Cleveland to build 30 new affordable homes

Cleveland will soon see the construction of 30 new affordable homes on its southeast side. The project is called Hope Homes I and is led by CHN Housing Partners and Enterprise Community Partners. These homes will be built in three neighborhoods: Buckeye-Shaker Square, Lee-Harvard, and Mount Pleasant. Buckeye-Shaker and Lee-Harvard will each receive nine homes, while Mount Pleasant will have twelve. The homes will feature three bedrooms, two bathrooms, a garage, and a front porch. The project is funded by $9.4 million in low-income housing tax credits, along with support from the Ohio Finance Agency, the city of Cleveland, and a loan from Fifth Third Bank. Residents will benefit from a lease-to-purchase program. They can lease their homes for 15 years while receiving guidance from certified CHN counselors. After completing the program, they will have the option to buy their home at a discounted rate. This project marks a significant milestone for CHN and Enterprise, as it is their 50th partnership using low-income housing tax credits over four decades.