TFG Housing Resources
    Terrace Gardens — photo collage of the existing Newark mid-rise alongside a rendering of the rehabilitated building
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    CompletedPublic Housing Rehab · RAD Small PHA Blend

    Terrace Gardens

    Newark, OH

    99
    Units Rehabilitated
    4% LIHTC
    Equity Source
    HUD 221(d)(4)
    Permanent Debt
    2026
    Completed
    Project Overview

    Small-PH RAD recapitalization preserving Newark affordable housing.

    Terrace Gardens represents the substantial rehabilitation of over 99 public housing units in Newark, Ohio through the Rental Assistance Demonstration (RAD) program utilizing the small PHA blend. The development team included TFG Housing Resources together with the Licking Metropolitan Housing Authority (LMHA).

    The project was capitalized with 4% Low Income Housing Tax Credit equity, a HUD 221(d)(4) mortgage, OHFA HDAP Trust Funds, City of Newark Funds, Licking County Funds, Huntington philanthropic funds, and a bridge loan — a layered structure designed to deliver a deep recapitalization while preserving long-term affordability.

    Construction began in 2024 and was completed in 2026. LMHA continues to own and manage the property as part of its public housing portfolio.

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