Grand Re-Opening and Renovations of Taylor Ridge Apartments

Independence KY – Federal, state and local officials and development partners gathered on Thursday to cut the ceremonial ribbon at Taylor Ridge, an affordable apartment community in Independence, Kentucky.

Attendees included: Shane Noem on behalf of U.S. Senator Mitch McConnell; Chris Moriconi, Independence City Administrator; Howard Wallick, Co-Owner of Wallick Communities; Jeremy Ratliff, Managing Director of Multifamily Program at Kentucky Housing Corp.; Stephanie Brown, Vice President of City Real Estate Advisors; Jeffery Banker, Vice President, Lancaster Pollard; and Kevin Donovan, Vice President, Fifth-Third Bank.

The $14 million rehabilitation includes energy efficiency improvements throughout; new kitchen cabinets, countertops and appliances; new bathroom vanities, cabinets and flooring; new patios, sidewalks and landscaping; new ENERGY STAR® windows and roof system; new bus shelter and playground equipment; new picnic patio area and new community room with kitchen and computer center.

“The Taylor Ridge renovation represents a reinvestment in the community and a commitment that the residents of Taylor Ridge, and families in the Independence area, continue to have decent, safe, affordable housing,” said Wallick.

Taylor Ridge consist of 99 units of project-based Section 8 Housing. The property was originally built in 1982. The project was financed through federal Low-Income Housing Tax Credits, administered by the Kentucky Housing Corporation.

The Housing Credit is the primary source of financing in the country for creating affordable housing opportunities. The program provides tax incentives for private companies to develop, preserve and invest in affordable rental housing. In exchange for the credits, the property must remain affordable and available to households at or below 60% of the area median income.

Grand Re-Opening and Renovations of Falcon Woods

Holland, MI – U.S. Congressman Bill Huizenga and other federal, state and local officials gathered today to commemorate the renovation of Falcon Woods, an affordable apartment community in Holland, Michigan.

Along with Representative Huizenga, attendees included: representatives for Senator Gary Peters and Senator Debbie Stabenow; Kevin Elsenheimer, Executive Director of Michigan State Housing Development Authority (MSHDA); Al Vanderberg, Ottawa County Administrator; Vince Bush, Holland Charter Township Treasurer; Michael Murray, Senior Vice President of City Real Estate Advisors; and Howard Wallick, Co-Owner of Wallick Communities.

“MSHDA is proud to provide financing toward this renovation and expect these changes will contribute greatly to a better quality of life for the individuals and families who call Falcon Woods home,” Elsenheimer said. The $5.5 million rehabilitation included new siding, roofing, windows and doors; new bathroom and kitchen fixtures and appliances, new playground, landscaping and parking lot, and energy-efficient improvements throughout.

The project was financed through federal Low-Income Housing Tax Credits, HOME funds, MSHDA Preservation Fund and MSHDA permanent debt financing.

“The Falcon Woods renovation represents a reinvestment in the community and a commitment that the residents of Falcon Woods, and families in the Holland area, continue to have decent, safe, affordable housing,” said Wallick.

Falcon Woods consists of 144 units in 18 buildings. The property was originally developed using Housing Credits in 1995. Wallick Communities acquired the property in 2011, and was awarded Housing Credits to renovate the property in 2014. Partners in the project include: Wallick Communities, MSHDA, City Real Estate Advisors and Hooker De Jong.

OHFA Features Wallick Communities in 2016 Congressional Report

The Ohio Housing Finance Agency recently released their 2016 Congressional Report, “Building a Stronger Ohio.” The report features affordable housing communities throughout Ohio that serve as examples of how federal programs, such as HOME and the Low-Income Housing Tax Credit, positively impact local congressional districts.

We are proud that three Wallick communities were featured in the report:

Faith Village Apartments, Columbus
Congressional District Three
Representative Joyce Beatty
Rehabilitation of 144 apartments in 21 buildings

The Meadows Apartments, Marysville
Congressional District Four
Representative Jim Jordan
Rehabilitation of a 102-unit complex

Lawrence Village Apartments, South Point
Congressional District Six
Representative Bill Johnson
Extensive Rehabilitation of 70 apartments

OHFA reports the total housing investment in Ohio at $17.4 billion, and thanks Ohio’s senators and congressional delegation for making affordable housing a priority. A copy of the report is available on OHFA’s website,

Wallick Receives OCCH Award

On May 26,the Ohio Capital Corporation for Housing (OCCH) recognized Wallick Communities for our 50th anniversary.

Tom Feusse, Chief Executive Officer, accepted the award on behalf of the company at the annual OCCH partners luncheon.

“It’s not what we do that matters most, rather it’s why we do it,” Tom said when he accepted the award. He acknowledged the contributions of Wallick associates as the key component to Wallick’s longevity and success.

