$46M in funding announced for new affordable housing at 2111 E Firestone Boulevard

Plans for new permanent supportive housing in the unincorporated community of Florence-Firestone have taken a key step forward, thanks to new funding announced this month by Cleveland-based KeyBank Community Development Lending and Investment (CDLI)

Keybank CDLI has provided approximately $46.4 million for the construction of a new permanent supportive housing complex at 2111 Firestone Boulevard. The proposed project, which is being developed by a team including The Prime Company, Domus Development, and Kingdom Development, calls for the construction of a new six-story building featuring 85 apartments. Of that total, 42 units will be set aside for formerly homeless renters earning up to 30 percent of the area median income level (AMI) and 41 apartments will be reserved for low-income households earning up 50 percent of AMI. Plans also call for two market-rate manager's units.

2111 E Firestone BoulevardGoogle Street View

The funding announced by KeyBank includes a $19.7 million in low income housing tax credits, a $21.4 million construction loan, and a $5.3 million permanent loan. Kortney Brown and Ted Witt of KeyBank CDLI structured the financing, while Sam Adams of KeyBanc Capital Markets Public Finance Group provided the bond underwriting.

The new develop

2111 E Firestone BoulevardGoogle Maps

Housing Works has been tapped to provide on-site services.

Other upcoming supportive and affordable housing developments in the unincorporated community include a proposed remake of the Florence Car Wash site at 7220 Maie Avenue, where Meta Housing Corp. is planning a six-story, 160-unit complex named The Metro @ Florence.

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