CHN Wins State Funding for 3 Affordable Housing Projects

On July 2nd, the Ohio Housing Finance Agency announced tax credit awards for 3 CHN affordable housing projects--the maximum number of awards to a single developer allowed by the State. The projects represent 138 affordable housing units for low-income families, chronically homeless individuals and young women aging out of foster care. The announcements included 39 tax credit awards statewide.

CHN funded projects include:
Cleveland Green Homes II — 45 single-family homes
CHN will acquire vacant, abandoned homes in Cleveland’s six Strategic Investment Initiative areas, renovating the homes using Green Communities standards adopted by Enterprise Community Partners. Three of the 45 homes will be new, fully handicap-accessible homes. Combined with two projects that received Tax Credits last year (Cleveland Green Homes and Cleveland Green Homes East) these projects will add a total of 121 affordable, single-family green homes to CHN’s Lease Purchase portfolio. The Lease Purchase program allows families who could not otherwise achieve homeownership to lease a home at an affordable rate with the option to purchase after 15 years of responsible residency.
 
The State’s funding announcement of Emerald Alliance V (CHN’s fifth permanent supportive housing project located at 7515 Euclid Avenue), marks a combined investment of $25 million dollars by CHN in this once blighted section of Euclid Avenue.
Emerald Alliance V – 70 apartments for chronically homeless
CHN was also awarded Tax Credits to build a 70-unit apartment building at 7515 Euclid Avenue for chronically homeless individuals. Part of Cuyahoga County’s Housing First Initiative, the project represents CHN’s fifth permanent supportive housing project in Cleveland done in collaboration with experienced partners EDEN, Inc. and Mental Health Services. Based on national best-practice models, Housing First seeks to end long-term chronic homelessness among single individuals. The model is demonstrating success both nationally and locally. The local model has seen just 1% of Housing First residents return to homelessness.

The State’s funding announcement of Emerald Alliance V (CHN’s fifth permanent supportive housing project located at 7515 Euclid Avenue), marks a combined investment of $25 million dollars by CHN in this once blighted section of Euclid Avenue.

Independence Place — 23 apartments for homeless youth
A partnership with the YWCA will allow CHN to develop permanent supportive housing for young women aging out of foster care. Twenty three units will be developed on the second floor of the YWCA building on Prospect Avenue near East 40th. The YWCA is the owner and manager while CHN is the developer and supervising property manager.