Clifton Plaza rehab completed

(Plain Press, June 2006) Clifton Plaza, a 108-unit senior apartment building at 11430 Clifton Boulevard, celebrated the completion of a $2.7 million rehabilitation with an open house on Friday, May 19th. Each unit in the building received a new air conditioning unit, new windows and remodeled kitchens and bathrooms. The buildings elevators and common areas also were refurbished.

Clifton Plaza was built in 1973-74 with financing from the federal department of Housing and Urban Development. (HUD) New Clifton Plaza Associates, LLC, a partnership between Leon N. Weiner and Associates of Wilmington Delaware and David Lakari and Associates of Portland, Maine, is the new owner of the building.

Financing for the $7.6 million purchase and rehab of the building came through tax-exempt bonds issued by Cuyahoga County and secured by U.S. Department of HUD mortgage insurance, and 4% Low Income Housing Tax Credits allocated by Ohio Housing Finance Agency. (OHFA). OHFA also provided a low interest loan through its Housing Development Assistance Program.

 

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