A skilled nursing facility in Cleveland Heights, Ohio, is being converted to low-income housing for seniors in part thanks to $9.9 million in low-income housing tax credit (LIHTC) equity provided by KeyBank Community Development Lending and Investment. Built in 1960 as a SNF by the Benjamin Rose Institute on Aging, the facility offers HUD 202 PRAC subsidy for 100% of its units. In addition to creating 20 new one-bedroom units, the project will renovate existing units with updated kitchens and bathrooms, improved accessibility, central air conditioning, elevator modernization, new roofing and site improvements.
The project’s total cost is $18.7 million. Other financing sources included 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 and seller financing. The project is being co-developed by CHN Housing Partners and Benjamin Rose, both of which are headquartered in Cleveland, Ohio.
