New Life, Same Heart: Hoover Place’s Renewal Brings Hope & Home for Dayton Seniors
- CREA
- 3 days ago
- 4 min read
Hoover Place, a community for low-income seniors age 55 and older, has long stood as a familiar presence on the outskirts of Dayton, Ohio, quietly serving as home to seniors who value community, comfort, and connection. For more than two decades, it has been a place where neighbors look after one another, where birthdays are celebrated together, and the rhythm of daily life is grounded in familiarity.
When CREA partnered with National Church Residences to revitalize Hoover Place, the shared vision was about more than renovation. It was about preserving the spirit of a community while ensuring that each resident could return to a refreshed, modern, and welcoming home. Together, CREA and National Church Residences invested in creating a renewed environment that supports dignity, independence, and quality of life for seniors in Dayton.
This transformation made possible through collaboration among CREA, Fifth Third Bank, Aetna/CVS, the City of Dayton, and the Ohio Housing Finance Agency, brought new life to all 144 affordable homes within the three-story property. The community temporarily relocated residents during construction to allow for extensive interior updates and upgrades. With The Model Group serving as general contractor and Berardi Partners as architect, the project team ensured that every detail reflected care and quality. When residents returned, they were welcomed into spaces that blend modern convenience with familiar warmth.
“The preservation and renovation of Hoover Place will provide members of Dayton’s aging population with a beautified, safe and affordable housing option that includes services designed to meet their unique needs. When individuals have housing costs they can afford, they have more resources available to better manage their health and wellbeing, especially older adults who may be managing chronic conditions. We will continue working alongside our regional and local partners to find additional opportunities that help to support and uplift the residents as they begin this exciting new chapter of their lives.”- Anne Crees, Regional Vice President Public and Labor Segment, Aetna, a CVS Health Company
Each apartment home now features fresh finishes, new cabinets and countertops, modern lighting, and energy-efficient GE appliances. French doors open to private balconies where residents can enjoy the calm of the surrounding countryside. Shared spaces throughout the building were also thoughtfully reimagined to encourage connection and activity.
At the heart of Hoover Place is its vibrant community center, where residents gather daily for meals, activities, and wellness resources that support both physical and emotional well-being. The space hosts everything from social clubs and fitness programs to educational workshops and health-focused events, creating a welcoming hub for interaction and care. Just outside, raised garden beds and a walking path provide opportunities to stay active and connect with nature.
“At CREA, we’re proud to support communities like Hoover Place, where quality, affordable senior housing meets compassionate care. Partnering with National Church Residences on rehabilitating this existing development exemplifies our commitment to creating and recreating lasting impact through strategic investments. We are dedicated to ensuring residents have a place to call home with the dignity and support they deserve.”- Michael Murray, SVP, Originator
The grand reopening marked the start of a new chapter for Hoover Place. Residents returned home to familiar faces and newly renewed spaces, reuniting with friends and staff in a setting that felt both fresh and deeply rooted in care.
“We were incredibly grateful to partner with CREA to renovate Hoover Place. When we purchased Hoover Place in 2017 National Church Residences was committed to pursuing a comprehensive strategy that would allow us to completely transform this senior community. Today we are a proud that over 150 seniors live in fully renovated homes and can enjoy dignified senior friendly living spaces. Hoover Place stands as a beautiful testament to what can be accomplished through perseverance, commitment and strong partnerships”. – Matt Rule, SVP, Housing Development & Asset Management at National Church Residences
For CREA and National Church Residences, the revitalization of Hoover Place represents what’s possible when mission-driven partners come together with shared purpose. It’s a reminder that affordable housing for seniors is not just about access, but about quality, belonging, and community. At CREA, we envision places where seniors in Dayton and beyond can age in comfort, surrounded by care and connection, in homes that reflect the respect they deserve. Hoover Place stands as a reflection of that vision - offering new life while preserving the heart that has always made it home.
Financing
In addition to LIHTC equity, Hoover Place is financed with a $9.5MM construction loan from Fifth Third Bank and $1.5MM in additional bond construction loans for a combined $11MM of tax-exempt financing. In addition, the Property will be financed with a $3.3MM in permanent loan financing through Ohio Housing Finance Agencies (“OHFA”) Multifamily Lending Program in two notes (a $3 mil. long-term note and a $300k shorter 15 year amortizing note), a $500k HOME loan from the City, a $2.5MM Sponsor note, a $3.2MM Seller Note and a $535k OHFA Housing Development Assistance Programs loan.
Economic Impact
Based on averages provided by the National Association of Home Builders, in its first year, Hoover Place will generate over 180 jobs, $11.4 MM in local income, and $1.19MM in taxes saved, as well as $3.5MM in local income, and $635k in taxes saved annually.
*Source: National Association of Home Builders. Note: Totals are based on national estimates regarding the economic impact of residential construction for the U.S. economy as of April 1, 2020.