Former Park Hotel to become affordable housing for at risk young adults

The former Park Hotel will soon become a four-story, affordable housing apartment building for...
The former Park Hotel will soon become a four-story, affordable housing apartment building for young adults at risk of of homelessness.(WTVG)
Published: Nov. 22, 2022 at 3:26 PM EST
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TOLEDO, Ohio (WTVG) - The former Park Hotel will soon become a four-story, affordable housing apartment building for young adults at risk of of homelessness.

Lucas County Metropolitan Housing and Community Housing Network announced Tuesday that their partnership is receiving a $400,000 Affordable Housing Program subsidy from the Federal Home Loan Bank of Cincinnati.

LMH says receiving the AHP subsidy means all the necessary funding is now complete for LMH and CHN to proceed with their $13.9 million plan to replace the former Park Hotel in Toledo and begin construction in Spring 2023 on the Park Apartments, a 45-unit building that will serve young adults who are aging out of the foster care system and are at risk for homelessness.

“Our exciting collaboration with CHN represents a historic opportunity to bring housing stability to the lives of young people who are currently experiencing homelessness or who are struggling to survive by couch-surfing, living in shelters or sleeping in cars,” said LMH President and CEO Joaquin Cintron Vega.

According to LMH, the new Park Apartments building, located on a half-acre site at 410 and 414 Wade St. and Knapp St., is expected to be ready for occupants in late Spring 2024.

“At the same time, we’re going to transform one of Toledo’s eyesores into a beautiful new structure that will offer a comprehensive list of social service programs to help these young men and women as they enter an important phase of their lives and that will have a major impact on their long-term future,” Cintron Vega said.

LMH says the project has received $8.7 million in tax credit equity through Low Income Housing Tax Credits, which is 62% of the needed funding. The City of Toledo is providing $3.2 million for the project and Lucas County is providing $750,000 through federal American Rescue Plan Act funds.

The funding partners that have teamed up with LMH and CHN for the project include Huntington National Bank in Columbus, Premier Bank in Youngstown, Ohio Housing Finance Agency, the City of Toledo and the Board of Lucas County Commissioners.

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