Huntington Bank (Nasdaq:HBAN) recently announced in its participation in the construction of a $7.7 million, 42-unit expansion of Toledo’s The Lakewoods senior housing complex. The Lakewoods project, the third phase of the development, is anticipated to be completed in Spring 2011 and leverages Huntington’s community development investment in partnership with the Ohio Capital Corporation for Housing. Huntington is supporting project financing by providing more than $5 million in tax credit equity issued by the Ohio Housing Finance Agency.
"Huntington understands the critical need for expanded access to affordable rental housing among all Ohio, particularly right here in Toledo," said Sharon Speyer, Huntington Bank Northwest Ohio regional president. "We are glad to be a part of the expansion of The Lakewoods which provides seniors with a high-quality, affordable housing alternative."
"Huntington’s investment in this project provides an example of the type of public-private partnership that is supporting the city’s renewal," said Toledo Mayor Michael P. Bell. "It is through the shared vision of our community partners that Toledo continues to make strides in improving the quality of life for all of our citizens. I applaud Huntington and the Ohio Capital Corporation for Housing for taking action to ensure worthwhile projects like The Lakewoods move forward to benefit lower-income Ohioans throughout our state."
Detroit-based American Community Developers Inc. is using a $2 million federal Recovery Act Tax Credit Assistance Program loan as a bridge loan for the project. Fenton, Michigan based Independent Management Services will serve as property manager and the Area Office on Aging of Northwestern Ohio Inc. will serve as supportive services coordinator.