Akron's oldest public housing site is poised to become the town's newest residential village, as The Community Builders leads the HOPE VI transformation of Elizabeth Park Homes into Cascade Village. Akron Metropolitan Housing Authority (AMHA) has selected TCB to develop Cascade Village, retiring the 65 year-old barracks-style Elizabeth Park complex and replacing it with 242 rental and 27 homeownership units, improved natural and recreational amenities, and expanded economic diversity and opportunity for residents. Of the new rental units, 106 are reserved as replacement housing for remaining Elizabeth Park public housing residents. The balance of the units will be offered at affordable and market rate rents, with 21 of the for-sale units reserved for buyers with incomes that do not exceed 80% of area median.

Cascade Village will be constructed in three phases at an estimated total project cost approaching $60 million. The first phase of the HOPE VI revitalization officially closed in September and infrastructure improvements and a model home/sales center are ready to break ground. Initial marketing will focus on the homeownership units, which have a target sales price of $125,000. HOPE VI subsidies will enable qualified low-income buyers (including current Elizabeth Park residents) to access down-payment, second mortgage, and closing cost assistance sufficient to write down the cost of the homes to approximately $98,000.

TCB has been involved in the project for nearly four years, when the Akron Metropolitan Housing Authority (AMHA) sought an experienced HOPE VI partner to assist in securing revitalization funds for Elizabeth Park. AMHA had tried several times on its own to win HOPE VI funds for the tidy but obsolete development; it took yet another two attempts before the AMHA-TCB team scored a $19.25 million award in the FY 2003 funding cycle. TCB was designated as the developer, property manager, and community services provider in the HOPE VI application. Master planning services and community initiatives activities have been delivered under task order with AMHA since shortly after notice of the award.

For additional information on Cascade Village, visit:
http://www.cascadevillageakron.com/