Pennrose Moves Forward with 2 Ohio Projects

The Ohio Housing Finance Agency has provided housing tax credits to develop affordable housing in Cincinnati and Cleveland.
Warner & Swasey. Image courtesy of Pennrose

Pennrose has gained tax credits from the Ohio Housing Finance Agency toward funding development of two projects on opposite ends of the Buckeye State. The developments are Apple Street Senior in Cincinnati and Warner & Swasey in Cleveland. Ohio Housing Finance Agency awarded more than $31 million in 10-year federal housing tax credits to more than three dozen Ohio developments, part of its 2020 Housing Tax Credit Program. 

Apple Street Senior is the first designated LGBTQ-friendly senior affordable development in Cincinnati. It is the joint venture of Pennrose and Northsiders Engaged in Sustainable Transformation (NEST). It will include 57 new studio, one- and two-bedroom apartments renting at 30 to 60 percent of Area Median Income. The property will offer supportive services from Council on Aging of Southwestern Ohio and Caracole, the latter a non-profit service group that works to combat AIDS/HIV in the City of Seven Hills’ metro area.

Strategic initiatives

In Northeast Ohio, Cleveland’s Warner & Swasey captured tax credits from the special “strategic initiatives” funding pool. That pool selects recipients based on proposals addressing priority housing needs that can make substantial impact on the community.

With an address at 5701 Carnegie Ave., Warner & Swasey will be developed in a hulking, five-story, 116-year-old brick and steel manufacturing plant vacated more than three decades ago by Warner & Swasey Co. Founded in 1880, the company operated for more than a century as one of the nation’s leading makers of tools for manufacturing.

The result will be a mixed-income, mixed-use, adaptive reuse development yielding 140 affordable and market-rate apartments, supplying senior and workforce housing. It will also include office space intended for the technology and manufacturing industries.

Residential pipeline

Pennrose has worked in the region since 2007 to establish a pipeline of high-quality residential communities. That led to the 2017 launch of a regional office in Cincinnati.

Other properties being developed by Pennrose include College Hill Station in Cincinnati, Cedar Redevelopment III in Cleveland, Eastern Woods with the Blanchard Valley Health System in Findlay and Lincoln & Gilbert with Walnut Hills Redevelopment Foundation in Cincinnati.

Pennrose is also working on predevelopment of Bond Hill Senior with the Greater Cincinnati Development Corporation in Cincinnati. Earlier this year, Pennrose worked with a partner to gain financing for an affordable senior housing community in Lanham, Md.