Historic Preservation Tax Credits To Benefit Affordable Redevelopment In Canton Oh
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The transformation of Canton’s McKinley Park Apartments into an affordable housing community moved another step closer to reality in December, after The Ohio Department of Development awarded the redevelopment $2 million in state historic preservation tax credits.
The redevelopment being undertaken by the Stark Metropolitan Housing Authority (SMHA), in partnership with The Michaels Organization, will transform a dilapidated mid-Century building into a thriving, senior-living community to be called City View Apartments.
“This is an excellent opportunity for SMHA and Michaels to reduce the affordable housing gap
that exists in Stark County and give seniors a very nice, safe place to call home”, said Herman
Hill, Executive Director of the Stark Metropolitan Housing Authority.
Originally built in 1967, McKinley Park Apartments is an 11-story, 81-unit highrise with a current mix of studios and one bedroom apartments. With the renovation, all studios will be upgraded to one-bedrooms apartments. Located immediately south of downtown Canton, the redevelopment of the historic but obsolete apartment community will represent a critical new affordable housing option for Canton’s senior citizens.
Along with the apartment renovations, the redevelopment will include a newly-remodeled community room, a reading room, a fitness center, and on-site property management. The community will offer 80 modern one-bedroom apartments and 1 two-bedroom unit, all rent-restricted to households earning less than 60% of the area’s median income (AMI). The redevelopment of McKinley Park Apartments into City View Apartments is aimed at breathing new economic prosperity and neighborhood growth into the community.
“We’re excited to partner with the Stark Metropolitan Housing Authority on this spectacular redevelopment effort. When complete, the building will anchor the south end of downtown Canton,” said Greg Olson, the lead developer and Regional Vice President of The Michaels Organization.
In addition to receiving the critical allocation of State Historic Tax Credits, the redevelopment will also benefit from federal local income housing tax credits, which have already been allocated from the Ohio Housing Finance Authority. Both types of credits will be leveraged to raise private capital for the $14.5 million redevelopment. Additional financing sources include City of Canton HOME funds and OHFA soft funding.
In addition to Michaels and SMHA, development team members include Moody-Nolan, a Columbus-based architect, Prater Engineering, Tober Building Company as the General Contractor. Lenders and investors will be identified this Fall. Upon completion, Michaels Management will serve as the property manager, ensuring the community remains a neighborhood asset for the long-term.
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