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Four New Affordable Housing Projects in Cleveland

Cleveland (July 26, 2017) -- The Ohio Housing Finance Agency recently announced tax credit
awards of nearly $34 million over a 10-year period to four housing projects in Cleveland that will
help build a total of 167 new homes and apartments.

Developers awarded tax credits can use them over a 10-year period to help offset costs of
construction or rehabilitating housing developments. In exchange for the credits, owners must
maintain rents that are affordable and limit occupancy to residents with low-to moderate-incomes
for up to 30 years.

The Cleveland Housing Network received credits for International Village: Clevelands Dream
Neighborhood and its plan to build 22 new homes on vacant land in and around the Thomas
Jefferson Newcomers Academy, a Cleveland school where more than 20 languages are spoken.
Most of the new homes will have three bedrooms and two bathrooms. The Dream Neighborhood,
which is in the Stockyard area of the West Side, also includes an initiative to renovate empty homes
for newcomers to Cleveland, as well as renovate occupied neighbors homes.

The award is a great shot in the arm for International Village, said Councilman Brian Cummins,
whose ward includes a portion of the project. It is recognition of the hard work we are doing to
stabilize the housing in this community through targeted demolitions, continuing investment in the
rehabilitation of homes and stronger code enforcement of properties owned by absentee
landlords.

Snavely Property Co., in collaboration with Detroit Shoreway Development Corp., also was a
recipient to renovate and create 38 apartments in whats being called The Forest City Square
Apartments at the corner of W. 25th Street and Detroit Avenue. The apartments will be efficiency to
two-bedroom units, with parking, laundry facilities and a roof top patio.

Credits to the Cleveland Housing Network, in collaboration with other partners in the Housing First
Initiative, will allow them to tear down the long-vacant YMCA on West 25th Street in Brooklyn
Centre and replaced it with a new 71-unit apartment building made up of permanent supportive
housing.

Finally, the non-profit Burten, Bell Carr Development Inc.s award will go to build 36 single-family
homes along Colfax Road and Minnie Street in the Kinsman neighborhood. The homes will be 3 to 4
bedrooms and have 1.5 to 2.5 baths.

The Central and Kinsman neighborhoods are seeing a tremendous amount of new investment,
said Councilwoman Phyllis Cleveland, whose ward includes the new Kinsman homes. Burten, Bell,
Carr is a great partner in helping transform our neighborhoods.

The new housing sites on the West Side overlap three Council wards represented by Councilmen
Tony Brancatelli, Brian Cummins and Kerry McCormack. The East Side housing is in Councilwoman
Phyllis Clevelands ward.

I am excited that Cleveland won these very competitive statewide awards, said Councilman
Brancatelli, whose ward includes Brooklyn Centre. Besides a $34 million housing investment in
our neighborhoods, the construction of 167 new units will also create good jobs.

Mayor Frank G. Jackson said, These four neighborhood projects help provide affordable family
housing, combat homelessness, and assist with homeownership through lease-purchase. By
working with the developers, were able to find real solutions that meet the needs of all
Clevelanders, including our most vulnerable populations.

More information on the Ohio Housing Finance Agency and the awards can be found here:
http://ohiohome.org


Joan Mazzolini
Chief of Communications
Cleveland City Council
216.664.4466
jmazzolini@clevelandcitycouncil.org