EDGEWOOD VILLAGE—Charles L. Edson 2009 Honorable Mention Award Winner

Akron Metropolitan Housing Authority is the developer and managing agent of Edgewood Village, a new construction 80-unit affordable public housing rental housing property located in Akron, Ohio. Edgewood Village was awarded an Honorable Mention in the 2009 Charles L. Edson Awards.

Edgewood Village is the first rental phase of the larger Edgewood Village HOPE VI project that consists of up to 176 rental housing units on a 20-acre site. Revitalization plans for the overall project also include 39 single-family, for-sale homes. The City of Akron designated the area a Neighborhood Redevelopment Area. Edgewood Village’s redevelopment design will blend the public housing in with market-rate units and surrounding residential areas.

Thirty-one of the eighty units will operate under the Low Income Housing Tax Credit program and are subsidized under the Public Housing program, targeting households with incomes up to 35%, 50%, and 60% of AMHI. The remaining forty-nine units operate strictly under the Tax Credit program, targeting households with incomes up to 50% and 60% of AMHI.

Low Income Housing Tax Credit Equity was provided by Ohio Capital Corporation for Housing. In addition to the tax credit equity, construction period costs were covered by loans from the Akron Metropolitan Housing Authority. Replacement Housing Factor funds financed both the Construction and Permanent financing. The City of Akron provided a grant of HOME funds and $2.5 million in public infrastructure funds to complete improvements to water lines, storm and sanitary sewers, street resurfacing, curbs, sidewalks and street lighting for surrounding streets.