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KeyBank Provides $10 Million for Seniors Affordable Housing in Cleveland Heights, OH

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KeyBank Provides $10 Million for Seniors Affordable Housing in Cleveland Heights, OH


CLEVELAND, OH / ACCESSWIRE / July 18, 2023 / KeyBank Community Development Lending and Investment (CDLI) provided $9.9 million in low-income housing tax credit (LIHTC) equity to finance the conversion of the Margaret Wagner Senior Apartments in Cleveland Heights, OH to 80 low-income housing senior units (62+). This development will create 20 new apartments through the adaptive re-use of the first floor of Margaret Wagner House and preserve 60 apartments on the upper floors.

Built in 1960 as a nursing home by the Benjamin Rose Institute on Aging, the facility offers HUD 202 PRAC subsidy for 100% of its units. In addition to creating 20 new one-bedroom units, the project will renovate existing units with updated kitchens and bathrooms, improved accessibility, central air conditioning, elevator modernization, new roofing, and site improvements.

The project’s total cost is $18.7 million. Other financing sources include a HUD 202 Capital Advance, Cuyahoga County HOME and Affordable Housing Gap funding, Affordable Housing Program Grant funding through Federal Home Loan Bank of Boston and seller financing.

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The project is being co-developed by CHN Housing Partners (CHN) and Benjamin Rose, both organizations are headquartered in Cleveland, OH. Margaret Wagner Senior Apartments will provide much needed senior affordable housing in a market where demand far outstrips supply.

For more than a century, Benjamin Rose has been providing care for Cuyahoga County’s senior population, and, in partnership with CHN, will continue to manage the property and provide supportive services to its residents. A service coordinator will meet with each new tenant during orientation and offer to discuss the individual’s needs with emphasis on behavioral health, preferences for socialization activities, linkage to community-based partners, and primary health care providers when appropriate. Benjamin Rose has also coordinated with the City of Cleveland Heights Office of Aging to provide low-cost transportation for seniors within a 5-mile radius.

“Affordable housing development is never easy, but a strong development team allowed us to overcome the many challenges we faced while getting this project to the construction stage, and we are particularly grateful for KeyBank’s financial support,” said Mike Bier, Senior Project Manager for CHN Housing Partners. “The Margaret Wagner facility has a storied past in Cleveland Heights, and CHN is glad to be a part of its revitalization.”

“Since our founding in 1908, Benjamin Rose Institute on Aging has worked to ensure that older adults have a place to call home,” said Orion Bell, President and CEO, Benjamin Rose Institute on Aging. “Margaret Wagner House has been part of that legacy since 1960 and we are excited to see the property evolve to meet the changing needs of the people we serve and the neighborhoods in which they choose to live. We are grateful for KeyBank’s investment in this project and the community.”

“We are thrilled to be working with Benjamin Rose and CHN Housing Partners to provide affordable housing for our seniors,” said Derek Reed, Vice President, KeyBank CDLI. “KeyBank is committed to the communities we serve, and this investment is a key part of our efforts to build on the success of our National Community Benefits Plan.”

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Derek Reed structured the tax credit equity investment and Tara Miller served as the Underwriter for the transaction.

About Benjamin Rose Institute on Aging

Founded in 1908, Benjamin Rose Institute on Aging is a Cleveland-based nonprofit whose mission is to support caregivers and empower all people to age well through research, consumer-responsive services, and client advocacy. Our work is accomplished by deepening the understanding of their evolving needs in a changing society; developing and delivering innovative, high-quality solutions; and promoting effective public policies. The following programs and subsidiaries operate together to fulfill our mission: Eldercare Services Institute, LLC; Rose Centers for Aging Well, LLC; Empowering and Strengthening Ohio’s People (ESOP); Margaret Wagner Apartments; Center for Research and Education; and Community Advocacy. For more information visit:www.benrose.org.

