KeyBank Provides $10 Million for Seniors Affordable Housing in Cleveland Heights, OH

CLEVELAND, OH / ACCESSWIRE / July 18, 2023 / KeyBank Community Development Lending and Investment (CDLI) provided $9.9 million in low-income housing tax credit (LIHTC) equity to finance the conversion of the Margaret Wagner Senior Apartments in Cleveland Heights, OH to 80 low-income housing senior units (62+). This development will create 20 new apartments through the adaptive re-use of the first floor of Margaret Wagner House and preserve 60 apartments on the upper floors.

Built in 1960 as a nursing home by the Benjamin Rose Institute on Aging, the facility offers HUD 202 PRAC subsidy for 100% of its units. In addition to creating 20 new one-bedroom units, the project will renovate existing units with updated kitchens and bathrooms, improved accessibility, central air conditioning, elevator modernization, new roofing, and site improvements.

The project's total cost is $18.7 million. Other financing sources include 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 project is being co-developed by CHN Housing Partners (CHN) and Benjamin Rose, both organizations are headquartered in Cleveland, OH. Margaret Wagner Senior Apartments will provide much needed senior affordable housing in a market where demand far outstrips supply.

For more than a century, Benjamin Rose has been providing care for Cuyahoga County's senior population, and, in partnership with CHN, will continue to manage the property and provide supportive services to its residents. A service coordinator will meet with each new tenant during orientation and offer to discuss the individual's needs with emphasis on behavioral health, preferences for socialization activities, linkage to community-based partners, and primary health care providers when appropriate. Benjamin Rose has also coordinated with the City of Cleveland Heights Office of Aging to provide low-cost transportation for seniors within a 5-mile radius.

"Affordable housing development is never easy, but a strong development team allowed us to overcome the many challenges we faced while getting this project to the construction stage, and we are particularly grateful for KeyBank's financial support," said Mike Bier, Senior Project Manager for CHN Housing Partners. "The Margaret Wagner facility has a storied past in Cleveland Heights, and CHN is glad to be a part of its revitalization."