OHFA Board approves more than $11.15 million in funding for affordable housing developments
COLUMBUS, OH., Nov. 14, 2007 — The Ohio Housing Finance Agency (OHFA) Board today approved $2.9 million of funding through the Housing Development Assistance Program (HDAP), $5 million in funding through the Housing Development Loan (HDL) Program, and $3.25 million in Multifamily Bonds. The HDAP is funded by the federal HOME program and the Ohio Housing Trust Fund (OHTF). The HDL Program is funded through unclaimed funds from the Ohio Department of Commerce. Multifamily Bonds are tax-exempt revenue bonds designed to lower the costs of borrowing for housing developers. These programs provide financial assistance for the development and rehabilitation of affordable housing.
Palmer Gardens (Toledo, Lucas County) – Palmer Gardens II Limited Partnership will use the proceeds from the sale of $3.25 million in Multifamily Bonds issued by OHFA to acquire and renovate Palmer Gardens. This existing subsidized apartment community consists of 53 two-bedroom units, 14 three-bedroom units and 8 four-bedroom units. The renovations will greatly improve the units and preserve the housing for many years to come. By using tax-exempt bonds, the project also qualifies for approximately $213,666 in federal housing tax credits that will be used to finance the renovations.
Bingham Terrace (Cadiz, Harrison County) – The Harrison Metropolitan Housing Authority will receive a $550,000 HDAP (OHTF) loan and a $1 million HDL to acquire and rehabilitate Bingham Terrace. The Harrison Metropolitan Housing Authority will rehabilitate 56 project-based Section 8 units in Cadiz, Harrison County. This development was built in the 1960s and the renovations will assure the preservation of this critical subsidized housing. OHFA awarded $499,996 in federal housing tax credits to this development earlier this year.
Cogswell Hall (Cleveland, Cuyahoga County) – Cogswell Hall, Inc. received a $1 million HDL for the Cogswell Hall apartments. Cogswell Hall will consist of the rehabilitation of an historic building, as well as a newly constructed addition located in Cleveland, Cuyahoga County. The building will include 18 rehabilitated units and 23 newly constructed units with shared bathroom facilities. OHFA awarded $450,566 in federal housing tax credits and a $410,000 HDAP (OHTF) loan to this development earlier this year.
Delaware Senior Housing (Delaware, Delaware County) – Buckeye Community Hope Foundation will receive a $550,000 HDAP (OHTF) loan and a $1 million HDL to construct Delaware Senior Housing community. Delaware Senior Housing is the new construction of 80 units for senior residents in Delaware, Delaware County. All units and amenities are designed to meet the needs of seniors. OHFA awarded $742,124 in federal housing tax credits to this development earlier this year.
Shawnee Place (Springfield, Clark County) – Shawnee Place Limited Partnership will receive a $250,000 HDAP (HOME) loan to renovate an existing historic building in Springfield, Clark County. Shawnee Place involves the rehabilitation of 84 units affordable to seniors age 55 and over. All units are designed to meet the needs of seniors and accommodate individuals with physical limitations. OHFA awarded $996,426 in federal housing tax credits to this development earlier this year.
Sky Meadows (Cambridge Township, Guernsey County) – Cambridge Management Corporation will receive a $550,000 HDAP (OHTF) loan and a $1 million HDL to construct 40 two-bedroom units for senior residents. Sky Meadows is located in Cambridge Township, Guernsey County. OHFA awarded $408,449 in federal housing tax credits to this development earlier this year.
Waterford Place (Columbus, Franklin County) – Buckeye Community Hope Foundation will receive a $250,000 HDAP (HOME) loan and a $1 million HDL to construct Waterford Place. The development consists of 24 one-bedroom units and 36 two-bedroom units for residents age 55 or over in Columbus, Franklin County. OHFA awarded $556,232 in federal housing tax credits to this development earlier this year.
YWCA of Toledo (Toledo, Lucas County) – YWCA of Toledo will receive a $750,000 HDAP (OHTF) loan to renovate an existing five-story building and construct another five-story building that will be connected to the original. This development will include 65 one and two-bedroom permanent supportive housing apartments in Toledo, Lucas County. OHFA awarded $845,321 in federal housing tax credits to this development earlier this year.
OHFA utilizes federal and state resources to provide housing opportunities for families and individuals through programs designed to create, preserve and manage affordable housing throughout the State of Ohio. The Agency is a self-supporting quasi-public agency governed by an eleven-member board, nine of whom are appointed by the Governor and confirmed by the Senate. Two additional seats on the board, by statute, are reserved for the Director of Development and the Director of Commerce or their designees, and both serve as ex officio voting members
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