APB Commences Construction On Two New NSP Projects

During the fourth quarter of 2011, American Preservation Builders commenced work on two new Neighborhood Stabilization Program (NSP) properties in the Cleveland area. The NSP program was developed and funded by the U.S. Department of Housing and Urban Development to help assist local municipalities in combating foreclosures and blighted properties in their neighborhoods. These funds (specifically NSP2 funds) were used in specific targeted areas of the City of Cleveland and surrounding suburbs to help neighborhoods that have been hard hit by property foreclosures.

Circle East Townhomes. East Cleveland, Ohio. The Circle East Townhome project is a 20 unit new construction project located near the University Circle area of Cleveland in East Cleveland. The construction of these new rental townhomes represents one of the first new construction projects that have occurred in the area in recent history. American Preservation Builders was contracted by The Finch Group to commence and complete construction within a very tight schedule, with delivery of the units by July 2012. All units will be three-story 1,300 square feet two-bedroom, two-bath townhomes with a two-car garage on the first floor.

Hawk’s Landing Apartments, Cleveland, Ohio. Hawk’s Landing is a 144-unit property located on the west side of Cleveland that will be rehabilitated utilizing low-income housing tax credits, NSP funds and FHA financing. Improvements will included all new kitchens and baths, new HVAC, new windows and doors, new roof overbuilds, and a new community center. The property, developed and owned by The Finch Group, is one of the largest housing rehabilitation projects that has occurred in the Bellaire-Puritas neighborhood of Cleveland in recent history.