OHFA BOARD APPROVES OVER $21.5 MILLION FOR DEVELOPMENT AND REHABILITATION OF AFFORDABLE HOUSING

COLUMBUS, OH – January 20, 2011 – (RealEstateRama) — The Ohio Housing Finance Agency (OHFA) Board yesterday approved $5.6 million in funding through the Housing Development Assistance Program (HDAP) to provide flexible, low-interest financing for affordable housing developments. Funding for HDAP comes from the federal HOME program and the Ohio Housing Trust Fund (OHTF).

The Board also approved $15.7 million in funding through the Housing Development Loan (HDL) Program. The HDL program provides financial assistance for the development and rehabilitation of affordable housing and is funded through unclaimed funds from the Ohio Department of Commerce.

The Board also approved approximately $3.3 million in funding through the Housing Development Loan (HDL) Program and HDAP. The HDL program is funded through unclaimed funds from the Ohio Department of Commerce and HDAP is funded by the federal HOME program and OHTF. These programs provide financial assistance for the development and rehabilitation of affordable housing.

The projects receiving funding through the HDAP and HDL program include:

1. Bryan Community Apartments in Bryan – $700,000 from HDAP and $2,000,000 from HDL
Bryan Community Apartments is a 60-unit housing credit project and involves the acquisition and rehabilitation of an existing development located in Williams County. With the completion of the rehabilitation, site amenity improvements include a community building with an office, laundry room, computer center/library, kitchen, exercise area, playground and green spaces with park benches.

2. Hunter House in Canton – $1,100,000 from HDAP and $2,000,000 from HDL
Hunter House involves the new construction of a permanent supportive housing development in Stark County. The finished development will be a single three-story building with 48 apartments for individuals diagnosed with both substance abuse and mental illness, physical and/or psychiatric disabilities and chronic homelessness.

3. St. Lucy Senior Apartments in Middlefield – $700,000 in HDAP and $2,000,000 from HDL
St. Lucy Senior Apartments is the new construction of a two-story building with 34 units located in Geauga County. St. Lucy Senior Apartments will incorporate green building and Energy Star® standards. Supportive services will be made available by Catholic Charities Community Services Corporation. Additionally, the Middlefield Senior Center is located near the development site and will offer transportation for shopping and medical appointments.

4. Emerald Alliance VII in Cleveland – $1,000,000 from HDAP and $2,000,000 from HDL
Emerald Alliance VII is new permanent supportive housing for persons who have experienced long-term homelessness. The awarded funding will be used to substantially rehabilitate a three-story, 40-unit building located in Cuyahoga County. The building is located near VA services, the WestShore Neighborhood Family Center and the County Neighborhood Center which provide social services. Onsite supportive services will be provided by Mental Health Services.

5. Newark Townehomes in Newark – $700,000 from HDAP and $2,000,000 from HDL
Newark Townehomes involves the acquisition and substantial rehabilitation of 51 townhome units for families in Licking County. With the completion of the rehabilitation, Newark Townehomes will feature new roofs, windows, doors, siding, gutters and downspouts on the exterior. Landscaping and site amenities will be upgraded as well. The interior work will include an updated HVAC system, new plumbing fixtures, kitchen appliances, counters and cabinets, floor coverings and doors.

6. Rootstown Villas in Rootstown – $700,000 from HDAP and $2,000,000 from HDL
Rootstown Villas is the rehabilitation of a 36-unit senior housing development in Portage County. With the completion of the rehabilitation, site amenity improvements include covered entrance patios, privacy fencing between unit entrances and the replacement of existing siding, doors and windows.

7. Wilshire Place in Lima – $400,000 from HDAP and $2,000,000 from HDL
Wilshire Place is a 40-unit, two- and three-bedroom family housing credit proposal located in Allen County. There are six residential buildings comprised of two- and three-bedroom, two-story townhomes and one-story garden apartments.

8. New Circle Vistas in Cleveland – $300,000 from HDAP and $1,750,000 from HDL
New Circle Vistas will be a four-story, 36-unit apartment building located in Cuyahoga County for residents with physical mobility disabilities. The property will replace the existing Circle Vistas Apartment Community located adjacent to the project site. All units in the building will be fully accessible and include federal rental subsidy to assist households with very low incomes.

The Board also approved $346,500 of the Housing Investment Fund (HIF) which encourages housing initiatives and meets housing needs that are not met by other programs of the Agency. OHFA established HIF in September 2008.

Funding from HIF will be used to support nine affordable housing programs serving low-to moderate-income residents throughout the state, including:

9. Twin Towers Crossing in Dayton: $346,500 from HIF
East End Community Services Corporation will conduct a housing inventory in the Twin Towers neighborhood, and pay for site acquisition, demolition/deconstruction, and holding costs for 20 vacant sites for the proposed Twin Towers Crossing II development. Twin Towers Crossing II is an effort underway to further redevelop the Twin Towers neighborhood and provide housing opportunities for area residents.

For further information on the properties awarded funding, please 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 an active partner in the interagency team which coordinates the Save the Dream Ohio initiative designed to stop preventable foreclosures.

Media Contact:
Arlyne Alston
Email: aalston (at) ohiohome (dot) org
Phone: 614.387.2863