COLUMBUS, OH – August 25, 2010 – (RealEstateRama) — The Ohio Housing Finance Agency (OHFA) Board today approved $1,926,628 of Tax Credit Exchange (TCE) dollars created in the American Recovery and Reinvestment Act (ARRA) together with more than $602,633 from OHFA’s Housing Development Assistance Program (HDAP) and $2,213,669 from the Neighborhood Stabilization Program (NSP).
The TCE program was created to assist projects originally funded with Housing Tax Credits but were unable to proceed due to the reduced demand from investors for these 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 Housing Development Assistance Program (HDAP) provides flexible, low interest financing for affordable housing developments. Funding for HDAP comes from the federal HOME program and the Ohio Housing Trust Fund (OHTF).
Funding will be used to support the development of two multifamily residential properties serving low- and moderate-income residents throughout the state, including:
- 1. The Point Villas IV in Lawrence County: $602,633 from HDAP and $2,213,669 from NSP
The Point Villas IV-NSP is a rental project involving the acquisition of 30 foreclosed single family rental homes located on a private drive in Perry Township, Lawrence County. All homes will be demolished. Due to the proximity to the railroad tracks on the west side of the drive, 16 homes will not be rebuilt. Instead, a 12-foot concrete block buffer wall will be built along the railroad tracks and six garages will be constructed. On the east side of the street, 14 homes will be constructed. One home will be fully-handicapped accessible and will be set-aside for a household with a mobility and/or sensory-impaired member. All homes will be affordable to and occupied by households at or below 50% of the area median gross income (AMGI).2. Tiffin Estates in Ross County: $1,926,628 from TCE
Tiffin Estates involves the rehabilitation of an existing Housing Tax Credit development for families located in Chillicothe, Ross County. The property consists of seven two-story buildings that will contain 20-two-bedroom units and 20 three-bedroom units following the rehabilitation.
The interior rehabilitation will include new flooring and carpet throughout the buildings, new fixtures and cabinets in the bathroom and kitchen, and new Energy Star appliances as needed. The doors and interior trim will be replaced as needed, and the handicap accessible units will be updated to add features to meet current requirements. The work will include the installation of Energy Star-rated, gas-fired central HVAC system, and replacement of the entire plumbing system, and replacement of water heaters as needed.
For further information regarding the properties awarded funding, please contact OHFA at 888-362-6432.
The OHFA Board also approved the appointment of Dennis S. Guest to the Ohio Capital Corporation for Housing (OCCH) Board of Directors. Prior to this appointment, Dennis worked for housing authorities in Columbus, San Francisco and Oakland. He began his career with the Columbus Metropolitan Housing Authority (CMHA) in 1986 and recently retired as its Executive Director. Dennis’ knowledge of affordable housing will be a great asset to OCCH’s Board of Directors.
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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