Ohio Housing Finance Agency

Cleveland’s new hot spot: BVQ District. Here’s why…

There’s an underutilized 50-acre area on Cleveland’s near-West Side dubbed the BVQ District. It is surrounded by Ohio City, Tremont and the La Villa Hispana section of Clark-Fulton. All of those neighborhoods have seen, and continue to see a lot of investment. BVQ has been walled off from that activity by Interstate 90 and the Red Line tracks. But like water overtopping a dam, soon that dam is going to break.

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McCafferty site redevelopment in Ohio City revealed

Six weeks ago, city officials announced that they had picked Pennrose, LLC and its proposal to build senior affordable apartments on the current site of the Thomas F. McCafferty Health Center, 4242 Lorain Ave. in Cleveland’s Ohio City neighborhood. Now, with a Pennrose-led development team submitting to the state its application for Low Income Housing Tax Credits (LIHTC) for the project, the public can see the developer’s proposed plan.

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Projects OK’d for affordable housing loan, credits

In Cleveland, one east-side housing development and one west-side development are set to receive 4-percent Low Income Housing Tax Credits (LIHTC) from the Ohio Housing Finance Agency (OHFA). The agency announced that determination yesterday in a spreadsheet posted on its Web site. A third project won a $1.75 million OHFA loan, OHFA said in a written statement released today.

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Two apartment buildings in Hub 27’s first phase

A revised plan is moving forward to fill in more of the development gap along West 25th Street between Cleveland’s booming Ohio City neighborhood to the north and the growing La Villa Hispana community to the south. In between is where the latest development, Hub 27, is poised to rise and join other existing, underway and planned developments at the north end of the Clark-Fulton neighborhood.

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Slavic Village redevelopment plans progress

A Cleveland-New York development partnership is seeking financing for a significant remake of the heart of Cleveland’s Slavic Village at Broadway Avenue and East 55th Street. And an application for Low Income House Tax Credits (LIHTC) is bringing more clarity to the partnership’s redevelopment plans that were first revealed publicly by NEOtrans in May 2023.

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Hough MLK Plaza redevelopment advances

While Northern Real Estate Urban Ventures, LLC (NREUV) is getting ready to break ground this week on its first Cleveland development, it’s already putting together the pieces for its next project here. The redevelopment of MLK Plaza, 9300 Wade Park Ave., in Cleveland’s Hough neighborhood would replace an aging, mixed-use complex with modern, low-income housing over ground-floor programming and common areas.

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Watterson-Lake development awarded financing

Key pieces of financing were awarded this week to a significant development planned on the south side of the intersection of Detroit and Lake avenues in Cleveland’s Detroit-Shoreway neighborhood. There, a 136-unit affordable housing project could see construction start by early next year on the site of the former Watterson-Lake Elementary School, 7407 Detroit Ave.

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