Wesley Village
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Wesley Village (Brief History)
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Wesley Village is a 59 unit affordable housing project for persons at least 62 years of age with certain qualifying hand-capped conditions located on 5 acres on the south side of Wesley Commons.
In 1976 the U. S. Bicentennial Commission recommended in celebration of the event that local organizations undertake community projects with lasting value. Wesley United Methodist Church in cooperation with the Fostoria Bicentennial Commission determined that a need existed for elderly housing. Addressing that need became a Bicentennial Project for the church. As a result Wesley Village, Inc.'s organization was sponsored by Wesley United Methodist Church in 1977 to acquire, construct, and operate rental housing and related facilities suited for the special needs and requirements of elderly persons without regard to race, color, creed, or national origin.
Wesley Church donated $30,000 in 1977 to Wesley Village for operation funds. The church also provides the land and paving without cost, except maintenance, to the Village for the Village's south parking lot. Construction funds were provided under the Farmers Home Administration (n / k / a Rural Development) Rural Rental Housing 515 Program.
The firs tenant moved in on October 1, 1980. Approximately 6 month was required of 100% occupancy. Since then tenants have moved in within days of ever vacancy thereby maintaining a vacancy rate of less than 1%. Since qualifications for residency in Wesley Commons are different than the Village, a waiting list continues.
Wesley Village Inc. has leased a 3.434 acre parcel of land to Wesley Commons LLC for 50 years for the construction of Wesley Commons. It also owns 7 acres adjacent to Wesley Village and Wesley Commons for future development and /or sale.
Wesley Village received a grant form Ohio's HOME investment Partnerships Program for the purpose of making a $500,000 loan towards the cost of construction of Wesley Commons. The 30-year note from Wesley Commons bears interest at 5.75% during the first 15 years and 0.5% during the last 15. Interest and principal payments are deferred and due and payable as defined cash flow permits up to stated maximums Payments of principal and interest received by Wesley Village will be used for providing additional affordable elderly housing or related purposes as required in the HOME grant.
Wesley Village, Inc. is a non-profit corporation organized under the laws of the state of Ohio and managed by a board of directors. Current directors in the year 2000 are: William Dauterman, Robert Fast, Dr. Robert Hadacek, Rev. Branson J. Hawkes, Fritz Matthews, James Schreck and Donald Yarris. Rosanna Williams is the property manager of Wesley village.
(New) Wesley Commons
Wesley Commons is a 54 unit affordable one-story housing project for residents at least 55 years of age located at the intersection of Stinchcomb Drive and H. L. Ford drive in Fostoria (Hancock County) Ohio. There are 12 one-bedroom, 32 two-bedroom, 10 three-bedroom units, and a large community room in one building on 3.434 acres adjacent to Wesley Village. Each apartment features full kitchens with appliance, carpeting throughout (except vinyl in the kitchen and baths), patios individually controlled heat and air conditioning, and washer/dryer hookups. All units are handicapped adaptable.
Wesley Commons, LLC is a limited liability company organized on December 8, 1997 under laws of the State of Ohio. At this time the Company has members, being:
Administering Member - G.Fred Schwab,LLC
Sponsoring Member - Wesley Village, Inc.
Investor Member - Ohio Equity Fund for
Housing Limited
Partnership VIII
Wesley Village, Inc. and G. Fred Schwab, LLC submitted an application on May 12, 1997 to the Ohio Housing Finance Agency (OHFA) for the funding of Wesley Commons. This resulted in receipt in June 1997 of allocation of Low Income Housing Tax Credits (LIHTC) of $238,753 per year for 10 years which Wesley Commons can offer to investors to obtain its principle source of funds.
With all of the financial commitments in hand, Schwab Architects proceeded with completion of construction drawing and specification. Following receipt of bids, the construction contract was awarded on December 21, 1998 to Steveco, Inc. of Groveport, Ohio for $2,500,000.
Upon the inspection of the completed building by the Wood County Department of Building Inspection, Certificates of Occupancy were received on December 28, 1999. However, cleaning of the units and performing relatively minor details required under the construction contract, delayed the move-in of the first resident until February 15, 2000.
Terms of the $501,000 HOME Grant require that 22 of the units will be occupied by households with incomes at or below 50% of the Area Median Gross Income (AMGI) for Hancock County.
In consideration of the receipt of the LIHTC, Wesley Commons is committed to maintain all 54 units as low income housing for 40 years unless terminated after 1`5 years in accordance with provisions of the Internal Revenue Code. The rents for all 54 units will be affordable to households at or below 40% of the AMGI.
Wesley Commons is managed by SA Management, LLC of Columbus, Ohio which in turn entered into an agreement with Wesley Village, Inc. to provide on-site property management. Under this arrangement Rosanna Williams is the local property manager.
1 Bedroom - Click here for floor plan
2 Bedrooms - Click here for floor plan
3 Bedrooms - Click here for floor plan
Deposit - Equal to one (1) month rent
Pet Deposit - (if you want to keep a pet)
Wesley Commons, LLC
700 Stinchcomb Dr.
Fostoria, Ohio 44830
Information--419-435-9755
Information courtesy of William Cline |
