The partnership between Michaels and Stark Metropolitan Housing Agency will continue with the rehab of 134 more units in the Downtown Canton area.
September 14, Canton, OH— During times where affordable housing has become more critical than ever, The Michaels Organization has announced it will be continuing their partnership in Canton, Ohio, with the Stark Metropolitan Housing Agency (SMHA). Together, the duo has now announced that they will be taking their partnership a step further by revamping Downtown Canton’s Cherrie Turner Tower into newly modernized housing through HUD’s Rental Assistance Demonstration (RAD) program.
RAD was developed by congress in 2012 to meet the growing capital improvement needs of public housing in the nation. Under RAD properties “convert” to long-term, project-based Section 8 contracts. This allows for a more reliable operating subsidy source that gives Public Housing Authorities (PHA) and owners the ability to safely leverage private capital (typically debt and equity) for property rehabilitation or replacement financing.
The development team recently received a critical allocation of federal Low Income Housing Tax Credits from the Ohio Housing Finance Authority (OHFA) for the rehab of Cherrie Turner Tower. The project is an estimated $13.7 million in redevelopment.
Cherrie Turner Tower is an eight floor, 134-unit high-rise that was built in 1970 and is located in the Northwest end of Downtown. The building has a current make-up of efficiency and one bedroom units. The renovation will include converting several units to meet Section 504 requirements. The plans entail 38 studios and 96 one bedrooms which are to include seven accessible ANSI A117.1 Type A units and three hearing and visually impaired units. The high-rise will welcome households with a various mix of where they fall within the area’s median income (AMI) range. The redevelopment is aimed to foster growth into the community.
“We’re delighted to work with SMHA to redevelop Cherrie Turner. It’s exciting to upgrade the property and provide residents with a greater quality residential building,” said Greg Olson, who is the lead developer and Regional Vice President of The Michaels Organization.
Development team members on the Turner Towers RAD conversion also include Urban Practice as the architect, Prater Engineering, Tober Building Company as the general contractor, as well as other lenders and investors. Michaels Management Affordable will serve as the property manager once the development has been completed.
About SMHA: The Stark Metropolitan Housing Authority provides eligible residents of Stark County with quality affordable housing in decent, safe, and nourishing neighborhoods. By working in partnership with the public and private sectors, SMHA provides families with housing choices and opportunities.
About the Michaels Organization: The Michaels Organization is a national leader in residential real estate offering full-service capabilities in development, property management, construction, and finance. Serving 146,000 residents in more than 425 communities nationwide, Michaels is committed to crafting housing solutions that jumpstart education, civic engagement and neighborhood prosperity and to creating Communities That Lift Lives.