OHFA awards more than $800,000 in additional federal funding to affordable housing developmemnts

COLUMBUS, OH - April 30, 2009 - (RealEstateRama) — The Ohio Housing Finance Agency (OHFA) today awarded seven affordable housing developments additional federal Housing Tax Credits through a provision included in the Housing and Economic Recovery Act (HERA). Passed in July 2008, the HERA provided OHFA with the ability to award extra tax credits for properties that received funding in 2008 and are ready to begin construction this year.

The developments receiving the HERA Housing Tax Credits are:

• Ardmore Crossing (Scioto, Ross County) - $40,583

• Edison Place (Niles, Trumbull County) – $190,000

• Elim Estates (Columbus, Franklin County) – $122,064

• Forest Edge (Rawson, Hancock County) - $9,321

• Maplewood Village (Streetsboro, Portage County) - $121,130

• Rising at Phoenix (Dayton, Montgomery County) - $125,958

• Trail West (Newark, Licking County) – $199,923

Each of these developments received Housing Tax Credits and other funding from OHFA previously but were unable to begin construction due to lack of funds from investors. The amount of investor funds for credits has dropped by half over the past year. In order to take advantage of the additional Housing Tax Credits, these seven developments must close with their tax credit investors and construction lenders and be ready to begin construction by July 1, 2009. The Agency was given the authority to award more than $1.4 million additional credits in 2009 with $808,979 allocated at this time.

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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Media Contact:  Erin Biehl, ebiehl (at) ohiohome (dot) org
614.387.2863 (office) or 614.307.3772 (cell)

 

Tagged as: Columbus, Dayton, Franklin County, Hancock County, Licking County, Montgomery County, Newark, Niles, OHFA, Portage County, Rawson, Ross County, Scioto, Streetsboro, Trumbull County

 

 

 

 

USGBC - U.S. Green Building Council

HUD - U.S. Department of Housing and Urban Development

NAR - National Association of REALTOR

RealtyTrac

FHFA - Federal Housing Finance Agency

Freddie Mac

MBA - Mortgage Bankers Association