“We look forward to the next 50 years,” he continued, which will include “great promise, great plans, and great opportunity.”

Following the luncheon, OCCH hosted an industry and legislative update. One of the key messages of the day was the continued need to advocate for the federal Low-Income Housing Tax Credit (LIHTC), and to encourage Congressional leadership and staff to visit communities developed using the LITHC program.

As a financial intermediary, OCCH has been a longstanding partner with Wallick Communities, and has invested in several of our communities through their equity funds. Communities that have OCCH investment are eligible for a variety of award and grant opportunities, including the Carol Mount Peterson Resident Development Fund and the Jerry Grier scholarship fund.

Wallick Receives Housing Credits for 3 Kentucky Communities

This spring, Wallick Communities received $1.2 million in Low-Income Housing Tax Credits from the Kentucky Housing Corporation to rehabilitate three of our apartment communities in Kentucky. This is the first time Wallick has been awarded three deals from Kentucky in the same round.

The communities that will be rehabbed include:
Bedford Village – 40 apartments in Bedford, KY
Locust Ridge – 72 apartments in Dry Ridge, KY
Highpoint – 44 apartments for seniors in Ludlow, KY

These awards exemplify Wallick’s commitment to reinvesting in our communities and improving living standards for our residents.

Great job to Bonnie Harbage, Matt Shoemacher, Alexis Dunfee and others who committed time and effort into structuring these deals and putting these applications together.

Wallick Awarded Tax Credits for Cypress Commons Rehab

Wallick Communities was recently awarded federal Low-Income Housing Tax Credits from the Ohio Housing Finance Agency in order to rehab Cypress Commons in Middletown, Ohio (Butler County).

Cypress Commons is a 44-unit family community, and was awarded $483,000 in tax credits. The funding will be used for a variety of improvements, including, but not limited to, new siding, new flooring, kitchen counter tops, cabinets and appliances, hot water heaters, Energy Star HVAC, and bathroom fixtures.

Funding will also be used to build a new, larger community building that will have space for a resident service coordinator, and the one-bedroom units will be renovated to be handicap accessible. Construction is anticipated to start in mid-2017.

The Housing Credit is the largest funder of affordable housing in the nation. Credits are awarded by states on a competitive basis. In Ohio, fewer than half of the applicants received funding awards.

Congratulations to Tim Swiney, Nicole Boyer, Tyler Ponder and others who committed time and effort into structuring these deals and putting these applications together.

Wallick Adds 10 Columbus MHA Properties to Management Portfolio

Earlier this month, Wallick Communities began providing property management services for ten Columbus Metropolitan Housing Authority (CMHA) communities.

Wallick was one of seven companies competing for the contract, acquiring 2/3 of the total business available. We are very excited to be partnering with CMHA and look forward to a long and successful relationship. The CMHA properties add 969 units to our management portfolio, and we are pleased to welcome 24 new employees. The new communities include:

  • Eastmoor Square, 53 units
  • Glenview Estates, 50 units
  • Indian Meadows, 72 units
  • Kenmore Square, 56 units
  • Ohio Townhouses, 80 units
  • Post Oak Station, 148 units
  • Rosewind, 230 units (pictured above)
  • The Meadows, 95 units
  • Thornwood Commons, 86 units
  • Worley Terrace, 100 units

Words of Inspiration: CEO Tom Feusse Addresses Ohio Housing Conference Attendees

This week, a record number of nearly 1,700 industry professionals attended the Ohio Housing Conference at the Greater Columbus Convention Center. At the opening session on Tuesday, Wallick Communities CEO Tom Feusse kicked off the day with a few inspirational words about the future of our industry, encouraged attendees to continue to make a difference, and revealed that Wallick Communities will celebrate our 50th anniversary in 2016. “In 1966, Jack Wallick formed our company, along with his business partner Sandy Goldston. He did so because he decided to take on the liabilities of a defunct, out-of-state contractor, even though he was not obligated to. He did so because he felt it was the right thing to do,” said Tom. “Today, 50 years later, we still work to do the right thing. It doesn’t just speak to the values of Wallick, but it speaks to the values of our industry.”

Wallick Communities was well represented at the conference. Senior Vice President of Asset Management Amy Albery participated in a panel discussion, A Comprehensive Analysis of Housing Credit Portfolio Trends; Vice President of Development Nicole Boyer moderated a PP&D Funding Programs panel; and Resident Resources Executive Director Shon Burch (formerly Bunkley) shared her story of triumph on a panel, 9:9 Stories.

