Trumbull Housing Development Corporation (THDC) received a HUD Section 202 award to create 40 units of elderly housing in Warren, Ohio. Featuring 40 garden-style, one-bedroom units in a three-story, elevator-equipped building with interior hallway access, Girard Manor will be a newly constructed state-of-the-art senior affordable community.

All units, sized at 660 square feet, will include separately walled-off bedrooms, private bathrooms, and kitchens furnished with a range and refrigerator. 100% of all bathrooms will be handicap accessible with roll-in showers and grab bars to promote aging-in-place. Emergency e-call systems will be installed in the bedroom, bathroom, and living rooms. Site amenities include on-site laundry facilities, community room with kitchen, library, conference and office space, fitness room, 2-story lounge, security cameras, fully addressable fire alarm system, an Area of Rescue Assistance System, building fire suppression system, tenant storage rooms on each floor, several exterior patios, and a third-story roof-top patio.

These units will target seniors with incomes of 60% of the area median income. 100% of all units will be subsidized via a HUD PRAC (Project Rental Assistance Contract). Additionally, Girard Manor was awarded a HUD Section 202 Capital Advance Award in October of 2007.

Ohio Capital Corporation and THDC brought the deal through the HUD Mixed-Finance program, layering 4% tax credits on top of the Section 202 funds and PRAC rental assistance.  Other permanent financing consists of HDAP funds from the Ohio Housing Finance Agency.  Tax Exempt Multifamily Housing Bonds were issued and will be held throughout the construction period to obtain the credits.

A waiver was secured from HUD to allow the Section 202 funds in the amount of $4,501,500 to be used as collateral for the issuance of $3,750,000 in Multifamily Housing Revenue Bonds from OHFA to be issued by Trumbull County.  The Bonds will be issued on a draw down basis in an amount to total greater than 50% of aggregate basis plus land, and therefore will qualify the development for “automatic” 4% Tax Credits.  An individual investor agreed to purchase all of the bonds using a variable rate structure to fund construction and minimize cost.  Once construction is complete the bonds will be redeemed to the investor using the 202 funds. 

Other permanent financing consists of the Section 202 funds, HOME funds from the Ohio Housing Finance Agency and the Tax Credit equity contribution.