Committee approves option agreement with Penrose for affordable housing at 4242 Lorraine Ave The committee approved an emergency ordinance authorizing an option-to-lease agreement with Penrose Holdings LLC for city property at 4242 Lorraine Ave to pursue a 62–72 unit affordable housing project, using an option to secure over $1,000,000 in Federal Home Loan Bank funds while avoiding choice‑limiting site control.

Cleveland is taking a bold step towards affordable housing with a new redevelopment project that promises 62-72 units for families in need!

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City Council Approves $27M Loan for Affordable Housing Development in Ward 7 Council members authorize loan to Gateway 66 for 80 affordable residential units.

Cleveland City Council just approved a $27M loan to boost affordable housing in Ward 7, promising a brighter future for residents in need!

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