(Rehabilitated Senior Housing in Cuyahoga County)
September 21, 2016 —Villa Serena in Mayfield Heights, Ohio involves the $21 million rehabilitation of a former 242- unit apartment complex built in 1967 under the HUD 202 program. Villa Serena, developed by St. Francis Foundation and Vesta Corporation, was awarded one of the first in the country SPRAC (Senior Preservation Rental Assistance Contract) from the U.S. Department of Housing and Urban Development for 20 years, allowing all qualified residents to pay 30% of their income to rent keep the development affordable.
Villa Serena features a community room with a kitchen, laundry facilities, on-site management, lounges, exercise room, computer room, on-site senior center, library, music room, game room, picnic area with grill, garden area, and social services and activities. Homes include new appliances, microwave ovens, window blinds, ceiling fans, carpet and vinyl flooring, and intercom entry.
Villa Serena was developed using a combination of Low Income Housing Tax Credits and an HDL loan administered through the Ohio Housing Finance Agency, funding from the U.S. Department of Housing and Urban Development through Forest City, and Cuyahoga County HOME funds. Equity investment was provided by Ohio Capital Corporation for Housing through the Ohio Equity Fund Huntington Fund V, LLC.