Mayor Don Plusquellic helped cut the ribbon
this morning opening the Zion Terrace Senior Housing Project at 184 Reid Terrace just off
of Cuyahoga Street, south of Tallmadge Avenue. The project is a joint venture with East
Akron Neighborhood Development Corporation and the NRP Group of Cleveland. These partners
have participated in numerous single family construction ventures in the past in Akron but
this is their first senior oriented project.This project includes 40 units of two
bedroom apartments. They are contained in an attractive, brick-accented, three-story
building served with an elevator. The building is L-shaped and situated to provide
attractive views of the Cuyahoga Valley. Of the forty apartments, 28 will be restricted to
households or individuals making less than 60% of the area median income (1 person –
less than $25,312; 2 persons – less than $28,920) with a rent of $490 per month.
Twelve will be available at a market rate rent of $560.
The City of Akron is contributing $300,000 of its federal entitlement HOME funds to
this project. These funds are part of the amount the City sets aside every year for use by
Community Housing Development Organizations. Additionally, the sale of Federal Low Income
Housing Tax Credits by Ohio Capital Corporation is providing $2.57 million of equity, the
state of Ohio is contributing $300,000 and First Merit Bank is providing $675,000 of
financing.
Mayor Plusquellic said this morning, "These two organizations have a history of
developing well-constructed housing that is affordable to low and moderate income
residents of the city. The addition of this beautiful senior housing development offers
another fine housing opportunity for the residents of Akron, and its location complements
the planned redevelopment of the Elizabeth Park HOPE 6 project, anticipated development on
Hickory Street and other housing possibilities along this gateway to the downtown
area."
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