A couple of years ago it was announced that the Silver Meadows Apartments on the west end of town had been acquired by a new owner who was hoping to secure tax credit assistance to make some substantial reinvestments in the property.
The apartment complex has begun to show it’s age and it serves a critical need for low income housing options in Kent, so this was very encouraging news.
The new ownership group spent time with us outlining their vision and they spent a couple of hundred thousand of their own funds immediately to address some of the most pressing problems on the property but we’ve been waiting to hear if they secured their multi-million dollar financing package.
Great news, we just heard that they got their funding so that reinvestment project should move forward this year.
Here’s the details:
The Villages at Franklin Crossings, formerly called Silver Meadows Apartments, was acquired by the developer Millenia Housing Development, Ltd. , in 2015 with its affiliate, Franklin Crossing Ohio Investment, LLC, acting as the project’s General Partner. Millenia is an affordable housing developer that has a focus acquiring and redeveloping existing affordable housing complexes that may be in need of significant renovations and improvements.
The Villages at Franklin Crossings is an existing residential development comprised of 37 apartment buildings, with a total of 444 housing units available for rent. The apartment complex primarily provides affordable housing for low-to-moderate income households. Currently, about 52% of the units receive project-based housing voucher rental assistance from the U.S. Department of Housing and Urban development (HUD).
The Ohio Housing Finance Agency (OHFA) allocated Millenia funds in 2016 to be used for the needed renovations of kitchens, bathrooms and mechanical systems in approximately 348 of the 444 units. Proposed renovations will also include improvements and needed upgrades in the common areas (stairways,halls, lobby), building laundry rooms, installation of a new security system for the entire site, exterior work (roof repair, gutters, windows, etc.), installation of front entry canopies, and dumpster enclosures.
Funding allocation from OHFA to Millenia is as follows:
$1.26 million: 4% (non-competitive) Low-Income Housing Tax Credits
$2 million: Housing Development Assistance Program-Ohio Housing Trust Fund (HDAP-OHTF)
$2 million: Housing Development Loan Program
$28.5 million: Multi-family Bond Program
Millenia submitted plans to the City’s Building Department and they are currently under review.
No permits will be issued until the review is complete, but renovation activities can be expected to begin in the coming months.