Michaels Receives LIHTC Award and Part I Approval from National Park Service on Historic Rehab of McKinley Park Apartments

New partnership between Michaels and Stark Metropolitan Housing Agency will rehab 81 unidades históricas en el área del centro de Canton

Agosto 11, Cantón, OH- In these challenging times, when access to high-quality affordable housing has become more critical than ever, The Michaels Organization is proud to announce a new partnership in Canton, Ohio, con la Agencia de Vivienda Metropolitana Stark. Juntos, Michaels and SMHA (SMHA) will transform a dilapidated mid-Century building, McKinley Park Apartments, into a thriving, senior-living community to be called City View Apartments.

“City View Apartments will be a great addition to downtown Canton and will provide much needed affordable housing to our community. Through our partnership with The Michaels Organization, we look forward to future development opportunities,” said Director of Planning and Development, Ashley Wright.

El equipo de desarrollo recibió recientemente una asignación crítica de créditos fiscales federales para viviendas de bajos ingresos de la Autoridad de Financiamiento de la Vivienda de Ohio. (OHFA) and has also received the first approval from the National Park Service needed to seek historic tax credits. Both credits will be leveraged to raise private capital for the $14.5 million redevelopment.

Originally built in 1967, McKinley Park Apartments is an 11-story, 81-unit high-rise with a current mix of studios and one bedroom apartments. With the renovation, all studios will be upgraded to one-bedroom apartments. Located immediately south of downtown Canton, the redevelopment of the historic but obsolete apartment community will represent a critical new affordable housing option for Canton’s senior citizens. In addition to the apartment renovations, the redevelopment will include a newly-remodeled community room, a reading room, a fitness center, and on-site property management. The community will offer 80 modern one-bedroom apartments and 1 two-bedroom unit, all rent-restricted to households earning less than 60% of the area’s median income (IAM). The redevelopment of McKinley Park Apartments into City View Apartments is aimed to breathe economic prosperity and neighborhood growth into the community.

“We’re excited to partner with the Stark Metropolitan Housing Authority on this spectacular redevelopment effort. When complete, the building will anchor the south end of downtown Canton,” said Greg Olson, the lead developer and Regional Vice President of The Michaels Organization.

With Part 1 Approval from the National Park Service achieved, the development team is now pursuing placing the building on the National Register, which will allow the development team to pursue Ohio historic tax credits. Additional financing sources include City of Canton HOME funds and OHFA soft funding.

Development team members also include Moody-Nolan, a Columbus-based architect, Prater Ingeniería, Tober Building Company as the General Contractor. Lenders and investors will be identified this fall. Upon completion, Michaels Management will serve as the property manager, to ensure the success and longevity of the community and its residents.

sobre SMHA: La autoridad de vivienda metropolitana Stark (SMHA) proporciona los residentes elegibles del Condado de Stark con viviendas asequibles de calidad en decente, seguro, y barrios de alimentación. Trabajando en asociación con los sectores público y privado, SMHA proporciona a las familias con vivienda opciones y oportunidades.

Acerca de la organización Michaels: La Organización Michaels es líder nacional en bienes raíces residenciales que ofrece capacidades de servicio completo en desarrollo., gestión de la propiedad, construcción, y finanzas. Servicio 145,000 residentes en más de 400 comunidades a nivel nacional, Michaels se compromete a crear soluciones de vivienda que impulsen la educación, el compromiso cívico y la prosperidad del vecindario y la creación de comunidades que eleven vidas.