About CHN Housing Partners

Founded in 1981, CHN Housing Partners is a large-scale affordable housing developer, housing service provider and residential lender that works with its partners to solve major housing challenges for low-income people and underserved communities in Ohio, Michigan, Pennsylvania, and New York. CHN partners with utility companies, financial institutions, and public agencies to manage and deliver large-scale housing resources. CHN also partners with people-low-income individuals, families, seniors, the disabled and the homeless-to improve their housing stability. CHN’s impact in Cleveland includes 3,200 new homeowners, the housing stability services it provides annually to more than 50,000 individuals, and the development of 7,000 new homes. CHN is a chartered member of the NeighborWorks America network. http://www.chnhousingpartners.org   

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About KeyBank Community Development Lending and Investment

KeyBank Community Development Lending and Investment (CDLI) finances projects that stabilize and revitalize communities across all 50 states. As one of the top affordable housing capital providers in the country, KeyBank’s platform brings together construction, acquisition, bridge-to-re-syndication, and preservation loans, as well as lines of credit, Agency and HUD permanent mortgage executions, and equity investments for low-income housing projects, especially Low-Income Housing Tax Credit (LIHTC) financing. KeyBank has earned 10 consecutive “Outstanding” ratings on the Community Reinvestment Act exam, from the Office of the Comptroller of the Currency, making it the first U.S. national bank among the 25 largest to do so since the Act’s passage in 1977.

About KeyCorp

KeyCorp’s roots trace back nearly 200 years to Albany, New York. Headquartered in Cleveland, Ohio, Key is one of the nation’s largest bank-based financial services companies, with assets of approximately $198 billion at March 31, 2023. Key provides deposit, lending, cash management, and investment services to individuals and businesses in 15 states under the name KeyBank National Association through a network of approximately 1,000 branches and approximately 1,300 ATMs. Key also provides a broad range of sophisticated corporate and investment banking products, such as merger and acquisition advice, public and private debt and equity, syndications, and derivatives to middle market companies in selected industries throughout the United States under the KeyBanc Capital Markets trade name. For more information, visit https://www.key.com/. KeyBank is Member FDIC.

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View additional multimedia and more ESG storytelling from KeyBank on 3blmedia.com.

Contact Info:
Spokesperson: KeyBank
Website: https://www.3blmedia.com/profiles/keybank
Email: [email protected]

SOURCE: KeyBank

View source version on accesswire.com:
https://www.accesswire.com/768623/KeyBank-Provides-10-Million-for-Seniors-Affordable-Housing-in-Cleveland-Heights-OH





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Cleveland, OH

Independent Journalism in an Era of Polarization

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Independent Journalism in an Era of Polarization


As the world’s eyes follow the Israel-Hamas war, the recent Iran attack, and the repercussions on American campuses and beyond, the need for rigorous reporting and respected journalism has never been more essential. The Forward is the nation’s most widely read Jewish news outlet, a fiercely independent and non-ideological source for news, culture and opinion across the political spectrum.

Jodi Rudoren became editor-in-chief of the Forward in 2019 after more than two decades at The New York Times, including a stint as Jerusalem bureau chief. Having personally covered two prior Israel-Hamas wars, in 2012 and 2014, Rudoren has been a leading commentator since Oct. 7, appearing on CNN and MSNBC and speaking at numerous college campuses, synagogues, and more.

Join the City Club as we hear from Jodi Rudoren about the complexities journalists have faced in reporting on the war abroad and antisemitism here in the United States.

This event is hosted by the City Club of Cleveland.

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Lesson learned? Who’s to blame? Being real about the Cavs’ loss to Orlando – Terry Pluto

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Lesson learned? Who’s to blame? Being real about the Cavs’ loss to Orlando – Terry Pluto


CLEVELAND, Ohio – “It’s one game, lesson learned.”

That’s what coach J.B. Bickerstaff said after the Cavs lost 121-83 in Orlando on Thursday.

It was the most lopsided playoff loss in franchise history. It came after the Cavs won the opening two games in Cleveland, as the best-of-seven series is still 2-1 in their favor.

