Jonathan Rose Companies and Community Opportunity Fund will complete a comprehensive $32.8 million rehabilitation of Ashtabula Towers, a 202-unit affordable senior housing community in Ashtabula, Ohio.
The project represents a significant reinvestment in a longstanding community asset, with updates designed to enhance resident comfort and accessibility, improve sustainability and preserve quality affordable housing for decades to come.
Originally developed in the 1970s, Ashtabula Towers has provided stable housing for seniors in the community for nearly 50 years. As part of Jonathan Rose Companies’ ongoing commitment to preserving and enhancing existing affordable housing, the firm will undertake a full-scale renovation of the property, addressing critical building systems, resident amenities and in-unit improvements. COF’s involvement reflects its focus on pairing affordable housing with the services and resources residents need to thrive in their communities.
Equally critical, the rehabilitation will reinforce the property’s long-term affordability. The project will preserve access to affordable housing for households earning up to 60% of Area Median Income (AMI), while existing Section 8 affordability commitments will be extended for an additional 20 years to support housing stability for current and future residents.
“Ashtabula Towers has been a cornerstone of the community for decades, and these investments in sustainability, social impact, and housing quality will help to ensure its long-term preservation,” said Scott Frye, Senior Director, Acquisition and Rehabilitation at Jonathan Rose Companies. “Preserving existing affordable housing is one of the most effective ways to address the nation’s housing challenges, and projects like this demonstrate the lasting impact of investing in communities where affordable housing creates new opportunity for those who need it most.”
The rehabilitation will include upgrades to the building envelope, roof, elevators, mechanical systems and common areas, along with in-unit renovations such as updated kitchens, bathrooms, lighting and the installation of Energy Star appliances and WaterSense fixtures. Another major component of the project will be replacing the existing HVAC system with high-efficiency heat pumps in each unit, improving indoor comfort while reducing energy use. These efforts will support the project in pursuing Enterprise Green Communities certification, reinforcing Jonathan Rose Companies’ commitment to creating healthier, more efficient and resilient affordable housing communities.
Beyond physical improvements, the project will strengthen the resident experience through the addition of a full-time Resident Services Coordinator, who will connect residents with resources, programs and education that support health, stability and aging in place. The rehabilitation will also add new amenity spaces, including a fitness center and areas for resident programming. To further enhance quality-of-life, Jonathan Rose Companies and COF will be converting approximately 10% of units to meet Uniform Federal Accessibility Standards (UFAS), creating more accessible homes for residents with mobility needs.
“Affordable housing is most impactful when it provides residents a foundation for stability, connection and opportunity,” said Dawn Mottram, Executive Director of Community Opportunity Fund. “We’re proud to partner with Jonathan Rose Companies to preserve a community that so many residents rely on and strengthen the resources available to them for years to come.”
Bringing the approximately $32.8 million rehabilitation to fruition required a flexible and creative approach to a complex affordable housing capital stack. As the project evolved, changes in anticipated public funding sources and the tax-credit landscape required the development team to restructure elements of the financing while protecting the project’s core preservation, sustainability, and social impact objectives. The resulting financing brings together multiple public and private sources to support a comprehensive rehabilitation and preserve Ashtabula Towers as affordable senior housing for the long term.
KeyBank Community Development Lending and Investment is serving as both investor and permanent lender, with additional financing provided through tax-exempt bonds issued by the Ashtabula City Port Authority and tax credits allocated by the Ohio Finance Agency. COF secured a $3.9 million Community Project Funding grant, supported by Congressman David Joyce through the Fiscal Year 2024 Consolidated Appropriations Act. The grant will fund upgrades to the building’s heating and cooling systems, improving energy efficiency and enhancing comfort for residents.
“Every senior deserves the dignity of a safe, comfortable, and affordable place to call home, and this investment in Ashtabula Towers will help make that possible for Northeast Ohio seniors for years to come,” said Congressman Dave Joyce. “I was proud to secure federal funding for the Community Opportunity Fund’s work to modernize the building’s heating and cooling systems. This project is a great example of what we can accomplish when federal, local, and private partners come together to make meaningful investments in our communities.”
“Preserving affordable housing is one of the most effective ways to strengthen communities,” said Ryan Olman, Senior Relationship Manager at KeyBank Community Development Lending and Investment. “Ashtabula Towers has been home for generations of seniors in our community, and this investment will help ensure residents continue to have access to safe, modern and affordable housing for years to come. We’re proud to work alongside Jonathan Rose Companies and our public and private partners to preserve this important community asset while enhancing residents’ quality of life.”
Ashtabula Towers reflects Jonathan Rose Companies’ broader affordable housing preservation strategy, which focuses on extending the life of existing communities while improving the homes, services and resources available to residents. Through this investment, the firm will advance Ashtabula Towers’ role as a stable, high-quality, affordable housing resource for seniors in Ashtabula for generations to come.