Heart of Service: Holiday Help

Earlier this week, Wallick Communities volunteers provided dinner to nearly 100 residents, provided families with Kroger gift cards, and handed out gift bags filled with hats, gloves and scarves to all children in attendance. Several items were also raffled off to families, including a vacuum cleaner, microwave, crockpot, pots and pans, dishes, and Tupperware. Santa greeted all children and fun was had by all.

Also last week, volunteers participated in the Holiday Clearing House 2015 for People in Need, Inc. of Delaware County, which is a private, not-for-profit 501 (C) (3) agency dedicated to providing emergency assistance to Delaware County residents. Volunteers of the event sorted and organized food, clothing and toys for later distribution to families in need and senior and disabled homebound residents.

Wallick Communities is committed to serving all our residents. Through the act of volunteering, our communities are strengthened, our neighbors uplifted, and our associates embrace an attitude and a heart of service.

Local Nonprofits Benefit from Ramada Purchase

Imagine purchasing a hotel that is to be repurposed and having to figure out what to do with the contents of its 150 fully furnished rooms, lobby and restaurant.

Wallick contemplated hiring a company to take everything away but then devised a more creative solution: donate these items to area nonprofits.

This week and next, Wallick will distribute hundreds of items—beds, linens, towels, furniture, appliances and more—to four local charities.

Wallick’s Heart of Service Committee coordinated the effort. Heart of Service is an associate-led group tasked with engaging the company’s associates in giving through service.

Wallick Communities — Finalist for Business First Best Places to Work Award

Two of Wallick Communities’ most important, ongoing business goals are to be a great place to live for our residents and a great place to work for our associates.

We are proud to be named a finalist for Business First newspaper’s “Best Places to Work” in the mid-size business category for the third year in a row. This recognizes the top companies in Central Ohio based on confidential employee satisfaction surveys.

Wallick Forges New Ground in Assisted Living

Wallick Communities is one step closer to introducing an assisted living product designed for seniors of all income levels—a revolutionary idea in the marketplace.

The company recently acquired the 50-year-old Ramada Columbus Airport hotel located at the corner of Broad Street and Hamilton Road in Whitehall, Ohio. It plans to transform the hotel property into 131 assisted living suites, with space for dining, activities and resident care.

Wallick purchased the hotel for $2.1 million and will invest nearly $10 million in improvements. Construction is expected to begin in early February.

“This project is clearly unique because it’s one of the very few assisted living communities designed to serve this specific market segment,” said CEO Tom Feusse. “It’s also quite timely, considering that well over 50 percent of seniors today cannot afford assisted living.”

“This new product addresses that large and significantly underserved market,” said Feusse. “Wallick is uniquely positioned to do so, given our experience in both assisted living and affordable housing.”

The new community will be named Laurel Woods on Broad and is slated to open in the spring of 2016.

Developing innovative new products to serve emerging needs. Another answer to the question, “Why Wallick?”

Wallick’s Newest Business Unit Brings Value to Owners

Since its creation in late 2012, Wallick’s Asset Management team has already created economic value for third-party property owners and for the company. Acting as the owners’ representative, this team has:

  • Acquired four new properties and limited partnership interests in more than 35 properties
  • Sold two non-core properties
  • Raised new capital through a private placement transaction
  • Re-financed 11 properties through various financing programs
  • Applied for and received a Multi-Family Housing Preservation and Revitalization (MPR) award from USDA Rural Development
  • Worked with Property Management to improve operations, including optimizing rents and reducing real estate taxes
  • Established a system of key metrics to quickly identify property performance issues
  • Turned around troubled assets

“This past year was a mix of offense and defense, as well as some home runs,” said Wallick Senior Vice President of Asset Management Sharon Shaffer. “Looking ahead, we intend to continue to enhance the value of our portfolio, with the ultimate goal of having every community one that any of us would be proud to call home.”

This value added service benefits residents, community owners and Wallick. Another answer to the question, “Why Wallick?”

Wallick Does it Again — Redefining Senior Living

Nearly 30 years ago Wallick redefined and raised the bar for senior living with the development of its assisted living communities, Oakleaf Village of Toledo and Oakleaf Village of Columbus. Those communities continue to thrive today, providing valued care and services to over 250 senior residents.

Now, Wallick Communities is extending its reach into the senior living market with a new value-driven product. Wallick is creating assisted living communities for seniors, regardless of their level of income.

“There is a significant, growing need for assisted living communities for seniors at all income levels. While the market is generally meeting the needs for seniors with means, there is a significant unmet need for most other seniors. We’re looking to fill that need,” said CEO Tom Feusse.

Wallick is already working on new developments around the Midwest to address this market. Look for more news in the near-term as these plans become reality.

Leading the demographic wave. Another answer to the question, “Why Wallick?”

Wallick to start construction on $10M Whitehall assisted-living facility