Proposed Loan Forgiveness for Denison Avenue Housing Project
Cleveland City Council is considering an emergency ordinance, Ord. No. 334-2024, that would allow the Director of Community Development to forgive the remaining balance of a Housing Trust Fund loan held by Emerald Development and Economic Network, Inc. (EDEN). The request involves a property at 9830 Denison Avenue, a seven-unit townhome facility that currently provides permanent supportive housing for individuals with mental illness.
What's in the file
According to the 334-2024 Executive Summary - Eden, the city originally issued a 20-year loan in 2006 to help rehabilitate the Denison Avenue building. EDEN has requested an early release from the contract because it can no longer sustain the property's operations, and the release would allow the property to be sold this year.
The ordinance would authorize the following:
- Termination of the existing Housing Trust Fund contract.
- Forgiveness of the estimated remaining loan balance.
- Oversight by the Department of Community Development to ensure EDEN follows federal regulations regarding resident relocation.
| Loan Detail | Amount |
|---|---|
| Original Loan | $47,000 |
| Estimated amount to be forgiven | $20,000 |
To assist residents during the transition, the summary states that EDEN will provide a one-year notice of sale and provide tenant-based Housing Choice Vouchers to help residents relocate to affordable housing units of their choosing.
Who may be affected
- Emerald Development and Economic Network, Inc. (EDEN) - The organization holding the loan and requesting early release from the contract.
- Department of Community Development - The city department responsible for monitoring the relocation process and managing the contract.
- Residents of 9830 Denison Avenue - The individuals currently living in the seven-unit permanent supportive housing facility.
Status and timeline
March 22, 2024 - The emergency ordinance was introduced.
The legislation is currently listed as tabled by City Council.
Residents can verify these details and track the progress of the ordinance through the official City of Cleveland Legistar website.
Key facts
- Housing units
- 7
- Loan maturity date
- April 6, 2026
Source record
- File
- 334-2024
- Type
- Emergency Ordinance
- Status
- Tabled
- Committee
- City Council
- Introduced
- March 21, 2024
Official documents
- 334-2024-Terminate K w EDEN for loan to rehab building on Denison and forgive remainder of loan
- 334-2024 Executive Summary - Eden
- 334-2024 FINAL VERSION - City Record May 22, 2026 - Page 83