New Pre-development Financing Lays the Groundwork for Development of Thurgood Marshall Senior Apartments

FOR IMMEDIATE RELEASE

TOLEDO (May 22, 2024)—A planned $32 million development for low-income seniors got a major boost, as pre-development financing from LISC Toledo set the stage for transformation of a shuttered elementary school into 86 affordable apartments.

LISC Toledo’s $500,000 investment is supporting the property assessments, architectural, and engineering design for the Thurgood Marshall Senior Apartments, an effort led by Lucas Metropolitan Housing, the Area Office on Aging of Northwestern Ohio, NeighborWorks Toledo, and Community Building Partners. When completed, it will help address the critical need for high-quality, affordable housing for Lucas County’s underserved senior population, while also positively contributing to the surrounding community.

“Particularly in the current environment, with high interest rates and tight credit slowing down housing development timelines all across the country, it is imperative that we do all we can to keep local projects on track,” said Tom Kroma, executive director of LISC Toledo, which has invested more than $275 million in affordable housing, community revitalization and economic opportunity strategies since 1989. “This adaptive reuse project will have a tremendous impact on the well-being of seniors, as well as on the North Toledo community where it is being built.”

Project Highlights:

• 86 Units: The Thurgood Marshall Senior Apartments will provide 86 units of affordable senior housing.
• Historic Preservation: The project preserves and reactivates the historic Webster Elementary building, constructed in 1922, which served as the home of Toledo Public School administrators from the 1960s until recently.
• Supportive Services: The development will offer supportive services such as benefits counseling, nutrition education and connections to other supportive services to enhance the well-being of its senior residents.