Ohio Housing Finance Agency Awards Low Income Housing Tax Credits to Lucas Housing Services Corporation
Lucas Housing Services Corporation (LHSC)-a Lucas Metropolitan Housing Non-Profit Affiliate-announced today that it is the recipient of $1,000,000 in Low Income Housing Tax Credits (LIHTC) awarded by the Ohio Housing Finance Agency. The funds are from the 2022, 9% LIHTC round of funding and will be used to redevelop the former Park Hotel.
Lucas Housing Services Corporation (LHSC), in conjunction with the Community Housing Network (CHN), will redevelop the site of the former Park Hotel in Toledo, Ohio, and replace it with a newly constructed 4-story building. The new Park Hotel Redevelopment Project will provide housing stability to young adults ages 18 to 24 who are homeless or at-risk of becoming homeless (transition-aged youth).
Park Hotel will offer permanent supportive housing (PSH), including supportive services with the goal of helping the residents achieving housing stability and the opportunity to access tools and resources to build a path to independence on their transition into adulthood.
This project will include 45 apartments consisting of 41 one-bedroom apartments and 4 two-bedroom apartments. Additionally, the proposed 4-story new building includes spaces for socialization, counseling, and education resources. Other amenities include a community room with an attached kitchen, a fitness space, laundry, and ample storage.
The total development cost for the Park Hotel project is projected to be $13,955,776 with the LIHTC funding providing approximately $8.7 million in tax credit equity, 62% of the needed funding for the project. Other key sources of funding include $3.2 million of City of Toledo ARPA funding recently awarded to the project with potential additional funding from the County.
LHSC is partnering with LMH, Lucas County Children's Services, Community Housing Network, Continuum of Care (CoC), Construction Manager at-risk - Lathrop Turner, Architect- Berardi Partners, and National Church Residences, Property Manager. Lathrop Turner will be the construction manager of the project. Construction is expected to start in early spring, 2023, after the financial closing. The building is expected to be ready for occupancy in late spring 2024.
"Over two years ago, LMH was informed of a need for affordable housing and supportive services for those aging out of foster care locally," stated Matthew Sutter, Chief of Public Housing, Development and Modernization for LMH. "We began working with our partners to address this urgent community need. The Park Hotel redevelopment tax credit award is the next step in filling that need. We look forward to the completion of the construction portion of the project and ultimate occupancy in the spring of 2024."
Joaquin Cintron Vega LMH President and CEO stated, "Our team is extremely excited about achieving this very meaningful milestone. Our goal is to provide, sustainable, affordable housing opportunities to all sectors of our population. In this case, to build forty-five new apartment homes to provide permanent supportive housing to our youth aging out of the foster care system. Receiving this competitive 9% Low-Income Tax Credit award is the result of a strategic and collective effort in which Lucas Metropolitan Housing and its nonprofit affiliate, Lucas Housing Services Corporation, maximized the power of effective partnerships to produce strong collaborations."
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 2,669 Public Housing units; 4,685 Housing Choice Vouchers; 322 Low-Income Housing Tax Credit units; 8 Market Rate units and 104 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. For more information, please visit www.lucasmha.org.
About Lucas Housing Services Corporation
Established in 2013, Lucas Housing Services Corporation (LHSC) is a non-profit affiliate of Lucas Metropolitan Housing (LMH). LHSC is the anchor of the Community Development arm for LMH. LHSC's mission is to, "provide relief for a community located within low- and moderate-income census tracts by rehabilitating and improving properties subject to blight and foreclosure. Such activities will help relieve conditions of poverty, dependency, chronic unemployment, and underemployment in an economically depressed community. Given the unmet need of the community for such relief, LHSC is a critical vehicle for improving the quality and value of the distressed areas."
LHSC has been serving the Community for over ten years focusing on creating homeownership opportunities for low- and moderate-income, first-time home buyers. LHSC owns over 100 homeownership properties, and its program "Work Your Way Home," a one-stop shop towards homeownership, has created more than 40 homeowners in two key neighborhoods that support downtown in North and Central Toledo. LHSC enjoys partnerships with many agencies in the community helping to improve individual's and family's quality of life while stabilizing distressed neighborhoods.