COLUMBUS, OH – March 17, 2010 – (RealEstateRama) — Today, the Ohio Housing Finance Agency (OHFA) Board approved over $19.3 million in funding for seven affordable housing developments. Approximately $11.5 million of funds approved were provided through the American Recovery and Reinvestment Act (ARRA).
Multifamily Housing Bond Program
First the OHFA Board approved the issuance of $6.1 million in multifamily housing bonds for the revitalization of Livingston Park Apartments.
Funding will be used to rehabilitate 180 existing federally subsidized units currently housing low- to moderate-income families. The rehabilitation will promote the welfare of local residents through the provision of decent, safe and sanitary housing.
Multifamily Housing Bonds are tax-exempt revenue bonds that provide financial assistance for the development and rehabilitation of affordable housing by lowering the cost of borrowing for housing developers.
Housing Development Gap Financing
Geauga County Habitat for Humanity, Inc. will receive $190,000 in Housing Development Gap Financing (HDGF) to construct four single-family homes located in Middlefield Village, Geauga County. The sites are contiguous and are located near essential residential services within a newer mixed-income subdivision, which consists of condominiums and moderate income, market rate, single-family homes. All homes will feature ranch styling and include a range, refrigerator, washer and dryer, window coverings, central air conditioning and a concrete drive. The Ohio Housing Trust Fund (OHTF) is the source for the HDGF program.
ARRA and Housing Development Assistance Program
OHFA’s Board also approved over $12 million of Tax Credit Exchange (TCE) and Tax Credit Assistance Program (TCAP) dollars created in the ARRA, together with more than $1.5 million from OHFA’s Housing Development Assistance Program (HDAP).
- 1. Franklinton Senior in Columbus: $1,837,730 from TCE and $500,000 from HDAP
Franklinton Senior is a new construction housing credit development for seniors located in Columbus, Franklin County. The property will consist of a single four-story building with nine one-bedroom and 45 two-bedroom units.2. Ridgeview Manor III in Johnstown, Licking County: $1,752,490 in TCE funding, $1,000,000 from TCAP and $550,000 from HDAP
Ridgeview Manor III is a new construction housing credit development for seniors located in Johnstown, Licking County. The first phase of the development was placed-in-service in 2002 and the second phase was completed in 2004. Both phases are fully occupied. The project will consist of 32 two-bedroom units in nine one-story buildings.
3. Shaker Place Apartments in Highland Hills, Cuyahoga County: $1,775,617 in TCE funding and $550,000 from HDAP
Shaker Place Apartments is a rehabilitation housing credit development for seniors located in Highland Hills, Cuyahoga County. The property consists of a single six-story building with 72 one-bedroom and eight two-bedroom units.
4. Villas of the Valley II in Lincoln Heights, Hamilton County: $1,115,898 from TCE and $1,000,000 in TCAP funding
Villas of the Valley Phase II is a new construction housing credit development for families located in Lincoln Heights, Hamilton County. The development is the second phase of redevelopment of the historic Valley Homes Mutual Housing Corporation. The first phase was allocated housing credits in 2008 and is currently participating in the ARRA program. The project will consist of 35 family, attached townhouse and flat units.
5. Watermark Senior Apartments in Cuyahoga Falls, Summit County: $3,003,581 in TCE funding
Watermark Senior Apartments is a new construction housing credit development for seniors located in Cuyahoga Falls, Summit County. The property will consist of a single four-story building with 24 one-bedroom and 16 two-bedroom units.
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 federal HOME program and the Ohio Housing Trust Fund (OHTF) finances the Housing Development Assistance Program (HDAP).
For further information regarding the properties awarded funding, please contact OHFA at 1-888-362-6432.
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.