Woda Group Opens 50-Unit Affordable Community Near Cleveland

WILLOWICK, Ohio — The Woda Group Inc. has opened Willoughbeach Terrace, a 50-unit affordable seniors housing community located along Lake Erie in the Cleveland suburb of Willowick.

Woda built the property in collaboration with Cleveland’s Catholic Charities Housing Corp. The community has been certified LEED Gold.

Willoughbeach Terrace offers one- and two-bedroom units in a three-story building. Rents range from $520 to $620 per month and all units allow wheelchair access. Community Service Lake County, an affiliate of Catholic Charities Housing Corp., will provide a series of services for residents such as transportation and meal delivery.

Several methods were used to fund the project. The Ohio Housing Finance Agency (OHFA) provided tax credits, which Key Community Development Corp. purchased. OHFA also supplied a $3 million bridge loan, which KeyBank Community Development Lending and RiverHills Bank provided additional loans.

Based in Ohio, The Woda Group is a developer, general contractor and general manager of affordable housing.

More News