Lucas Metropolitan Housing Officially Closes on its New Building at 424 Jackson Street
Lucas Metropolitan Housing (LMH) announced today that it has closed on the acquisition of its new building at 424 Jackson Street with financing support provided by The Toledo-Lucas County Port Authority.
LMH decided to purchase the building, formerly occupied by United Way of Greater Toledo, in order to better serve its clients. The new location offers proximity to the central public transit terminal and off-street, free parking. The purchase also allows LMH to consolidate three of its offices into a single location, affecting approximately eighty employees and resulting in operating cost savings for the Agency.
Furthermore, the building's efficient layout allows for greater collaboration and cross-sharing of information that will improve organizational efficiencies and streamline communication, knowledge transfer and workflows. LMH anticipates more efficient teamwork will ultimately result in better strategic planning for its residents and community partners.
"Company culture is the life blood that keeps Lucas Metropolitan Housing healthy and thriving, and a positive culture is greatly enhanced and more easily fostered and influenced when employees share the same workspace," said Joaquin Cintron Vega, President and CEO, LMH.
"This move will allow for efficiencies in the physical space while encouraging greater peer-to-peer interactions and relationships with managers," he said. "Overall, we believe it will result in a better customer service experience for our clients."
The new office will serve as LMH's primary administrative office to support both its Public Housing and Housing Choice Voucher programs. Conveniently located two blocks from the Government Center building and other places of interest, it was chosen, in part, to make it easier for its residents to access LMH services and programs.
LMH Board Chairman Hugh W. Grefe added, "For the last decade, LMH has considered a number of options to consolidate our offices in a single location that is easily accessible to our clients and to those with whom we collaborate. We are very pleased that LMH joins many other organizations that have invested in energizing Toledo's ongoing downtown development. We look forward to our new address on Jackson Street."
LMH reached an agreement with United Way of Greater Toledo in late spring 2021 to acquire the building. "Over the last several years, United Way of Greater Toledo has enjoyed sharing its space with many community nonprofit partners," said Wendy Pestrue, President and CEO, United Way of Greater Toledo.
"Countless meetings and activities have operated out of the building including a variety of classes, 211 services and free-tax preparation. As part of United Way's pandemic response, the building was converted into an assembly center for meal packs, hygiene kits and school supplies. We are delighted to know the caring legacy of 424 Jackson will be continued through the vision of Lucas Metropolitan Housing, a lead partner and valuable resource to the work of United Way of Greater Toledo."
The Toledo-Lucas County Port Authority issued a $5.2 million tax-exempt 25-year bond transaction for LMH's headquarters relocation and renovation project. The interest rate for this bond financing was 2.9 percent.
"The Toledo-Lucas County Port Authority is proud to be a partner in this endeavor with Lucas Metropolitan Housing and to be able to deliver the financing necessary for this project to move forward," said Thomas J. Winston, President and CEO of the Toledo-Lucas County Port Authority. "We have always viewed this transaction and the relocation and centralization of the LMH headquarters to be a catalytic boost to Downtown Toledo. The new headquarters will not only allow LMH the opportunity to consolidate office space, but they are now centrally located in the region making themselves even more accessible to the community."
LMH occupancy of the new building is expected in the second quarter of 2022.
About Lucas Metropolitan Housing
Established in 1933, Lucas Metropolitan Housing (LMH) continues to provide affordable housing to adults, seniors and children in its Public Housing, Housing Choice Voucher, Mixed-Income and Market Rate housing units. LMH also provides a myriad of programs and opportunities designed to improve the total quality of life for our residents, with the ultimate goal of achieving self-sufficiency. The programs and services are the results of successful collaborations with numerous community partners.
Our current housing portfolio consists of 2,633 Public Housing units; 4,657 Housing Choice Vouchers; 322 Low-Income Housing Tax Credit units; 198 Market Rate units and 107 Homeownership Properties. There are approximately 17,500 people who reside in LMH properties. Lucas Metropolitan Housing partners with ALL people and organizations willing to exchange ideas and efforts to enhance Toledo, Lucas County and the world. www.lucasmha.org/.
About the Toledo-Lucas County Port Authority's Financing Programs
The Toledo-Lucas County Port Authority has developed a national reputation for innovative business financing, assisting over 600 economic development projects representing a total investment of more than $2 billion, while helping to create and retain over 20,000 jobs. Financing options include Fixed Interest Rate Revenue Bonds, Infrastructure Financing, Conduit Revenue Bonds, the Ohio Regional 166 Loan Program, the U.S. Small Business Administration 504 Loan Program, and the BetterBuildings Northwest Ohio Energy Efficiency Loan Program. For more information on these programs, visit www.toledoport.org.
About United Way of Greater Toledo
United Way of Greater Toledo, serving Lucas, Wood and Ottawa counties, unites the caring power of people to improve lives. Together, we're on a mission to change lives forever in our community by investing in programs focused on education, financial stability, and healthy lifestyles. We tackle the tough problems in these areas by funding and partnering with the most effective local organizations who create real opportunities and get results. LIVE UNITED by visiting www.unitedwaytoledo.org.