Affordable Housing Initiative: Henrietta Homes in Cleveland, Ohio
KeyBank Community Development Lending and Investment (CDLI) contributed $10.2 million in 4% Federal LIHTC Equity and extended a $7.9 million construction loan to support the creation of Henrietta Homes. This initiative involves the construction of 40 lease-to-purchase (LTP) affordable single-family residences across vacant lots in Cleveland, Ohio's Hough neighborhood.
Henrietta Homes aims to cater to families with incomes ranging from 30% to 60% of the area median income ("AMI"). To facilitate affordability, a portion of the development, comprising eight homes, will benefit from 20-year Section 8 project-based vouchers ("PBV") provided by the Cuyahoga Metro Housing Authority. Furthermore, funding includes $1.6 million from the City of Cleveland Housing Trust Funds, a $450,000 Cuyahoga County HOME loan, and a $1.25 million equity bridge loan through the Ohio Housing Finance Agency's Housing Development Loan program. This project represents a collaborative effort to revitalize the Hough neighborhood.
The Famicos Foundation serves as the sponsor for Henrietta Homes, leveraging its position as one of Northeast Ohio's leading nonprofit community development corporations. Their mission centers on enhancing the quality of life in greater Cleveland through initiatives like neighborhood revitalization, affordable housing, and integrated social services.
The new construction at Henrietta Homes comprises 36 two-story, three-bedroom houses with unfinished basements and detached 1.5-car garages, along with four single-story, three-bedroom homes featuring attached 2-car garages (without basements). All units will adhere to Enterprise Green Communities standards to ensure energy efficiency and cost-effectiveness for residents. Amenities include private yards, complete appliance packages with dishwashers, washer/dryer hook-ups, and in-unit alarms.
Residents will have the option to lease the homes for a 15-year period, with the opportunity to purchase at an affordable price after the 16th year. Famicos will support tenants in transitioning to homeownership by offering financial education and homeownership counseling throughout the leasing period.
Situated near public transportation and within close proximity to the Cleveland Clinic and University Hospitals main campuses, Henrietta Homes also enjoys convenient access to grocery stores, restaurants, and schools. KeyBank CDLI's Derek Reed and Kory Clark facilitated the structuring of tax credit equity and debt financing for this endeavor.
Henrietta Homes aims to cater to families with incomes ranging from 30% to 60% of the area median income ("AMI"). To facilitate affordability, a portion of the development, comprising eight homes, will benefit from 20-year Section 8 project-based vouchers ("PBV") provided by the Cuyahoga Metro Housing Authority. Furthermore, funding includes $1.6 million from the City of Cleveland Housing Trust Funds, a $450,000 Cuyahoga County HOME loan, and a $1.25 million equity bridge loan through the Ohio Housing Finance Agency's Housing Development Loan program. This project represents a collaborative effort to revitalize the Hough neighborhood.
The Famicos Foundation serves as the sponsor for Henrietta Homes, leveraging its position as one of Northeast Ohio's leading nonprofit community development corporations. Their mission centers on enhancing the quality of life in greater Cleveland through initiatives like neighborhood revitalization, affordable housing, and integrated social services.
The new construction at Henrietta Homes comprises 36 two-story, three-bedroom houses with unfinished basements and detached 1.5-car garages, along with four single-story, three-bedroom homes featuring attached 2-car garages (without basements). All units will adhere to Enterprise Green Communities standards to ensure energy efficiency and cost-effectiveness for residents. Amenities include private yards, complete appliance packages with dishwashers, washer/dryer hook-ups, and in-unit alarms.
Residents will have the option to lease the homes for a 15-year period, with the opportunity to purchase at an affordable price after the 16th year. Famicos will support tenants in transitioning to homeownership by offering financial education and homeownership counseling throughout the leasing period.
Situated near public transportation and within close proximity to the Cleveland Clinic and University Hospitals main campuses, Henrietta Homes also enjoys convenient access to grocery stores, restaurants, and schools. KeyBank CDLI's Derek Reed and Kory Clark facilitated the structuring of tax credit equity and debt financing for this endeavor.
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