The Toledo-Lucas County Port Authority’s governing board has taken the first step toward providing $23 million in bond financing for renovation of 40 rental properties around Toledo, including three apartment complexes.

The board of directors on Thursday unanimously approved a bond inducement resolution that allows Toledo Heritage Village, L.P., to obtain financing for the total project’s estimated cost of $43 million, according to a port authority staff report.

The developer will acquire on the port authority’s behalf, then lease and rehabilitate the buildings which contain 191 rental dwellings in all.

Toledo Heritage Village includes Vistula Heritage Village II at 817 N. Michigan St.; the South Toledo Homes at four locations on Eastern, Western, and Segur avenues and South Erie Street

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