Tax credit to help TMHA build new senior housing
WARREN – Trumbull Metropolitan Housing Authority was awarded a $745,470 tax credit on Wednesday to build a senior housing complex in Warren.
Calling the award a ”colossal get” for the agency, its executive director, Don Emerson, said the credit through the Ohio Housing Finance Agency lets TMHA move ahead on Parkman Landing, an $8.9 million, 60-unit facility on Parkman Road N.W.
”Ultimately, what will occur, it will replace one of the towers at the Riverview Complex,” Emerson said. ”One of those will eventually come down. We’ll leave one up. This is obviously a colossal get for us.”
The federal tax credit is part of $27.8 million given through OHFA’s Housing Tax Credit program to help pay for construction, acquisition and rehabilitation of affordable housing in Ohio. Forty-six developments in 31 counties were given credits in the 2014 program.
This was the TMHA’s third attempt for the credit.
Under the housing provider’s proposal, one of the two high-rise buildings at the Riverview Complex, a senior living complex at the intersection of Buckeye Street N.W. and Tod Avenue N.W., will come down. At least 20 slots for residents living there will be available at the new complex, and the rest will have the option of moving to the remaining building, given vouchers to find housing elsewhere or move into another complex in TMHA’s portfolio, Emerson said.
The 302 units at the towers are 77 percent full.
Emerson said construction should begin sometime in the fall and take about one year.
”This is a seminal moment for the housing authority as we continue to meet our mission,” Emerson said. ”Parkman Road is the gateway to the City of Warren. We are looking forward to the completion of this project and the continued revitalization of the city.”
The property on Parkman Road N.W. was purchased from the Warren Board of Education, which had planned a couple years ago to build a new school complex on it. Those plans changed when the district scaled back the number of new school buildings and after it was determined the Parkman Road N.W. property was a wetland.
TMHA bought the land for about half of the $475,000 the district paid for it. Emerson said TMHA already has a wetland replacement plan in place.