PROJECT BACKGROUND
Ashtabula Towers is an elderly-designated affordable housing property located in downtown Ashtabula, Ohio consisting of 202 units in a single 14-story high rise building.

Constructed in 1977, Ashtabula Towers has been meticulously maintained, but never fully renovated. Today, most building systems are reaching the end of their useful lives and many unit finishes require updating.  Community Opportunity Fund is partnering with Jonathan Rose Companies on a redevelopment project which would preserve the affordability of Ashtabula Towers by maintaining the Section 8 HAP Contract, and which would substantially rehabilitate the tower using Low Income Housing Tax Credits and other state and local funds.

The development project proposes to fully modernize building systems, update the apartment unit interiors, and enhance and expand the building’s common areas and amenities. The property has several ground floor commercial spaces which would ideally be renovated to create additional space for resident services and community activities.

The rehabilitation work will dramatically increase the building’s energy efficiency, sustainability, and resiliency, while also enhancing the provision of services to the residents. The proposals would also extend the affordability restrictions for a minimum of 30 years.

SOCIAL IMPACT
The property will greatly benefit from the expansion of resident services and the planned addition of a new fitness center, service coordinator’s office, and computer room. The Ohio Department of Aging currently provides a part-time resident service coordinator, and the Jonathan Rose Companies social impact team, in partnership with Community Opportunity Fund, plans to expand and enhance resident services and wellness initiatives for the residents.

We look forward to delivering a refurbishment scope that will directly and dramatically improve living conditions for residents and preserve affordability for the long term.