PARMA, Ohio -- Nearly a year and a half after announcing its intention to sell Chevybrook Estates, Parma expects to soon close a deal with CHN Housing Partners (CHN) purchasing the 60-unit public housing property located on Chevrolet Boulevard.
“The reason we’re selling is the property is it’s 33 years old and the units have never been updated,” Parma Public Housing Executive Director Priscilla Pointer-Hicks said.
“They’re really dated, so we decided to find a buyer that would keep the property affordable, while also rehabbing the units.”
In addition to Chevybrook Estates -- which is the only public housing estate in Parma -- needing a $2 million upgrade, the U.S. Department of Housing and Urban Development (HUD) is currently enticing housing agencies to leave public housing.
“When we hired Priscilla to be director, one of the things I requested of her was to tell us what Chevybrook looks like in 10 years,” Parma Mayor Tim DeGeeter said.
“She came back with different options, including the sale of Chevybrook because it needs capital improvements.”
While the details of the Chevybrook Estates sale are still being worked out, Pointer-Hicks said the $2.5 million transaction includes the city receiving an initial cash payment of $950,000 at closing.
“This is a win for the current and future residents of Chevybrook, who will have a modernized, renovated place to call home that will continue to be affordable,” CHN Executive Director Kevin Nowak said.
“It’s important to note that no resident will be forced to leave Chevybrook, although some may be asked to temporarily relocate during renovations at no cost to them or their families.”
Pending the project’s closing in early 2020, CHN will begin renovating Chevybrook Estates.
This includes the repair or replacement of the HVAC, kitchens, baths, exterior concrete, asphalt and signage. Nowak said the renovations are made possible with funding from the Ohio Housing Finance Agency (OHFA) through low income housing tax credits and HUD.
“In addition to renovations, Chevybrook will convert from a public housing project to one under the Project Based Section 8 program,” Nowak said. "This will ensure Chevybrook will remain affordable for many years to come.
“We’re grateful for the trust placed in us by the city of Parma and the Parma Public Housing Authority.”
The proceeds of the sale will be deposited into a Parma Public Housing account, which the city of Parma will use -- along with HUD assistance -- for future programs helping low-income residents.
“This money has to go back into public housing, because obviously that’s where it came from,” DeGeeter said.
“We look forward to once the property sale does close to be able to sit down with HUD and get a nice working program that benefits our low-income residents.”
Read more news from the Parma Sun Post here.
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October 22, 2020 at 06:01PM
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