Cleveland and Euclid, Ohio, October 3, 2025
News Summary
CHN Housing Partners has closed financing and begun construction on Parkside Homes East, a $22 million scattered-site project to build 55 single-family lease-purchase homes across three Cleveland neighborhoods for families at or below 60% AMI. The homes will be rented under a long-term lease-purchase model with public and private financing from state tax credits, city support, banks and nonprofit lenders. Separately, a suburban apartment complex in Euclid had the majority of its buildings condemned, displacing many tenants and underscoring gaps in property management and emergency housing options in the region.
CHN Housing Partners launches $22M Parkside Homes East; separate Euclid condemnation displaces dozens
What’s new: CHN Housing Partners has closed financing and started construction on a $22 million scattered-site project called Parkside Homes East that will build 55 new single-family homes across three Cleveland East Side neighborhoods. At the same time, a nearby suburban complex has had 26 of 33 buildings condemned, leaving many residents suddenly displaced.
Parkside Homes East: quick facts and timing
CHN announced on Oct. 2 that work has begun on Parkside Homes East. The development will include 49 three-bedroom, two-story homes and 6 three-bedroom, one-story accessible homes designated for families earning at or below 60% of the area median income (AMI). All 55 lots are vacant and were acquired from the City of Cleveland and the Cuyahoga County Land Bank. The homes are scheduled for completion by fall 2026, with the first move-ins beginning when the first units are ready in March of the same year.
The lots are distributed across three neighborhoods: 27 homes in Buckeye (between Forest and Imperial Avenues), 16 homes in Glenville (between East 100th and East 120th Streets) and 12 homes in Hough (between East 84th and East 93rd Streets).
Program model and scale
The homes will be part of CHN’s lease-purchase program. Under this model, homes are rented to qualifying families at 60% AMI for the first 15 years, after which the units become available for purchase by the renters. CHN has previously developed 2,220 homes under the lease-purchase program; 1,800 are now wholly owned and roughly 400 remain occupied by renters. The new project draws on the design and approach used in CHN’s most recent lease-purchase work, Hope Homes, for which a ribbon-cutting occurred at the end of September.
Funding and partnerships
Parkside Homes East is primarily funded by the new Ohio Low-Income Housing Tax Credit program, including the 4% Low-Income Housing Tax Credit administered by the Ohio Housing Financing Agency. Additional financing comes from the City of Cleveland, Citizens Bank, and the first loan from Local Initiatives Support Corporation through a new Cleveland Housing Investment Fund. Enterprise Community Partners is serving as the tax credit syndicator. CHN will be the majority owner, with minority ownership by Famicos Foundation and Burten, Bell, Carr Development, Inc.
The project was enabled by a change in tax-credit availability: a first round of the OHFA 4% LIHTC program in 2024 allowed CHN to develop a lease-purchase community nearly double the size typically feasible under the 9% LIHTC program. CHN has historically focused lease-purchase efforts on single neighborhoods; the larger scale of Parkside Homes East is intended to meet affordability needs across multiple communities that are facing varying levels of market pressure.
Euclid Parkside Gardens: condemnation and displacement
Separately, in Euclid, city officials condemned 26 of 33 buildings at the Parkside Gardens apartment complex. The condemnations cited multiple building and fire code violations. Tenants received notices requiring them to vacate within a short timeframe; some were told they had three days, while others were informed they would receive at least 30 days. After the initial deadline passed, many residents still lack clear next steps.
The complex is owned by an affiliate of a larger real estate firm headquartered outside the region and is managed by an out-of-state property manager. Public records show ties between the complex and firms that have faced complaints and legal actions in other states. Court records also show that in 2023 a receiver was appointed to oversee a group of financially troubled properties that included this complex. Owners and the receiver did not provide comment when contacted. City officials have received inquiries about the future of the site and the fate of residents but have not provided detailed public answers.
