Northwood
Real Estate
Toledo City Council considering CRA for proposed affordable housing complex
Toledo City Council next Wednesday will consider a Community Reinvestment Area tax exemption that would pave the way for the construction of a new multifamily, affordable housing complex at 3300 Glendale Ave. If approved, the ordinance would provide a 100-percent real property tax exemption for 15 years for taxes that would be generated because of the increased valuation of the property once the project is completed. The Toledo Public School board has approved the terms of the CRA agreement, contingent on council’s passage of the ordinance. Construction of the 50-unit, one and two-bedroom affordable housing complex called The Glen would start soon after the CRA is approved. “They plan to construct it immediately,” Carmen Watkins, administrative specialist with Toledo’s department of economic development, said of the three-story complex. The project is expected to be completed in 2026.
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