The Real Estate & Development Department (RED) is responsible for coordinating all activities related to CMHA’s HOPE VI initiatives, public housing replacement, new homeownership and resident services activities for the Authority. The department’s goals are to change the face of public housing, assist families in gaining self sufficiency, and use development initiatives to help lessen concentrations of poverty. The department’s activities also encompass CMHA’s business inclusion efforts.
RED accomplishes these goals by securing financing from a variety of funding sources; including HUD HOPE VI grant funding, tax credit equity, Capital Fund Replacement Housing Factor funding and additional competitive grants devoted to improving resident self sufficiency. The average yearly development budget totals approximately $160 million.
Over the past two decades RED’s efforts has led to the redevelopment and construction of more than 2,000 apartments and town homes around Cuyahoga County, primarily aimed at housing low income families.
Tax Credit Initiatives
Low Income Housing Tax Credits (LIHTC) are quickly becoming the future of new affordable housing development. The LIHTC program is used to help finance new developments. In return for providing upfront LIHTC equity, investors receive a dollar-for-dollar credit against their Federal tax liability each year, over a period of 10 years. In Ohio, credits are awarded to developers through a competitive allocation process by the Ohio Housing Finance Agency. Currently, CMHA has five active tax credit properties at various stages of the development process. CMHA is continually looking for ways to provide contemporary affordable housing solutions. Our current offerings include a mix of apartment, townhome, and single family rentals. The following links showcase our current properties.
Rental Assistance Demonstration Program (RAD)
The U.S. Department of Housing and Urban Development (HUD) has opened up the application process for the Rental Assistance Demonstration Program (RAD), which allows Public Housing Authorities (PHA) to convert portions of their public housing stock into Project Based Section 8. The goal of the program is to enable the PHA to leverage private financing sources in order to make capital improvements to the estate. CMHA is seeking to utilize the RAD program for Cedar Extension, Bohn Tower, and Heritage View Homes revitalization efforts. CMHA will also be eligible to apply for additional sources of funding, such as FHA loans leveraged with Low Income Housing Tax Credits.
Northeast Ohio Sustainable Communities Consortium
In October of 2010, Northeast Ohio was chosen to receive a $4.25 million Sustainable Communities Regional Planning Grant from the Department of Housing and Urban Development (HUD). As a result, CMHA joined the Northeast Ohio Sustainable Communities Consortium (NEOSCC) to engage in the planning process.
The NEOSCC will develop a coordinated and integrated approach to planning efforts for land use, transportation, economic and workforce development, and infrastructure investments for a 12-county planning area comprised of Ashtabula, Cuyahoga, Geauga, Lake, Lorain, Mahoning, Medina, Portage, Summit, Stark, Trumbull and Wayne counties.
A small staff, participating members of the consortium, community leaders, and consultants, have been working together to carry out the program’s work. During the course of the plan development, a variety of engagement efforts will be launched to facilitate input from stakeholders throughout the entire Northeast Ohio region.
Link to NEOSCC website: http://neoscc.org/index.php
Northeast Ohio Sustainable Communities Consortium Tour