Resident impacts and immediate conditions
Residents reported being hurriedly packing personal items, placing belongings in storage, and seeking new housing options on short notice. Some face the prospect of moving in with family or living in a vehicle if other arrangements fail. Emergency repairs such as alarm and sprinkler system work and visits from fire crews were observed at the property while buildings were being padlocked. A flyer listing potential alternative housing options was distributed to residents, but many said it did not resolve immediate housing or financial barriers.
How the two stories connect
While CHN’s Parkside Homes East represents a multi-million-dollar investment aimed at creating long-term affordable homeownership opportunities in three Cleveland neighborhoods, the situation in Euclid highlights how housing conditions and management problems can quickly displace residents. The two developments underline contrasting approaches to housing in the region: one focused on producing affordable, owner-occupiable units through public financing tools; the other demonstrating the human consequences of property deterioration and enforcement actions.
FAQ
What is Parkside Homes East?
Parkside Homes East is a CHN Housing Partners development to build 55 single-family homes across Buckeye, Glenville and Hough on vacant lots acquired from the City of Cleveland and the Cuyahoga County Land Bank.
How much is being invested and who is funding it?
The project is a $22 million investment primarily funded by Ohio’s new Low-Income Housing Tax Credit (including the 4% LIHTC), with additional support from the City of Cleveland, Citizens Bank, a Local Initiatives Support Corporation loan, and a tax credit syndicator partner.
Who can live in these homes and when will they be available?
The homes are intended for families at or below 60% AMI under a lease-purchase program. The first move-ins can begin when initial homes are ready in March, with full completion expected by fall 2026.
What is the lease-purchase model?
Under CHN’s lease-purchase model, homes are rented to qualifying families for the first 15 years at restricted income levels, after which those renters may have the option to purchase the homes.
What happened at Parkside Gardens in Euclid?
City officials condemned 26 of 33 buildings at Parkside Gardens due to repeated building and fire code violations. Many tenants were ordered to vacate within a short timeframe, and several residents remain displaced or scrambling to find new housing.
Who owns and manages the condemned complex?
Public records identify the complex’s ownership and management as affiliates of out-of-state firms with property portfolios in multiple states. Records also show prior legal and financial troubles involving affiliated assets.
Where can displaced residents seek help?
Displaced residents should contact local emergency housing services, municipal housing or social services departments, and non-profit housing organizations for immediate shelter and rehousing assistance. Documentation and records of the city’s condemnation notice will be important for eligibility and support requests.
Key features at a glance
| Feature | Parkside Homes East | Euclid Parkside Gardens |
|---|---|---|
| Scale | 55 single-family homes | 33-building apartment complex |
| Investment / Funding | $22 million; 4% LIHTC, city, bank, LISC loan, syndicator | Privately owned with prior financial/legal issues noted in records |
| Locations | Buckeye, Glenville, Hough (Cleveland) | Parkside Gardens on 260th Street (Euclid) |
| Occupancy target | Families at or below 60% AMI via lease-purchase | Existing tenants displaced after condemnations |
| Timeline | Construction started Oct. 2; first move-ins March; completion by fall 2026 | 26 buildings condemned; short-term vacate orders in effect |
| Ownership / Management | CHN majority owner; minority partners include community development organizations | Owned/managed by out-of-state affiliates with broader property ties |
Deeper Dive: News & Info About This Topic
Additional Resources
- Crain’s Cleveland: CHN Housing Partners closes financing for 55-home development
- Wikipedia: CHN Housing Partners
- News 5 Cleveland: Parkside Gardens tenants given 3 days to vacate after Euclid condemns 26 buildings
- Google Search: Parkside Gardens Euclid Ohio
- Cleveland.com: Out-of-state companies behind condemned Euclid apartments tied to other troubled properties
- Google Scholar: Parkside Gardens Euclid Ohio
- FOX8: Residents at 26 apartments told to vacate immediately, now desperate for place to stay
- Encyclopedia Britannica: building condemnation
- News 5 Cleveland (Follow Through): Deadline passed but many Parkside Gardens residents still without a place to stay
- Google News: Parkside Gardens Euclid Ohio
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