OHFA Board Awards More Than $7.7 Million to Support the Development of Affordable Housing Initiatives Across the State of Ohio
COLUMBUS, OH – July 18, 2013 – (RealEstateRama) — The Ohio Housing Finance Agency (OHFA) Board approved two initiatives to be financed through the Housing Investment Fund (HIF) yesterday. Established in September 2008, the HIF program supports initiatives that meet housing needs not currently met by OHFA programs. The two initiatives that received program funding include:
- Permanent Supportive Housing – $540,750 through HIF
The Permanent Supportive Housing (PSH) initiative is designed to expand PSH in the state, attract private PSH investment, leverage new funds and evaluate and continue the Home for Good Program, which aims to prevent homelessness by providing rental subsidies for formerly incarcerated Ohioans. With the funding, the initiative is expected to increase PSH across the state with 40 units for underserved populations, 20 units for rural communities, and 50 units through the Home for Good program. - Life Skills Facility – $180,000 through HIF
The Life Skills Facility initiative involves the development of a mixed-use complex of a Life Skills Training facility and a therapeutic horse riding center. The complex will support an employment enclave program and extended school year camps for individuals with developmental disabilities. The training facility will house classrooms and a model apartment in order to prepare individuals with disabilities for independent living. The training center will enable services to be provided to approximately 85 low-income adults and about 200 children with disabilities.
In other news, the Board approved $1.75 million through the Recycled-Tax Credit Assistance Program (R-TCAP) for four properties across Ohio. Funding for R-TCAP is derived from repaid funds through the Tax Credit Assistance Program (TCAP), allocated to OHFA through the American Recovery and Reinvestment Act of 2009. OHFA expects to receive more than $70 million in repaid funds during the next five years with $29 million expected from 2012-2014. The goal of the program is to stabilize and ensure the long-term affordability of OHFA properties. The developments receiving R-TCAP include:
- Tod’s Crossing I in Warren, Trumbull County – $500,000 in R-TCAP
Tod’s Crossing I consists of 64 one-bedroom units in ten one-story buildings for seniors in Warren, Trumbull County. The property was constructed in 1998. The R-TCAP funds will be used to restructure the development’s existing first mortgage and complete immediate repairs identified in a capital needs assessment. The scope of work includes repairs to the parking area, drives and sidewalks, drainage repairs in the courtyard area, replacement of damaged siding and trim, installation of levered door handles and smaller thresholds at the entry doors, and widening of bathroom doors. - Cedar Wood Apartments in Mansfield, Richland County – $250,000 in R-TCAP
Cedar Wood Apartments is a multifamily community for families consisting of 80 two-bedroom and 16 three-bedroom units in eight buildings located in Mansfield, Richland County. The development was built in 2000. The R-TCAP funds will be used to assist in restructuring the property’s existing first mortgage loan. - Glen Arbors Apartments in Napoleon, Henry County – $500,000 in R-TCAP
Glen Arbors Apartments is a family community consisting of 60 two-bedroom and 12 three-bedroom units in six buildings, located in Napoleon, Henry County. The community was constructed in 1999. The R-TCAP funds will be used to restructure the property’s existing first mortgage loan. - Sycamore Creek Apartments in Sidney, Shelby County – $500,000 in R-TCAP
Sycamore Creek Apartments is a family community consisting of 80 two-bedroom and 16-three bedroom units in eight buildings located in Sidney, Shelby County. The development was constructed in 1999. The R-TCAP funds will be used to assist in restructuring the property’s existing first mortgage loan.
Additionally, the Board approved $2 million 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 communities receiving HDL funding include:
- Lyons Place II in Dayton, Montgomery County – $1,000,000 in HDL
Lyons Place II involves the new construction of one three-story building for seniors located in Dayton, Montgomery County. The community will consist of 55 units of housing. Residents will benefit from access to medical facilities, recreational activities and retail opportunities. The development will include common areas that include a computer room and library. - Newark Village Apartments in Newark, Licking County – $1,000,000 in HDL
Newark Village Apartments involves the acquisition and rehabilitation of a development in Newark, Licking County. The community contains 46 one-, two-, three-, and four-bedroom units serving low- to moderate-income families. The scope of work includes the expansion of the community building to include a community room with a kitchenette and upgrades to the laundry facility, office space, computer center and a maintenance room. Exterior work will include new roofs, new vinyl siding, new doors and windows and the construction of a storage shed for each of the townhouse units. Interior work will include upgrades to kitchens and baths, new flooring and new interior doors.
Lastly, the Board approved the allocation of $814,431 in Housing Tax Credits (HTC) and a HDL in the amount of $2,500,000 for the new construction of Trabue Crossing in Columbus, Franklin County. The development was originally allocated credits in 2010 but was delayed significantly due to unforeseen circumstances. Upon completion, the community will feature 52 townhouse units in eight residential buildings for families. Units will include private patios, ceiling fans, exterior storage and a washer/dryer hook-up. The development will feature a community building with a computer room and an outdoor playground.
For more information regarding the properties awarded funding, 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 the administrator of the state’s foreclosure prevention program, Save the Dream Ohio.
Media Contact:
Arlyne Alston
Email: aalston (at) ohiohome (dot) org
Phone: 614.387.2863
