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Press Releases | October 16, 2020
Hopeton Terrace is first project in the nation to get HUD program approval.
Columbus, OH – (October 16, 2020) – Hopeton Terrace in Chillicothe, Ohio, is the first community in the country to partake in a unique preservation program offered by the U.S. Department of Housing and Urban Development. This program, modeled after a similar one offered to housing authorities, allows for long-term preservation of the affordable rents as well as renovation of the building. This federal housing program has the potential to maintain affordable homes for thousands of households across the nation.
Renovations at Hopeton Terrace will provide senior residents with safety and accessibility improvements following an investment of $2.3 million by Ohio Capital Corporation for Housing (OCCH). The funds were provided via the Low-Income Housing Tax Credit Program administered by the Ohio Housing Finance Agency. Hopeton Terrace is owned and managed by National Church Residences, the nation’s largest not-for-profit provider of affordable senior housing.
“National Church Residences is excited to team with the Department of HUD, OHFA and OCCH on this historic opportunity,” said Michelle Norris, executive vice president of external affairs and growth strategies for National Church Residences. “Hopeton Terrace will be the first of many RAD for PRAC conversions as part of a long-term, national strategy to preserve affordable housing for older adults, which is in critically short supply.”
OCCH Interim President Hal Keller said, “Ohio Capital Corporation for Housing is thrilled to be an investment partner with National Church Residences. Hopeton Terrace will be a pioneer for the conversion process and a potential model for funding large-scale rehabilitation to preserve affordable housing that otherwise might be lost due to the high costs of maintaining aging properties.”
Hopeton Terrace was built in 1994 using HUD’s Project Rental Assistance Contracts (PRAC) 202 Program. For 20 years, the program provided opportunities across the country to build affordable senior housing, but until now, the program was limited in how it could address typical aging issues of these buildings.
“The Ohio Housing Finance Agency (OHFA) is committed to helping Ohio’s seniors age in place and is excited to be involved in the first project in the country to utilize this critically important new program,” said Shawn Smith, interim executive director. “Preservation and rehabilitation of Ohio’s 202 PRAC projects like Hopeton Terrace is necessary both for the health and vitality of our state’s seniors and of our affordable housing stock.”
In addition, the renovation will include funding from the Huntington Bank Digital Inclusion Fund a partnership with Ohio Capital Impact Corporation to cover the hardware and installation costs necessary for to provide high-speed wireless internet to all residents at no additional cost to them. Digital connectivity is a crucial communication tool that many seniors need in order to stay connected with family and friends, as well as critical telehealth visits to maintain their health and safety during this pandemic.
Hopeton Terrace consists of 45 one-bedroom apartments, targeting adults 62 years of age and older. Construction will begin this month and is expected to be completed within a year.
Hopeton Terrace Investment
About National Church Residences: National Church Residences serves more than 42,000 seniors through its array of housing and health care services. The not-for-profit organization is driven by a vision of advancing better living for all seniors, enabling them to remain home for life. With 340 communities in 25 states and Puerto Rico, it is the nation’s largest not-for-profit provider of affordable senior housing and the largest manager of service coordinators. The organization also offers residential senior communities, home and community-based services, as well as permanent supportive housing for the formerly homeless and disabled. For more information, visit us at NationalChurchResidences.org and follow us on Facebook, Twitter and YouTube.
About Ohio Capital Corporation for Housing: OCCH is a nonprofit financial intermediary based in Columbus, Ohio that works with private and public developers to create affordable housing opportunities through the Low-Income Housing Tax Credit and Community Development Financial Institutions (CDFI) programs. Since 1989, OCCH has invested more than $4.75 billion in the construction, rehabilitation, and preservation of affordable housing; creating economic opportunities, stable communities, and empowering those most in need. Our mission is to advance the preservation, production, and management of affordable housing through collaborative partnership and innovative thought leadership. www.occh.org.
National Church Residences media contact:
Todd Hutchins, Director of Public Relations
Media Phone: 614.381.9853
OCCH media contact:
Linda Siefkas, President
Siefkas Public Relations, LLC
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