But I have a question: Why did the Cavs have to “learn” any lesson about Game 3?

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It was a surprise a young Orlando team would be inspired on its home court? It was a surprise the crowd was loud? It was a surprise …

I’ll stop right there.

No surprise, period.

Not for the Cavs, who have far more playoff experience than the Magic. I’m not simply criticizing Bickerstaff. The coach said Orlando would be a different team at home and stressed that to his players.

Veterans such as Donovan Mitchell, Max Strus, Georges Niang, Caris LeVert and others know that. Evan Mobley, Darius Garland and Isaac Okoro had their first painful playoff experience last season when the Cavs were overwhelmed by New York in five games.

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As bad as that team was in Madison Square Garden in 2023, this performance was worse.

Cavs coach J.B. Bickerstaff had no answers for the Orlando in Game 3. AP

IT WAS MORE THAN THE FIRST QUARTER

“It was the first quarter,” said Bickerstaff. “They set the tone. They came out and played with a sense of urgency … They set the tone, and we were chasing them.”

This was true, but only to an extent.

A nervous and hyped-up Orlando team missed its first nine shots. That’s right NINE misses to open the game. The Cavs had a 10-3 lead in the middle of the first quarter.

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Then … nothing.

At the end of the first quarter, Orlando had a 31-21 lead.

I repeat, the score was 31-21 … not 131 to 21. There are lots of 10-point swings in most NBA games.

That is not game over. It’s more like “game on,” as in Orlando was not about to fall behind and stay behind as it did in the first two games in Cleveland.

PLAYOFF PSYCHOLOGY

What often happens on the road is something like this: The home team trailing in a series comes out strong. It grabs an early lead as it is fueled by the crowd and a sense of desperation.

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The Magic knew that if they lost, the series was over. The record of teams down 3-0 in a series and then winning it … 0-191.

For Orlando, it was now or never.

For the Cavs, it was almost like, “Hey, we’ll get them next game.”

That was the wrong attitude.

There often is an emotional drop when the home team takes an early big lead – especially a team with so little playoff experience. Then they become vulnerable.

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That’s also a lesson most of the Cavs should have already known. If they did, they refused to act on it.

Cleveland Cavaliers vs, Orlando Magic, April 22, 2024

Donovan Mitchell played like his knee or something was bothering him. He had only 13 points. Joshua Gunter, cleveland.com

WHO IS TO BLAME?

I fault the players as much as Bickerstaff.

In the first two games, Mitchell led the first-quarter charge. He did bang his cranky knee early in the game. Perhaps that was behind his generally passive play.

Orlando also put premier defender Jalen Suggs on Mitchell, and often double-teamed the Cavs star. That should not be a shock. In fact, Orlando should have tried that earlier in the series.

So Mitchell was struggling. Where was everyone else?

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Darius Garland shot 2 of 10 for five points. Evan Mobley had only two more rebounds than you did last night. That’s right, the 7-footer had a pair of rebounds in 22 minutes.

By the middle of the first quarter, it was obvious Orlando was sending everyone to the boards for rebounds. The Cavs owned this area in the first two games.

Cleveland’s response?

Jarrett Allen had eight rebounds. Mitchell had five. No one else had more than three as the Cavs were embarrassed 51-32 on the boards.

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The Cavs were a soft team, especially from a mental standpoint.

The Orlando Magic bench reacts as guard Jalen Suggs (4) celebrates his 3-point shot against the Cleveland Cavaliers during the first half of Game 3 of an NBA basketball first-round playoff series Thursday, April 25, 2024, in Orlando, Fla. (AP Photo/John Raoux)

At least one team was inspired, as Orlando took control of the game early and the Cavs folded. AP

IT IS ONE GAME

The Cavs are back on that same court Saturday at 1 p.m.

A concern is Mitchell’s physical condition. Other than a few drives to the rim late in the first half, he displayed little quickness and leaping ability. He finished with 13 points.

