COLUMBUS – May 22, 2014 – (RealEstateRama) — The Ohio Housing Finance Agency (OHFA) Board approved $3 million yesterday through the Recycled Tax Credit Assistance Program (R-TCAP). Funding for R-TCAP is derived from repaid funds through the Tax Credit Assistance Program (TCAP), allocated to OHFA through the American Recovery and Reinvestment Act of 2009. OHFA expects to recycle more than $70 million in loan repayments during the next four years. The goal of the program is to stabilize and ensure the long-term affordability of OHFA properties.
Additionally, the Board approved more than $5.8 million through the Housing Development Assistance Program (HDAP) to provide flexible, low-interest financing for affordable housing developments across the state. Funding for HDAP comes from the federal HOME program and the Ohio Housing Trust Fund (OHTF).
Housing communities receiving funding through HDAP and R-TCAP include:
- Thomaston Woods in Batavia Township, Clermont County – $1,000,000 in HDAP and $1,500,000 in R-TCAP
Thomaston Woods involves the acquisition and rehabilitation of 16 buildings containing 100 units of housing for families. Rehabilitation work will include additional insulation and updated water heaters, fixtures and appliances. Supportive services will be provided to residents including credit counseling, finance training, continuing education, job training and healthcare prevention.
- Walnut Court Senior Apartments in Cincinnati, Hamilton County – $1,750,000 in HDAP and $1,500,000 in R-TCAP
Walnut Court involves the acquisition and rehabilitation of 30 units for seniors. Planned rehabilitation work on the property includes driveway and sidewalk repair, lighting updates, and new windows, gutters and downspouts. Inside, cabinets, countertops, kitchen appliances, plumbing fixtures and accessories will be replaced in the units and a community room will be added to the property.
- Faith Village and Marysville Meadows Apartments in Columbus, Franklin County and Marysville, Union County – $1,000,000 in HDAP and $1,500,000 in R-TCAP
Faith Village I and II and Marysville Meadows Apartments involve the acquisition and rehabilitation of three housing communities for families. Combined, the communities offer 246 two- and three-bedroom units. Marysville Meadows Apartments was originally constructed in 1996 and has 17 buildings with102 units. Faith Village I and II were constructed in 1995 and 1996 and have 21 buildings featuring 144 units. Rehabilitation includes the replacement of windows, siding, exterior doors, and HVAC systems. LED lighting, water-saving plumbing fixtures and new appliances will be installed in all units.
- Hoover Cottages II in Dayton, Montgomery County – $2,100,000 in HDAP
Hoover Cottages II involves the new construction of six single-story, cottage-style duplexes totaling with12 units for seniors. The planned campus features four affordable housing developments with 271 units for seniors and one unrestricted, market-rate development with nine units. It is the second phase of a three-phase plan with a total of 34 units. Residents will have access to bus transportation, walking paths, outdoor seating areas, a community garden, and common space that includes on-site management offices, property manager, multipurpose room with kitchen, computer center, laundry rooms, hair salons, and senior supportive services.
Capital Improvements for Greene County
The Board also approved $500,000 through the Capital Improvements Program for the rehabilitation of Greene County Renovations in Fairborn, Greene County. Greene County Renovations involves the rehabilitation of a two-story building with 10 units for individuals with a diagnosis of a severe and persistent mental illness. The scope of work on the property includes a new HVAC system and new hot water tanks. Kitchens and bathrooms will be completely updated with new lighting, cabinets, countertops, sinks and faucets. Created by OHFA and the Ohio Department of Mental Health (ODMH), CIP is designed to provide funding for minor renovations and maintenance on aging ODMH-funded properties. Funding for CIP comes from the Ohio Housing Trust Fund (OHTF).
Multifamily Bonds Issued for Allen County Apartments
The Board additionally approved the issuance of up to $2.2 million through the Multifamily Housing Bond program for the acquisition and rehabilitation of Vance Street Apartments in Bluffton, Allen County. Vance Street Apartments involves the rehabilitation of a three-story building with 40 units for seniors. The rehabilitation work will include the replacement of siding, windows, air conditioners, appliances, flooring and kitchens. Multifamily Housing Bonds are tax-exempt, revenue bonds designed to lower the costs of borrowing for housing developers. The program provides financial assistance for the development and rehabilitation of affordable housing.
Bond Gap Financing Guidelines Approved
The Board also approved the 2014 Bond Gap Financing (BGF) Guidelines. The program provides financing for eligible, affordable housing projects to increase, preserve and/or improve the supply of decent, safe, affordable housing for low- and moderate-income persons. OHFA expects to fund approximately 250 units through the 2014 BGF with approximately $3 million available through the Ohio Housing Trust Fund (OHTF). To view the guidelines, visit www.ohiohome.org.
Annual Public Hearing
Lastly, the Board held the Agency’s annual public hearing to obtain input from interested parties regarding the administration of OHFA programs, guidelines and policies, and the Agency’s fiscal year 2015 annual plan as required by Ohio Revised Code Section 175.04. Feedback provided will be considered for incorporation in the Agency’s activities and planning documents.
For more information on any of the properties awarded funding, contact OHFA at 888-362-6432.
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About the Ohio Housing Finance Agency
OHFA is a self-supporting quasi-public agency governed by an eleven member board. The Agency uses federal and state resources to provide housing opportunities for families and individuals through programs designed to develop, preserve and sustain affordable housing throughout the state of Ohio. OHFA is also the administrator of the state’s foreclosure prevention program, Save the Dream Ohio.
Media Contact: Arlyne Alston
Email: aalston (at) ohiohome (dot) org