Tallmadge, Ohio—Groundbreaking ceremonies were held in early May for the AHEPA 63 Apartments, a new residential community for low-income older adults in Tallmadge, a northeast Ohio city a few miles directly east of Akron.
The three-story, 50-unit affordable apartment building will house adults 62 and older, and those with disabilities who qualify from an income standpoint. It will be complete in May 2013.
All 50 units in AHEPA 63 Apartments will be one-bedroom residences. Common area amenities will include a community room, arts and crafts room, computer room, exercise room and laundry room.
Getting the development to the groundbreaking stage was not devoid of challenges. “We had one site to begin with, and the Tallmadge City Council did not approve it,” Demetri Damaskos, director of development with the Fishers, Ind.-based AHEPA National Housing Corporation, tells MHN. “We went on to another site, and the council approved that one. The site is next to shopping; we always look for places next to shopping. It’s also next to a local bus line.”
AHEPA 63 is being developed by AHEPA National Housing Corporation and the U.S. Department of Housing and Urban Development (HUD). It is sponsored by AHEPA National Housing Corporation and supported by owner corporation AHEPA 63 Apartments, Ltd. That organization is made up of members of the Goodfriendship AHEPA Chapter No. 63 of the Order of AHEPA in Akron. AHEPA Management Company will serve as manager of the community.
AHEPA 63 Apartments is the first AHEPA community to incorporate tax credit financing with four percent bonds, coupled with the HUD capital advance.
HUD awarded the project with $5.2 million, plus $1.6 million in tax credit financing from Ohio Capital Corporation, for a total of $6.8 million.
Founded in 1922 in Atlanta, AHEPA stands for American Hellenic Educational Progressive Association, and is the largest Greek-American organization in the world.
It works to promote the ancient Greek ideals of education, philanthropy, civic responsibility and family and individual excellence.
AHEPA National Housing Corporation was established almost 30 years ago. It develops HUD-subsidized Section 202 housing for low-income people with disabilities, as well as adults 62 and older. The organization serves more than 4,800 older adults in 22 states with apartments and growing levels of amenities.
While AHEPA National Housing Corporation moves ahead to develop a second phase of an existing affordable senior community in Houston, it is witnessing considerable interest from prospective residents in AHEPA 63 Apartments.
“We’re already receiving calls from a lot of people older than 62,” Damaskos says.