Government Assisted Housing

The company also remains, as it has been for years, involved in affordable, subsidized and low income housing throughout the eastern half of the U.S. In the 70’s, 80’s and 90’s, Wes Finch served on Congressional and Senatorial Housing Task Forces. In 1992 and 1993, he served on President Clinton’s Transition Team working with HUD.

A question often posed is which of its government-assisted projects is TFG most proud. The answer is difficult because each is unique and many have served a larger purpose. Just south of Chicago, TFG assisted a low income tenant group turn their 934-unit HUD owned slum into a 469-unit resident owned fully mixed incoming housing resource. Completed in 1998, the property, still managed by TFG, is by all accounts the best multi-family complex in the South Suburbs.

Another one is a $25,000,000, 2005 substantial rehabilitation of a 553-unit subsidized property in Rochester, New York. TFG helped Empire State Development Corporation create its Housing Retention Loan structure and, working with the state of New York, closed the first loan. The rehabilitation, performed internally, was completed in September, 2007 on time and on budget.

But, TFG concedes its favorite is Arbor Park in Cleveland, Ohio. The funny thing is while it’s the one which Wes Finch is most proud; it was really his colleagues Robert James (Joined Finch in 1981), and Christina Alletto (also joined in 1981) and Rosanna Tartaro (joined in 1994) who are most responsible for its success. TFG was brought in during January, 1999 to take over the then severely distressed 820-unit Longwood Estates, a project with over 4,800 building code violations. With the support of HUD and the City and with the financial backing of Fannie Mae, it orchestrated a friendly foreclosure thus allowing HUD to take title. HUD deeded the property to the City for $1 and provided a $25,160,000 Grant. The City passed both on to TFG. Now 629 Townhouse units, all with project based Section 8 rental assistance, provide quality housing for residents with limited economic means. The development has received many awards including Special Recognition from the Congressional Black Caucus.

But, the real satisfaction is that after Arbor Park was completed, the City of Cleveland invited TFG to become involved in two other signature redevelopments. One is the $29,000,000 full rehabilitation of Park Lane Villa, a historically significant residential hotel located in the middle of University Circle, Cleveland’s cultural and medial center. Originally constructed in 1923, Park Lane is being brought back to life by TFG as 96 upscale residential rentals. Rent up starts the summer of 2007. The second is the redevelopment of the so-called Upper Chester Neighborhood which is the connector between the Cleveland Clinic’s campus to the south and a planned two million square foot Case Western University biotech research facility to the immediate north.