The Churchill Gateway II project aims to provide quality affordable housing in Cleveland.
KeyBank Community Development Lending and Investment has provided a $33.7 million financing package for the Churchill Gateway II affordable housing project in Cleveland. This initiative includes a $12 million construction loan, $16.1 million in Low Income Housing Tax Credit equity, and aims to create a 70-unit family housing complex. Located at 10526 Churchill Avenue, this project is part of ongoing efforts to expand affordable housing options in the region, supported by both local and state agencies.
In a significant move to combat the rising demand for affordable housing in Cleveland, KeyBank Community Development Lending and Investment (CDLI) has committed $33.7 million to the Churchill Gateway II project. This investment aims to create a flourishing community for families in the Glenville neighborhood by providing 70 units of affordable housing.
The financial package includes a $12 million construction loan and a substantial $16.1 million investment in Low Income Housing Tax Credits (LIHTC) equity. Additional support has been provided through a $5.6 million permanent loan arranged by the KeyBank Commercial Mortgage Group, alongside $1.75 million in funding from the Ohio Housing Finance Agency. The financing is crucial to address the pressing needs for affordable rental options in the area.
Churchill Gateway II is located at 10526 Churchill Avenue and represents the second phase of a larger development strategy along the East 105th corridor. This area is key in bridging the Glenville neighborhood with the essential job center located at University Circle. The aims are to enhance both housing quality and accessibility while creating a supportive community environment.
The new housing complex will consist of a single four-story building, offering a mix of one-, two-, and three-bedroom units. Prospective residents will find that the income eligibility requirements are set between 30% to 60% of the area median income, ensuring that the housing options remain accessible to low-income families. Notably, nineteen units in the complex will benefit from project-based subsidies, further alleviating financial pressures.
In a noteworthy collaboration, the May Dugan Center—recognized as a certified refugee resettlement agency—will provide supportive services to residents, specifically aimed at helping refugees and immigrants secure safe and affordable housing. This initiative highlights the commitment to fostering an inclusive community atmosphere.
The project is sponsored by the NRP Group, a Cleveland-based firm renowned for its work as a top multifamily real estate developer and property manager in the United States. Known for delivering high-quality housing solutions, the NRP Group plays a pivotal role in realizing this ambitious project.
KeyBank’s contribution to the Churchill Gateway II project aligns with its reputation as one of the top providers of capital for affordable housing. The bank boasts an impressive track record with eleven consecutive “Outstanding” ratings on its Community Reinvestment Act examinations. Their recent bicentennial celebration in 2025 underscores its long commitment to community development and housing finance. With approximately 1,000 branches and 1,200 ATMs spanning 15 states, KeyBank continues to have a significant impact on local communities.
The financing and development of the Churchill Gateway II project represent a critical step in addressing the housing crisis in Cleveland, where rental costs have soared in recent years. By offering affordable housing and essential resources to assist applicants through the process, the project is set to enhance the quality of life for many families in the Glenville area.
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