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Cuyahoga County provides $1.2 Million in loans for Affordable Housing Units
Affordable Home Loans Support Construction of More Than 100 Units

Cuyahoga County is continuing its commitment to the Federal HOME Investment Partnership Program (HOME). The County has awarded a $450,000 affordable HOME loan to La Villa Hispana to assist with the construction of four single family homes that will be available to families at or below 60 percent of the area median income. The project will be developed on vacant lots formerly held by the Cleveland or Cuyahoga land banks in the Clark Fulton neighborhood on Cleveland’s near west side.

“By investing in affordable housing, we are investing in families, our communities and the economy,” said Cuyahoga County Executive Armond Budish. “Consistent, stable, affordable housing is the platform from which families can succeed. I am proud to be part of this important initiative that will replace vacant land with affordable housing for individuals and families in Cuyahoga County.”

The Clark Fulton neighborhood is home to Ohio’s largest Latino community and is part of the W. 25th-Metrohealth Corridor Opportunity Zone where new investments, under certain conditions, may be eligible for preferential tax treatment. Clark Fulton is also a major cultural, social, and economic center of the Latino community in Northeast Ohio.

“Housing stability is critical to strengthening families and revitalizing neighborhoods,” said Kevin J. Nowak, Executive Director of CHN Housing Partners. “We are grateful to Cuyahoga County and Executive Budish for the vote of confidence in the Clark Fulton neighborhood.”

Two additional HOME Loans have been awarded, including a $450,000 HOME loan to Circle North Homes to assist with the construction of 30 single-family lease-purchase homes located in a concentrated area of the Circle North neighborhood in Glenville to be rented to families earning up to 60 percent of area median income.

A $365,000 affordable rental HOME loan has been awarded to St. Joseph Apartments to assist with the construction of a multifamily housing project located at 2554 West 25th Street in the City of Cleveland. The Saint Joseph’s apartments will be comprised of 68 fully-furnished one-bedroom, one-bathroom apartments.

The HOME loans totaling approximately $1.2 million will support the construction of more than 100 affordable housing units.

Cuyahoga County makes available Federal HOME Investment Partnership Program funds to for-profit and not for profit developers creating new or rehabbing existing affordable rental housing units in Cuyahoga County. Applications are reviewed by the Cuyahoga Housing Consortium Review Board, the seven-member board responsible for administering HOME program funding on behalf of Cuyahoga County. Recommended HOME loans are submitted to the appropriate governing body for approval.

 

 
Copyright © 1989 to 2019 by [LaPrensa Publications Inc.]. All rights reserved.
Revised: 10/08/19 20:38:23 -0700.

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