, into an apartment community with 36 loft-style units. There will be 21 one-bedroom units and 15 two-bedrooms. Amenities include 18 parking spaces, a laundry facility and community rooms. According to Crain’s Cleveland, the project is expected to cost $9 million.
Cleveland Housing Network is the developer of the remaining two projects, called Hough Heritage and Emerald Alliance IX. The first will be an apartment community for the elderly. It will be located on a site on East 97th Street and will feature 60 affordable units. The second project will be developed at 17704, 17710, 17716 and 17722 Euclid Ave. It will feature 66 one-bedroom units, each one fully furnished and equipped with a bath, kitchen and storage. Emerald Alliance IX will provide housing for formerly homeless and low-to-moderate-income households.
OHFA has reserved $662,984 in credits for The Lofts at Lion Mills, $917,146 for Hough Heritage, and $906,705 for Emeral Alliance IX.