In a significant move for Toledo residents, the Toledo-Lucas County Port Authority board has given the green light to renovation projects for two key apartment complexes: Covenant House and Ashland Manor. These projects are set to address long-standing issues faced by tenants, including flood damage, bug infestations, and unreliable hot water.

Improving Living Conditions

Covenant House tenants have previously reported persistent problems with flood damage and pest issues, while Ashland Manor, under new ownership by Premier Property Management since 2024, has been declared a nuisance property multiple times. The planned renovations aim to transform these properties into livable and affordable housing options.

Craig Teamer, director of finance and special projects, emphasized the importance of these investments, stating, “We’re looking for that investment to improve the overall environment and surroundings and once again challenge properties, getting more investment, making them livable and affordable housing in both of those locations.”

Financial and Developmental Steps

The estimated cost for each project is up to $25 million. The developer is currently seeking approval from the Ohio Housing Finance Agency to finalize the capital stack, a crucial step before receiving final approval from the port authority later this summer. The Port Authority plans to close on bond financing by December 2026 or January 2027, with renovations expected to take 10-12 months, concluding by early 2028.

This initiative reflects a broader effort to enhance the quality of life for Toledo residents by addressing housing challenges and ensuring that families have access to safe and affordable living environments.

Original reporting: WTOL Toledo — read the source article.