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Council signs on to support Barton Place senior apartments' 9% tax-credit application
Summary
Council added its signatures to a letter supporting Barton Communities' proposal for senior affordable apartments at the former Hilliard Theater site, allowing Barton to include Lakewood's endorsement in a Feb. 27 competitive 9% low-income housing tax-credit application.
Lakewood City Council on Feb. 18 unanimously agreed to add council signatures to a letter of support for Barton Communities' proposed senior housing project, known as Barton Place Apartments, planned for the former Hilliard Theater parcel.
Matt Orhek of Barton Communities told council the project is being submitted for competitive 9% low‑income housing tax credits through the Ohio Housing Finance Agency. "Next week we will submit a proposal to receive those competitive tax credits in approximately the amount of 14,566,000," he said. Barton said the project team will sell the tax credits to generate equity that funds most of the project construction costs and that staff and community partners are presenting a coordinated application. Barton described a projected application timeline in which awards would be announced in May and — if successful — the project would move toward financial closing and construction over roughly the following 18 months.
Council members expressed support for the project as proposed: Council Member Marks called Barton's work "long standing here in Lakewood providing housing for seniors," and Council Member Evans said the proposed project is a welcome addition to local affordable housing options. Council approved adding signatures to the letter of support so Barton could include Lakewood's endorsement with its Feb. 27 application.
Why it matters Barton said the proposed project would provide senior housing and retail activity supportive of nearby businesses. Barton also noted the project would offer rent levels below typical market comparables in the primary market area: Barton's underwriting used a rent assumption of roughly $1,039 for a comparable unit versus a market average cited at about $1,240 in the market study the team received that day.
Next steps Barton will submit the competitive 9% LIHTC application Feb. 27. If the project does not receive tax credits in that cycle, Barton said it would pursue the state LIHTC program (deadline in July) and could reapply in the next competitive cycle.
