Ashtabula Towers, the 202-unit senior housing high-rise that has anchored affordable living in Ashtabula for nearly 50 years, is getting a top-to-bottom overhaul. Jonathan Rose Companies and Community Opportunity Fund announced plans for a $32.8 million rehabilitation of the 14-floor building, aiming to preserve affordable housing while upgrading everything from kitchens to the HVAC system.
Built in the 1970s, the property has provided stable senior housing for nearly 50 years, according to the announcement published by Yield PRO. A separate Ohio housing proposal describes Ashtabula Towers more specifically as an elderly Section 8 facility consisting of 202 units on 14 floors, according to a proposal filed with ohiohome.org. The project's co-developer, Community Opportunity Fund, puts it plainly on its own project page: constructed in 1977, the building has been meticulously maintained, but never fully renovated.
The rehab is designed to enhance resident comfort and accessibility, improve sustainability, and preserve affordable housing, per the Yield PRO announcement. The scope includes building envelope, roof, elevator, mechanical-system and common-area upgrades, along with updated kitchens, bathrooms and lighting inside individual units. Energy Star appliances and WaterSense fixtures are also planned, and the existing HVAC system is set to be replaced with high-efficiency heat pumps in each unit, according to the same report.
New Amenities and Accessibility Upgrades
Beyond the mechanical work, the project calls for a full-time resident services coordinator who would connect residents with resources, programs and education supporting health, stability and aging in place. The rehabilitation will also add a fitness center and resident programming areas, the Yield PRO announcement states. Community Opportunity Fund's own project page similarly describes planned additions of a new fitness center, a service coordinator's office and a computer room.
Accessibility is part of the plan too, though the exact scope isn't entirely settled across the available documents. The Yield PRO announcement says Jonathan Rose Companies and Community Opportunity Fund will convert approximately 10% of units to meet uniform federal accessibility standards. Community Opportunity Fund's project page, meanwhile, describes a preliminary scope calling for the addition of 11 UFAS-compliant units for residents with physical disabilities — a figure that doesn't obviously match the percentage cited elsewhere, and the available materials don't clarify how the two numbers relate.
Preserving Affordability for Low-Income Seniors
The rehabilitation aims to preserve affordable housing for households earning up to 60% of area median income, according to Yield PRO's report. The Ohio proposal filed with ohiohome.org adds that the property's existing Section 8 Housing Assistance Payments contract, covering 200 of the 202 units, was set to expire in 2026, with two additional units designated for employees. That proposal describes extending the Section 8 contract for 20 years through a Mark-Up-To-Market renewal paired with new Low-Income Housing Tax Credit deed restrictions — though it's a description of the proposed plan, not confirmation that the renewal has taken effect.
Community Opportunity Fund's project page separately states that the proposals would extend affordability restrictions for a minimum of 30 years. The two sources describe different types of commitments, and the available materials don't explain how the 20-year Section 8 extension and the 30-year affordability restriction relate to one another or what the final terms will be.
Financing Pulled From Multiple Public and Private Sources
The rehabilitation's financing combines multiple public and private sources after anticipated public funding sources and the tax-credit landscape changed, prompting a restructuring, per the Yield PRO announcement. KeyBank Community Development Lending and Investment is serving as investor and permanent lender. The Ashtabula City Port Authority issued tax-exempt bonds for the project, and the Ohio Finance Agency allocated tax credits to support it.
Community Opportunity Fund also secured a $3.9 million Community Project Funding grant, which the announcement says will fund heating and cooling system upgrades. That grant was supported by Congressman David Joyce through the Fiscal Year 2024 Consolidated Appropriations Act. The Ohio proposal filed with ohiohome.org lists total construction financing of $37,488,059, while its development budget separately lists total project costs of $30,488,059 — the documents don't explain the difference between the two figures.
What Project Leaders Are Saying
Scott Frye said investment in sustainability, social impact and housing quality will support the property's long-term preservation, and that preserving existing affordable housing is an effective way to address national housing challenges, according to the announcement. Dawn Mottram said affordable housing can provide residents a foundation for stability, connection and opportunity, adding that Community Opportunity Fund is proud to partner with Jonathan Rose Companies to preserve the community and strengthen resident resources.
Congressman Dave Joyce said the investment will help provide northeast Ohio seniors with safe, comfortable and affordable housing for years to come, and that he was proud to secure federal funding for Community Opportunity Fund's heating and cooling modernization work. Ryan Olman said the investment will help residents retain access to safe, modern and affordable housing, per the same announcement.
Part of a Broader Affordable Housing Push
Jonathan Rose Companies, founded in 1989, describes Ashtabula Towers as reflecting its strategy of extending existing communities' life while improving homes, services and resources. The firm has developed, preserved and acquired communities representing $5 billion in value as of year-end 2024, with a portfolio that includes nearly 20,000 apartment homes across 14 states and Washington, D.C., and offices in New York, Ohio, Colorado and California. Community Opportunity Fund is a 501(c)(3) organization focused on affordable housing and resident services.
The stakes extend beyond one building in Ashtabula. An Ohio housing agency FAQ notes that approximately 21,000 project-based HUD Section 8 units across 424 projects statewide are in danger of being taken out of the affordable, subsidized housing pool over the next decade due to expiring HAP contracts, according to ohiohome.org. Against that backdrop, Ashtabula Towers' rehabilitation stands as one attempt to keep aging affordable housing stock from slipping away.
