Arbor Park Village
A partnership of community participation and sophisticated financial structuring
In January 1999, when TFG assumed ownership and management, Longwood was in “chaos”:
- Fiscally – According to its audited financials, the property had lost $3,636,292 in the two prior years.
- Physically – There existed an estimated 4,800 significant outstanding health and safety code violations. Criminal and civil complaints against the property partnership owner and general partner were outstanding.
- Obsolete – Even if substantial funds were spent to correct the code violations, Longwood’s overall site layout, building design, building systems, unit size and unit mix made it obsolete.
Arbor Park Villa’s redevelopment reduced the number of units from 820 to 629 units but increased the number of bedrooms to fit the current needs of the residents. It was originally programmed to be built in a four (4) phase schedule. The relocation process and construction proceeded so smoothly that it was reduced to three (3) phases.
In 2015 Phase 1 is 13 years old, Phase 2 is 12 and Phase 3 is 10 years old. It takes a lot of hard work to maintain, but the property looks as good today as when the rehab was completed. Arbor Park has averaged 98% occupancy and we are also pleased to report that over 25% of its residents are original ones.
For low income housing in the Central Neighborhood, we think this stability is both remarkable and a testament to the quality of Arbor Park’s overall housing environment. The most recent, average REAC scores for the three phases was 92.
While the current catch phrase “Choice Neighborhoods,” which HUD uses to define its commitment to utilize housing as a platform for improving resident families quality of life by coordinating housing with excellent education and health care, may be relatively new, it embodies the concepts that The Finch Group has implemented at Arbor Park for over a decade.
Today Arbor Park is an award winning (Congressional Black Caucus, HUD Best Practices Award, City of Cleveland Development Recognition) 629 unit (low-income tax credit) quality housing resource and a huge success for the City of Cleveland and its Central Neighborhood.