CHN launches $22M Parkside Homes East as Euclid complex faces mass condemnation

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 $22 million Parkside Homes East; Euclid condemns 26 of 33 Parkside Gardens buildings, displacing residents

What’s new: CHN Housing Partners has closed financing and started construction on Parkside Homes East, a $22 million scattered-site lease-purchase project that will add 55 single-family homes to Cleveland’s East Side neighborhoods of Buckeye, Glenville and Hough. Separately, the city of Euclid declared 26 of 33 buildings at a nearby apartment complex uninhabitable, forcing many residents to leave on short notice.

Project launch and scope

CHN announced on Oct. 2 that financing is closed and construction has begun on Parkside Homes East. The development will include 49 three-bedroom, two-story homes and six three-bedroom, one-story accessible homes. All 55 lots were vacant prior to acquisition and were transferred from municipal and land-bank holdings.

The homes are targeted to households at or below 60% of the area median income (AMI) and will operate under CHN’s lease-purchase model: units are rented at affordable rates for the first 15 years and then made available for purchase by the renter. The first units are expected to be ready for move-in beginning in March, with full project completion projected by fall 2026.

Neighborhood breakdown

The 55 homes are spread across three neighborhoods to respond to differing local needs:

• Buckeye: 27 homes, located between Forest and Imperial Avenues.
• Glenville: 16 homes, located between East 100th and East 120th Streets.
• Hough: 12 homes, located between East 84th and East 93rd Streets.

Funding and partners

Parkside Homes East is mainly financed through the Ohio Low-Income Housing Tax Credit and a 4% Low-Income Housing Tax Credit offering from the state housing finance agency, which enabled a significantly larger lease-purchase build than previously possible under the 9% credit. Additional capital comes from the city of Cleveland, Citizens Bank and a first loan from a national community development intermediary through a local housing investment fund. A national tax credit syndicator is handling allocation of credits. CHN will be the majority owner, with minority ownership stakes held by local community development partners.

CHN has an established lease-purchase portfolio, having developed 2,220 homes through the program so far; roughly 1,800 of those are now owner-occupied while the remainder remain occupied by renters within the program.

Policy and program context

CHN’s lease-purchase work has typically concentrated on one neighborhood at a time. The availability of the 4% tax credit has allowed the organization to scale a single project to serve multiple communities at once — a strategic shift intended to provide long-term affordable homeownership options in neighborhoods experiencing rising market pressures, while also bringing fresh investment into areas with less recent activity.

Euclid condemnation and resident displacement

In an adjacent area, the city of Euclid issued condemnation notices for 26 of 33 buildings at a large apartment complex on 260th Street. Notices required residents to vacate within a short window; some residents reported receiving electronic notice and being given a deadline that fell three days later at noon. Local officials ordered the evacuations after identifying repeated building and fire code violations. City crews were observed replacing alarm and sprinkler systems and padlocking buildings while officials and property managers worked through next steps.

Residents described urgent housing needs, with some unable to afford deposits or otherwise lacking immediate alternatives. A number of tenants reported packing belongings into storage and seeking last-minute housing options, including family arrangements or temporary stays. Property ownership records tie the complex to out-of-state companies with portfolios in multiple markets and reports of prior safety-related enforcement. Court records show that in previous years a receiver was appointed over an affiliated portfolio of distressed properties.

Local authorities and building owners have been contacted for follow-up on timelines, rehousing support and future use of the condemned properties; at the time of reporting, detailed answers about relocation assistance and long-term plans were limited.

Timing and what to watch

• Parkside Homes East: Construction under way; first move-ins possible in March; full build-out by fall 2026.
• Displacement event: Multiple buildings condemned and secured; some residents told they may receive more time while others reported immediate deadlines; monitoring needed on rehousing supports and enforcement actions.

Contact and additional context

The Parkside Homes East project involves partnerships between a nonprofit developer, local community development organizations and private lenders. The Euclid condemnation involves municipal code enforcement, property owners with multi-state holdings, and ongoing questions about oversight and tenant support.

Frequently Asked Questions (FAQ)

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Key features at a glance

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

Author: Construction CA News

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