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Press Releases | November 15, 2022
Second RAD for PRAC conversion for National Church Residences
RAVENNA, Ohio – National Church Residences invests more than $3.4 million to renovate and preserve an affordable housing community in Ravenna, Ohio. Bryn Mawr Glen is the second National Church Residences’ property in Ohio to participate in the Rental Assistance Demonstration (RAD) program to convert its Project Rental Assistance Contract (PRAC) subsidy into a Section 8 contract. The conversion allows this affordable senior housing community to retain project-based rental assistance on all 50 apartments with a new Section 8 contract.
Built in 1997 with the Section 202 PRAC program, Bryn Mawr Glen has 50 units, plus one manager’s unit, in a three-story building located 1.4 miles from downtown Ravenna. The comprehensive renovation solved significant capital needs issues.
“Preserving affordable housing such as Bryn Mawr Glen for older adults is a critical step in providing lifelong residents of Ravenna the opportunity to remain connected to their communities and social networks,” said Amy Rosenthal, vice president of affordable housing. “We’re grateful for our partners who helped us preserve and enhance this community for the long term.”
Funding sources included, tax credit equity from Ohio Capital Corporation for Housing, the Low-Income Housing Tax Credit Program administered by the Ohio Housing Finance Agency, Key Bank for the construction loan, a loan from the Ohio Housing Finance Agency and a Capital Magnet Funds from the Community Development Financial Institutions Fund. The general contractor was First Contracting, Inc. and Berardi Partners of Columbus served as the architectural firm for this renovation.
In addition to addressing structural issues, the following items were addressed or replaced: new windows, entry doors, siding, boilers and chiller. The elevator was updated, as well as the common spaces throughout the building. Each apartment received a makeover with new kitchen cabinets, countertops and flooring, while the bathrooms received new sinks, a vanity, toilet and flooring.
Hopeton Terrace in Chillicothe, Ohio, was the first affordable senior housing community in the nation to benefit from this unique “RAD for PRAC” preservation program offered by the U.S. Department of Housing and Urban Development. Renovations were completed on this 47-unit apartment building in the fall of 2021.
Including Bryn Mawr Glen, National Church Residences has 17 affordable housing communities located in northeast Ohio with 1,334 apartments.
About National Church Residences
Originating from a Christian commitment of service, National Church Residences provides an array of health care services and a variety of housing options to 46,000 seniors. The nonprofit organization is driven by a vision to scale for mission impact by advancing better living for 100,000 seniors by 2030, wherever they call home. With more than 360 communities across the United States, it is the nation’s largest nonprofit provider of affordable senior housing and the largest manager of service coordinators. The organization also offers a variety of additional senior living options, 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.
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