COLUMBUS, OH – April 21, 2010 – (RealEstateRama) — Today the Ohio Housing Finance Agency (OHFA) Board approved over $9.3 million of Tax Credit Exchange (TCE) and Tax Credit Assistance Program (TCAP) dollars created in the American Recovery and Reinvestment Act (ARRA), together with more than $4.1 million from OHFA’s Housing Development Assistance Program (HDAP) and $9.1 million from the Neighborhood Stabilization Program (NSP).
The TCE and TCAP programs were created to assist projects originally funded with Housing Tax Credits but were unable to proceed due to the reduced demand from investors for the credits. The NSP is a federal program designed in response to the foreclosure crisis and assists with the development of foreclosed or abandoned properties. The federal HOME program and the Ohio Trust Fund (OHTF) finances the Housing Development Assistance Program (HDAP).
Funding will be used to support the development of nine multifamily residential properties serving low- and moderate-income residents throughout the state including:
- 1. Lincoln Gardens in Columbus: $4,982,258 from TCE and TCAP
Lincoln Gardens is a proposed rehabilitation housing credit development for seniors located in Columbus, Franklin County. The property consists of ten one-story buildings that will contain 60 one-bedroom units and 40 two-bedroom units following the rehabilitation.2. St. Luke’s Hospital in Cleveland: $3,366,081 from TCE and TCAP
St. Luke’s Hospital is an adaptive reuse housing credit development for seniors located in Cleveland, Cuyahoga County. The property consists of a single seven story building with 72 units of housing.
3. Boulevard Homes in Columbus: $2,615,784 from NSP
Boulevard Homes is a lease-purchase housing credit development for families located in Columbus, Franklin County. The property will consist of a neighborhood revitalization development with 40 three- and four-bedroom single family homes on scattered sites.
4. Cleveland Green Homes II in Cleveland: $3,789,319 from NSP
Cleveland Green Homes II is a proposed new construction and substantial rehabilitation housing credit development in Cleveland, Cuyahoga County. The project will consist of 42 rehabilitated and three newly constructed single-family, lease purchase homes.
5. Washington Square Homes II in Dayton: $2,772,032 from NSP
Washington Square Homes is a scattered site, lease-purchase housing credit development for families located in Dayton, Montgomery County. The project will consist of 30 one and two-story homes with four bedrooms.
6. A-FIRST in Alliance: $1,000,000 from HDAP/OHTF
The A-FIRST project is a non-housing credit Permanent Supportive Housing (PSH) project that involves the new construction of a single building in Alliance, Stark County. The development will consist of ten rental units serving homeless families, many of which have a household member who is disabled.
7. East Central Townhomes in Cleveland: $520,000 from HDAP/OHTF
East Central Townhomes is a non-housing credit multifamily rental project that involves the rehabilitation of a single two-story, townhome-style building in Cleveland, Cuyahoga County. The project will provide eight units and serve families. All units will incorporate a variety of Universal Design Features.
8. Kearney Court in New Holland: $422,485 from HDAP/OHTF
Kearney Court is a non-housing credit, HUD 202 project involving the new construction of a one-story building with 12 units located in the Village of New Holland, Pickaway County. All units will be restricted to households 62 years of age and older.
9. Massillon Senior in Massillon: $2,187,349 from HDAP/HOME and $1,000,000 from TCAP
Massillon Homes is a new construction housing credit development for seniors located in Massillon, Stark County. The property will consist of a single four-story building with 52 two-bedroom units.
For further information regarding the properties awarded funding, please contact OHFA at 888-362-6432.
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.
Media Contact: Arlyne Alston
Email: aalston (at) ohiohome (dot) org