OHFA Board approves more than $6 million in funding for affordable housing developments
RealEstateRama   -   Real Estate   -   Government   -   Nonprofit   -   Web

OHFA Board approves more than $6 million in funding for affordable housing developments

COLUMBUS – December 19, 2007 – Today, over $6 million in loans was approved by the Ohio Housing Finance Agency (OHFA) Board to help Ohio organizations construct or rehabilitate housing units for income eligible families. At its monthly meeting, the Board approved $2.85 million in funding through the Housing Development Assistance Program (HDAP) and $4 million in funding through the Housing Development Loan (HDL) Program. 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. These programs provide financial assistance for the development and rehabilitation of affordable housing. The Board also voted to expand the geographical boundaries covered by the Historic Preservation Program.

Creston Station (Creston, Wayne County) – Creston Station I Limited Partnership will receive a $250,000 HDAP (OHTF) loan for Creston Station Apartments, an existing multifamily property in the Village of Creston. Creston Station I Limited Partnership will replace many of the existing features in six one-story apartment buildings consisting of a total of 48 units. All of the units will maintain Section 8 Rental Assistance.

Defiance Crossing (Defiance, County) – The Northwest Ohio Community Action Commission will receive a $550,000 HDAP (OHTF) loan and a $1 million HDL to construct single-family, lease-purchase homes in Defiance. The 38 new units will be affordable to working families, who will receive support service from the Northwest Ohio CAC. The units are located near essential residential services and include central air-conditioning, a dishwasher and other features. OHFA awarded $581,448 in federal housing credits to the project earlier this year.

Edgewood Park (Cleveland, Cuyahoga County) – Cleveland Housing Network, Inc. will receive a $750,000 HDAP (HOME) loan and a $1 million HDL to construct permanent supportive housing in Slavic Village. The 71 newly constructed units will serve persons who have experienced long-term homelessness and who are recovering from mental illness, chemical dependency or have HIV/AIDS. The funding also will be used to provide basic furnishings, appliances and energy efficient features. OHFA awarded $788,707 in federal housing credits to the project earlier this year.

Village Green Apartments (Lexington, Richland County) – The Central City Economic Development Council will receive a $550,000 HDAP (HOME) loan and a $1 million HDL to rehabilitate the Village Green Apartments and construct a community building. The 32 existing units will be furnished with new bathrooms, kitchens, flooring, microwaves and HVAC. The new community building will contain a laundry room, community room and kitchen, exercise area, library and computer station. OHFA awarded $183,998 in federal housing credits to the development earlier this year.

YWCA of Youngstown (Youngstown, Mahoning County) – The YWCA of Youngstown will receive a $750,000 HDAP (OHTF) loan and a $1 million HDL to rehabilitate its existing building to create 30 permanent supportive housing units. These units are available to homeless single women and single women with children. Each unit will have a private bathroom and kitchen. The YWCA currently uses two floors for residential units and this project will allow it to expand to a third floor. OHFA awarded $358,840 in federal housing credits to the development earlier this year.

In addition, the Board approved the expansion of the geographical boundaries of the Historic Preservation Program. Currently, the Heritage Home Program, run by the Cleveland Restoration Society (CRS), funds projects in the Akron area of Summit County. Today’s Board approval will allow projects to be funded in Cuyahoga, Geauga, Lake, Lorain, Mahoning, Medina, Portage and Stark counties.

The Heritage Home Program is a linked deposit program offered by CRS. The low-interest loans featured by the program encourage homeowners to increase the value of their homes through historic preservation. Homeowners can qualify for the Heritage Home Program if their home is a single-family house or a rental of up to three units, is 50 years old or older, and is located in a participating county.

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