Dayton, Ohio
Millennia
Housing Development and Eternal Housing Fund have teamed on a $23.9
million effort to rehab and preserve The Lakewoods in Dayton, Ohio.
The Lakewoods is one of just 12 projects to receive a federal Senior Preservation Rental Assistance Contract (SPRAC), a little-known rental assistance program that aims to prevent the displacement of residents in Sec. 202 properties.
The Lakewoods
is home to low-income seniors and non-elderly disabled households. The
property was serving households with incomes up to 80% of the area median
income (AMI). Following the recent work by Millennia Housing Development, the property
is targeting the majority of its units to households with incomes at or below
50% of the AMI.