Tax credit paves way for housing

By SHELBY SCHROEDER

The project will help to fill the need for senior housing in the city.

NILES — With a $642,654 yearly tax credit under its belt, a local developer’s plans to construct new senior housing in downtown Niles will move forward.

Developer Commonwealth Incorporated received the financial aid to start work on Edison Place, a proposed three-story, 50-unit complex that will offer senior citizens affordable housing.

Last Thursday, the Ohio Housing Finance Agency, an independent organization that seeks affordable homes for Ohioans, issued Commonwealth Inc. a 10-year housing tax credit for the complex, which will be located on the vacant lot formerly occupied by Edison Junior High School. A tax credit is a reduction in the amount of tax paid.

Jim Yuhasz, building chairman for Interfaith Churches for Housing, said the group has sought funding for the project since 2002 in an effort to accommodate the city’s need for more senior housing. The city’s current senior housing, Central Park Apartments, is constantly occupied to capacity, Yuhasz said.

“A market study showed there’s need for more senior living in the area,” said Yuhasz. “There’s a waiting list of anywhere between 20 and 30 people at Central Park.”

Plans submitted by Commonwealth show Edison Place as an L-shaped building, its outer sides facing West Church Street and Arlington Avenue. The building plans include 75 parking spaces, and the building will contain computer, multi-purpose and community rooms, as well as exercise and laundry facilities.

Apartments feature standard amenities, including central air and kitchen appliances. Five units will be designed for people with mobility impairments.

Though no date has been set, Yuhasz said he hopes construction will begin by summer or fall of 2009. He estimates the project’s cost between $7.5 million and $8.5 million.

According to OHFA guidelines, the project must begin by 2010 for Commonwealth to claim the tax credits.

More than 150 applicants applied for funding through OHFA this year, and the Edison Place project was one of 29 chosen to receive tax credit.

As part of the credit deal, OHFA agents will regularly visit the property to “make sure the project is in good shape,” said Kevin Clark, housing credit officer for the agency. The developer must also agree to keep the property affordable for the next 30 years and submit yearly reports on its finances.