Mobley needs to get back on the boards. Orlando kept putting bodies on Allen, who had 38 rebounds in the first two games. He needs help.

Anytime Strus and Niang can make a few 3-point shots would be helpful. They are a combined 3 of 24 from behind the arc.

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Mitchell is only 6 of 24 on 3-pointers.

Sam Merrill played in the second half and was 3 of 4 for nine points in 22 minutes.

Hint … hint. Maybe he needs more than the four total minutes he played in the first two games.

But for the Cavs, the real story is their mental toughness. I’m stressing that part of the story. Physically, the Cavs showed they can compete on the boards and defensively with the athletic Magic.

The Cavs also are more equipped in terms of experience and emotional maturity to win this series. That needs to be on display Saturday. There are no secrets in terms of effort required to at least be competitive.

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Cleveland Browns Select Former Ohio State Defensive Tackle Mike Hall Jr. in Second Round of 2024 NFL Draft

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Cleveland Browns Select Former Ohio State Defensive Tackle Mike Hall Jr. in Second Round of 2024 NFL Draft


Mike Hall is staying in Ohio.

After standout wide receiver Marvin Harrison Jr. was taken by the Arizona Cardinals at No. 4 overall on Thursday, Mike Hall became the second Buckeye to hear his name called as he was taken by the Cleveland Browns with the No. 54 overall pick in the second round of the 2024 NFL draft.

A native of nearby Streetsboro, Ohio, Hall will now return to Northeast Ohio to begin his NFL career.

Hall is the first Ohio State defensive tackle drafted since Tommy Togiai was picked No. 132 overall in the fourth round by the Browns in the 2021 NFL draft. He’s the fourth Buckeye drafted by the Browns in the last four years, joining offensive linemen Dawand Jones and Luke Wypler, who were both drafted by the Browns last year.

He becomes the fifth Buckeye on the Browns’ current roster, joining Jones, Wypler and defensive backs Denzel Ward and Ronnie Hickman.

Hall was the eighth defensive tackle selected in this year’s draft after Texas’ Byron Murphy went to the Seattle Seahawks with the No. 16 overall pick and Clemson’s Ruke Orhorhoro (No. 35 overall, Atlanta Falcons), Illinois’ Jer’Zhan Newton (No. 36, Washington Commanders), Texas’ T’Vondre Sweat (No. 38, Tennessee Titans), Florida State’s Braden Fiske (No. 39, Los Angeles Rams), LSU’s Maason Smith (No. 48, Jacksonville Jaguars) and Michigan’s Kris Jenkins (No. 49, Cincinnati Bengals) all went in the first 17 picks of the second round.

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Hall had been a projected Day 2 pick in nearly every mock draft and will have a chance to make an immediate impact in Cleveland’s defensive tackle rotation. He saw his stock rise after a prolific Senior Bowl performance in February, which he followed up by running a spectacular 40-yard dash time of 4.75 seconds at Ohio State’s pro day, proving he has rare athleticism for an interior defensive lineman that gives him high upside at the next level.

Hall was one of just two players from his recruiting class, along with Harrison, to enter the 2024 NFL draft after just three years at Ohio State. But while many of his teammates chose to stay in Columbus for another season, Hall decided to go pro because he wanted to provide for his son Michael Hall III, who was born one day before OSU’s third game of last season against Western Kentucky.

“It definitely weighed, but just got to do what’s best for my family and feed my family first,” Hall said in February at the NFL Scouting Combine.

Hall battled injuries during the past two seasons which may have prevented him from playing to his full potential after redshirting as a true freshman. Still, he flashed plenty of playmaking ability in his two playing seasons, recording 43 total tackles with 9.5 tackles for loss and six sacks and earning third-team All-Big Ten honors in 2023.

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“I would say just having (Ohio State defensive line coach) Larry Johnson as a coach and (Ryan) Day as my head coach just developed me greatly as a player and just helped me on and off the field,” Hall said. “I knew I was ready for sure.”





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