Consumers National Bank Participating in Financing of Hemming Crossing Affordable Homes for Seniors in Carrollton
Minerva, Ohio, September 12, 2023–Woda Cooper Companies, Inc. of Columbus, Ohio, has broken ground on a new 42-unit affordable housing community for seniors now under construction on Mace Road in Carrollton. Consumer National Bank is a primary lender for the project and secondary investor through Marble Cliff Capital.
The $12.5 million Hemming Crossing will provide one- and two-bedroom apartments offering affordable rental rates for residents who are aged 55 and older and who earn 30% to 70% of the area median income.
“Consumers National Bank is pleased to support the Hemming Crossing project through both construction financing and as an investor through the federal Low-Income Housing Tax Credit program,” said Ralph J. Lober II, President and CEO for Consumers National Bank. “Everyone deserves a safe and affordable home in the communities they know, love, and support. Hemming Crossing will make a difference in Carrollton, Ohio, a community Consumers Bank has served for thirty years and where we strive to make a difference. We are pleased to partner with Marble Cliff Capital and Woda Cooper who share our passion for transforming lives through quality affordable housing.”
Hemming Crossing is made possible with funding supported by Low-Income Housing Tax Credits allocated by the Ohio Housing Finance Agency (OHFA).
Affordable housing finance syndicator Marble Cliff Capital will provide equity financing. “Marble Cliff Capital is excited to be a part of Hemming Crossing which will bring 42 units of affordable housing for seniors to the Carrollton community,” said Jack Kukura, President for Marble Cliff Capital. “More than one out of five people in Carroll County, Ohio, is over age 65. This figure will continue to grow over the coming years so new affordable housing options for these seniors is absolutely critical.”
Woda Construction Inc. is general contractor and Woda Cooper’s management division, Woda Management & Real Estate, will oversee leasing and property management.