News Summary
Cleveland is set to enhance affordable housing with a $22 million investment in 55 single-family homes across East Side neighborhoods, including Buckeye, Glenville, and Hough. CHN Housing Partners commenced construction after securing financing on October 2. The project includes various home designs aimed at families earning 60% or less of the area median income, with homes becoming available to purchase after 15 years of rental. Completion is anticipated by fall 2026, promoting community strength and stability amid rising housing costs.
Cleveland is poised to see a significant boost in affordable housing with a $22 million investment for a new development consisting of 55 single-family homes in its East Side neighborhoods, including Buckeye, Glenville, and Hough. CHN Housing Partners announced this project after closing financing on October 2 and commencing construction shortly thereafter.
The Parkside Homes East project will comprise 49 three-bedroom, two-story homes, along with six three-bedroom, one-story accessible homes specifically designed to cater to families earning at or below 60% of the area median income (AMI). The homes will be strategically located, with 27 in Buckeye between Forest and Imperial Avenues, 16 in Glenville between East 100th and East 120th Streets, and 12 in Hough between East 84th and East 93rd Streets. All these plots were previously vacant land acquired from the City of Cleveland and the Cuyahoga County Land Bank.
Part of CHN’s lease purchase program, these homes will be rented to qualifying families for the first 15 years before they become available for purchase. This approach allows families to transition into homeownership gradually while providing affordable housing options in a market that has seen increasing pressures for market-rate homes, especially in the Glenville and Hough neighborhoods. To date, CHN has developed a total of 2,220 homes through similar programs, with 1,800 homes fully owned and 400 currently rented out.
The design of Parkside Homes East is akin to the recently unveiled Hope Homes, a project that celebrated its ribbon-cutting ceremony at the end of September. CHN plans to fund this latest development primarily through Low-Income Housing Tax Credits (LIHTC). While CHN has traditionally relied on the 9% LIHTC, this new project will utilize an innovative 4% LIHTC from the Ohio Housing Financing Agency. This introduction in 2024 enables CHN to expand its undertakings, allowing for a community that is nearly double in size compared to their prior developments.
Financing for Parkside Homes East involves various stakeholders, including the City of Cleveland, Citizens Bank, and a loan from the Local Initiatives Support Corporation through the Cleveland Housing Investment Fund. The tax credit syndicator for the project is Enterprise Community Partners, facilitating the necessary funding for this considerable investment.
CHN is the majority owner of Parkside Homes East, while minority stakes are held by both the Famicos Foundation and Burten, Bell, Carr Development, Inc. This collaboration aims to provide sustainable, long-term affordable housing options to the community.
The completion of all homes is anticipated by fall 2026, with initial move-ins expected by March 2026 as homes are ready for occupancy. The investments coming into these East Side neighborhoods not only aim to improve housing availability but also support community development initiatives, promoting growth and stability in areas like Buckeye, Glenville, and Hough.
As Cleveland continues to navigate the challenges of affordable housing, projects like Parkside Homes East represent a timely effort to enhance living conditions, address the needs of low-income families, and foster community resilience amid growing economic pressures.
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Additional Resources
- Crain’s Cleveland: CHN Housing Partners Closes Financing for 55 Home Development
- News 5 Cleveland: Parkside Gardens Tenants Given 3 Days to Vacate Apartments
- Cleveland.com: Out-of-State Companies Behind Condemned Euclid Apartments
- Wikipedia: Affordable Housing
- Google Search: Affordable Housing Cleveland
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