The Ohio Housing Finance Agency (OHFA) recently awarded a $1 million tax credit to encourage construction of the Cuyahoga TAY (Transitional Age Youth) development, a complex of 50 supportive housing units for adults ages 18 to 24. There, residents will receive voluntary services to help maintain their housing and work with experts to set goals related to housing stability, education, and other areas of personal and financial well-being.
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With average rents of $1.57 per square foot, or $1,100 for a 700 square foot one bedroom, many front line workers such as hotel and restaurant employees cannot afford to live downtown. The Centennial project aims to address that by offering workforce housing that is accessible to those earning 50-80% of area median income.