Efforts to redevelop Cleveland area vacant properties approved for funding by OHFA Board

Efforts to redevelop Cleveland area vacant properties approved for funding by OHFA Board

COLUMBUS — Six Cleveland area neighborhoods are looking forward to revitalization efforts that will encourage new homebuyers to invest in their communities. Today, the Ohio Housing Finance Agency (OHFA) Board approved an award of $1.5 million in Ohio Housing Trust Funds and a $1 million Housing Development Loan to assist the vacant properties redevelopment initiative in Cleveland.

Through this initiative, Neighborhood Progress Inc., the Cleveland Housing Network, the City of Cleveland, and six local community development corporations plan to revitalize six model blocks in the Buckeye, Detroit Shoreway, Fairfax, Glenville-Wade Park, Slavic Village and Tremont West neighborhoods. OHFA’s funding will help the development team reclaim and rehabilitate 50 homes for both homeownership and short-term lease purchase.

“By taking action to turn around neighborhoods hit hardest by foreclosure, we can play a significant role in making them attractive for potential buyers,” said Doug Garver, Executive Director of the Agency. “We hope that as this initiative provides successful results, the Agency can partner with other groups to bring safer, more affordable housing to affected neighborhoods.”

OHFA plans to consider additional funding over the next two years for a total of up to $4.5 million over three years for this initiative entitled Opportunity Housing. If additional funding is approved, OHFA will fund 150 homes in these six model blocks during the three-year period.

In addition, the OHFA Board approved $2.9 million in funding through the Housing Development Assistance Program (HDAP), $1 million in funding through the Housing Development Loan (HDL) Program, and $15.7 million in Multifamily Bonds for eight affordable housing developments across the state. 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.

The developments and amount of funding each will receive are as follows:

Painesville Scattered II (Painesville, Lake County) – Lake Communities Development Corporation will receive a $450,000 HDAP (OHTF) loan for the construction of nine for-sale, single-family homes in various areas in Painesville. Each of the homes will have universal design features such as grab bar blocking in the bathrooms and adjustable height shelving. In addition, the homes will be constructed to be energy efficient and will feature energy efficient appliances.

Riverside Mill Homes III (Columbus, Franklin County; Delaware, Delaware County; Pickerington, Fairfield County) – Riverside Mill Development, LLC will receive a $550,000 HDAP (OHTF) loan to construct nine for-sale, single-family homes; three in Delaware, one in Columbus, and five in Pickerington/Violet Township. Each home will include a security system, garage with opener and appliances. The Mid-Ohio Regional Planning Commission will provide homebuyer counseling services for potential homebuyers.

Rocky Ford Estates (North Baltimore, Wood County) – Rocky Ford Estates of North Baltimore will receive a $318,700 HDAP (OHTF) loan to construct five for-sale, single-family homes. All homes will be equipped with energy efficient windows, a complete Energy Star compliant kitchen appliance package and a two-car attached garage. Potential homeowners will be required to complete homebuyer counseling provided by Housing Services Alliance.

Beechwood Villas Apartments (Union Township, Clermont County) – Beechwood II, L.P. will use the proceeds from the sale of $11 million in Multifamily Bonds to acquire and renovate Beechwood Villas Apartments. Renovations will include new hot water heaters, new light fixtures in kitchens and bathrooms and installation of a fire alarm system. Funding also will be used to upgrade the site and common areas to be ADA compliant. By using tax-exempt bonds, the project also qualifies for approximately $446,422 in federal housing tax credits, allocated by OHFA, which will be used to finance the renovations.

MacArthur Park Apartments (Loveland, Hamilton County) – MacArthur Park II, L.P. will use the proceeds from the sale of $4.71 million in Multifamily Bonds to acquire and renovate MacArthur Park Apartments. The funding will be used to replace vinyl siding, installation of a fire alarm system and smoke detectors, repair and resurface concrete sidewalks and porches as well as many upgrades to the individual units. By using tax-exempt bonds, the project also qualifies for approximately $184,377 in federal housing tax credits allocated by OHFA, which will be used to finance the renovations.

St. Rita Senior (Garfield Heights, Cuyahoga County) – The Jennings Center for Older Adults will receive a $250,000 HDAP (OHTF) loan and a $1 million HDL to construct a 63-unit senior community. The development will include a laundry facility on each floor, interior resident storage, a 24-hour computer lab with internet service, a full-service salon, an auditorium and a chapel. A wellness center will be available for primary care or health appointments. In 2007, OHFA awarded $749,999 in federal housing tax credits to this development.

Northridge Commons (Cleveland, Cuyahoga County) – The Emerald Development & Economic Network, Inc. will receive a $673,000 HDAP (OHTF) grant to rehabilitate a 30-unit existing facility for permanent supportive housing for persons with a history of homelessness and/or mental illness. All the units will be handicap accessible and incorporate a variety of universal design features. Funding also will be used to construct new fencing, update the electrical system and various other updates and repairs.

Veterans Supportive Housing (Dayton, Montgomery County) – The Volunteers of America of Greater Ohio, Inc. will receive a $750,000 HDAP (OHTF) grant to rehabilitate a 50-unit facility for permanent supportive housing for veterans who are homeless and those with mental illnesses. This development is located on the Dayton VA Medical Center Campus and will feature ADA compliant bathrooms, units with a variety of universal design features and 24-hour on-site management.

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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