Pennrose, LLC and Ralph A. Falbo Development, Inc partnered with the Cuyahoga Metropolitan Housing Authority (CMHA) on the new development of Sankofa Village, a multi-phase transformative development in Cleveland’s Cedar-Central community. Phase I is a 61-unit, four-story elevator building with first floor community space, lounge, management offices, computer lab, and commercial space. Phase II is a 50-unit development of townhomes housed in five separate buildings. Both phases receive project based rent subsidy through HUD’s Rental Assistance Demonstration program (RAD), and Phase II includes 20 unrestricted market-rate units.
After receiving a $300,000 Choice Neighborhoods planning grant, CMHA identified the Central community as the focus of its redevelopment efforts. From there, the development team embarked on an unprecedented amount of information gathering. Through a combination of community meetings, design charrettes, and market research, it was determined that a multiple phase project would be the best approach.
Financing from Phase I of the project came from LIHTC Equity, Dollar Bank, Cuyahoga Metropolitan Housing Authority (CMHA) Capital Funds, and Cleveland HTF. Funding from Phase II came from LIHTC equity, Enterprise community loan, CMHA capital funds, and Cleveland HTF.
Sankofa Village I & II are the first to be completed as a result of the development team’s work with a number of Campus District stakeholders through a Choice Neighborhoods planning grand from HUD. The project meets Enterprise Green Communities standards as well as LEED Neighborhood Development guidelines.
Sankofa Village Phase I is LEED Silver certified. To achieve this certification, the construction team helped select recycled and regional materials and implement recycling during the construction of the project. Appliances are Energy Star certified.
In August of 2019, Pennrose was notified by Ohio Housing and Finance Agency (OHFA) that Cedar III has been selected to move forward with the bond gap financing and that OHFA has reserved $2 million in NHTF funds for the project.