Cedar and Maple Housing For I PROMISE

Housing Plans Take Shape for IPS
Posted on 05/22/2020
Image of I PROMISE Housing(Doug Livingston for Ohio.com/Akron Beacon Journal)

An affordable housing provider has won $10 million in state tax credits to build 50 apartments for the families of students at the I Promise School, which is supported by NBA star LeBron James.

The housing project is one of two underway to ensure Akron Public Schools students in the resource-heavy school have a safe, secure place to live so they can excel in the classroom.

The East Akron Neighborhood Development Corp. (EANDC), which will manage both housing projects, announced Thursday that the Ohio Finance Housing Agency has awarded $10 million in tax credits to cover most of the cost of the $13 million construction of an angled, 50-unit apartment building at Cedar and South Maple streets. EANDC applied for the tax credits in February. The nonprofit community developer can now sell the credits to investors, typically banks and insurance companies, for about 90 cents on the dollar. Read more here >>.

Image of I PROMISE Housing
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