TOLEDO, Ohio (WTVG) — The Lucas Housing Services Corporation (LHSC) announced Thursday that it was receiving $1 million in low-income housing tax credits.
The money was granted by the Ohio Housing Finance Agency and will be used to redevelop the old Park Hotel, a Lucas Metropolitan Housing spokesperson said.
LHSC and the Community Housing Network (CHN) will replace the old Park Hotel, located in Toledo, with a new four-story building. The Park Hotel redevelopment project will provide housing stability for young adults aged 18-24 who are homeless or at risk of homelessness.
According to Lucas Metropolitan Housing (LMH), permanent supportive housing (PSH) will be offered by the new Park Hotel, including supportive services with the aim of helping residents achieve housing stability and giving them the ability to access tools and resources to build a path to independence as they transition into adulthood.
The project includes 45 apartments consisting of 41 one-bedroom apartments and four two-bedroom apartments. The proposed four-story building will include spaces for socializing, counseling and educational resources. The building will also include several other amenities, including a community hall with an adjoining kitchen, fitness area, laundry room and storage space.
“Our team is extremely excited to reach this very significant milestone,” said Joaquin Cintron, President and CEO of LMH. “Our goal is to provide sustainable and affordable housing options to all sectors of our population. In this case, build forty-five new apartments to provide permanent supportive housing for our young people coming out of the foster care system. Receiving this competitive 9% low-income tax credit is the result of a strategic and collective effort in which Lucas Metropolitan Housing and its nonprofit affiliate, Lucas Housing Services Corporation, have maximized the power of effective partnerships to produce strong collaborations.
LMH said the total development cost for the Park Hotel project is expected to be $13,955,776. LITHC funding provides approximately $8.7 million in tax credits, or 62% of the funding needed. The City of Toledo’s ARPA is also providing $3.2 million for the project, and additional funding could also come from the county.
Lathrop Turner will be the construction manager for the project, according to LMH. Construction is expected to begin in early spring 2023. The building is expected to be ready for occupants in late spring 2024.
“Over two years ago, LMH was made aware of a need for affordable housing and support services for people aging outside of foster care,” said Matthew Sutter, Head of Public Housing, Development and modernization for LMH. “We have begun working with our partners to address this urgent community need. The Park Hotel Redevelopment Tax Credit is the next step in addressing this need. We look forward to completion of the construction portion of the project and final occupancy in the spring of 2024.”
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