KeyBank Community Development Lending and Investment secured $9.9 million in low-income housing tax credit equity to finance the conversion of Margaret Wagner Senior Apartments in Cleveland Heights, Ohio into 80 low-income housing senior units. This development will create 20 new apartments through adaptive re-use of the first floor of Margaret Wagner House and preserve 60 existing units on upper floors.
The project’s total cost is estimated at $18.7 million with additional financing sources including 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, as well as seller financing.
Co-developed by CHN Housing Partners and Benjamin Rose – both headquartered in Cleveland – this 1960 nursing home facility offers HUD 202 PRAC subsidy for all its 100% units .
This investment by KeyBank Community Development Lending & Investment will ensure that seniors have access to quality affordable housing options for years to come
