KeyBank Community Development Lending and Investment secured $9.9 million in low-income housing tax credit equity to finance the conversion of Margaret Wagner Senior Apartments in Cleveland Heights, Ohio into 80 low-income housing senior units. This development will create 20 new apartments through the adaptive re-use of the first floor while preserving 60 existing units on upper floors. The project’s total cost is estimated at $18.7 million with other financing sources including a HUD 202 Capital Advance, Cuyahoga County HOME and Affordable Housing Gap funding, Affordable Housing Program Grant funding through Federal Home Loan Bank of Boston, and seller financing.
The co-development team consists of CHN Housing Partners and Benjamin Rose Institute on Aging – both organizations are headquartered in Cleveland, Ohio – offering HUD 202 PRAC subsidy for 100% occupancy across all units built back 1960 as a nursing home by Benjamin Rose Institute on Aging .
This post highlights KeyBank’s successful effort to secure funds for an important affordable housing complex providing much needed resources to seniors living in Cleveland Heights area
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