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Regency Square

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Cleveland, OH 44106

  • 66 Section 8 apartments
  • Redeveloped and managed by Vesta since 2011

Redevelopment Story

Regency Square Apartments is a 66-unit project-based Section 8 multifamily community located at 1556-1560 Ansel Road in Cleveland’s historic Hough Neighborhood. Built in the 1920s, Regency Square’s physical plant required a significant redevelopment in order to preserve the community as quality affordable housing for the long-term.

Vesta Management Corporation took over property management responsibilities in 2011 and in 2012 began a comprehensive redevelopment totaling nearly $3,800,000 ($57,500/unit) in construction hard costs. Improvements included: new energy-efficient reflective rubber roof and gas boilers; fire-suppression system throughout the entire building; central air conditioning system and thermostats; replacement appliances and fixtures in bathrooms and kitchens; new carpeting and paint in all units; renovated commons areas including landscaping; and, a state-of-the-art security camera system.

The Financing

The financing for rehabilitation came from a $5,094,000 FHA insured first mortgage funded by tax exempt bonds; more than $2.4 million in equity from the sale of Low Income Housing Tax Credits; a $525,000 HDAP loan from the Ohio Housing Finance Agency; and, a $310,000 loan from the City of Cleveland.

The Result

Construction was completed in 2013 on time and on budget. Regency was awarded an Enterprise Green Communities Certification for its commitment to being environmentally responsible through the redevelopment. Safety and community upgrades all drastically improved the quality-of-life for the residents making Regency Square a place they are proud to call their home.

 

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