OHFA Board Recognizes an Outstanding Homeownership Program in Cincinnati, Approves More Than $17.9 Million for Affordable Housing Initiatives
COLUMBUS – June 25, 2012 – (RealEstateRama) — In recognition of Homeownership Month, the Ohio Housing Finance Agency (OHFA) recognized Cincinnati-based Price Hill Will with the 2012 Spirit of Homeownership Excellence Awards (SHEA) during last week’s Board meeting. The SHEA awards honor programs and initiatives across the affordable housing industry that demonstrate excellence and innovation. Winners are chosen on a number of factors including innovation, length of program, geographical reach, coordination with local, state and/or national partners and the ability to be replicated. The 2012 SHEA was presented to Ken Smith, Executive Director of Price Hill Will.
In partnership with the City of Cincinnati, Price Hill Will’s Neighborhood Stabilization Homeownership Program uses federal Neighborhood Stabilization Program (NSP) funds to purchase and redevelop distressed, foreclosed or vacant homes in the East Price Hill, West Price Hill and Lower Price Hill neighborhoods.
In the past five years, Price Hill Will has provided homeownership opportunities to 40 families with low- to moderate-incomes. Half of the homes have specifically targeted households at or below 120% of the Area Median Income (AMI) and a quarter of the homes targeted families at or below 80% AMI. Price Hill Will’s homeownership initiatives are making a powerful impact in the City of Cincinnati, helping to preserve its neighborhoods.
The Board also approved more than $8.4 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 housing communities receiving funding through HDAP include:
- The Place Next Door in Newark, Licking County – $543,311 in HDAP
The Place Next Door involves the new construction of a housing community for persons with a severe and persistent mental illness in Newark, Licking County. The community will consist of a single-story building with 10 units of fully accessible housing. The development will be located adjacent to supportive services. - Rutherford House in Lancaster, Fairfield County – $1,100,000 in HDAP
Rutherford House involves the adaptive reuse and historic rehabilitation of two buildings in Lancaster, Fairfield County. The development will serve as a Permanent Supportive Housing community for homeless families with special needs. The community will provide onsite laundry facilities, common areas, indoor and outdoor play areas and secure bicycle storage. Residents will have access to on-site supportive services. - YWCA of Warren in Warren, Trumbull County – $749,500 in HDAP
The YWCA of Warren involves the new construction of a multifamily community in Warren, Trumbull County. The two-story, 12-unit development will be targeted to youths aging out of foster care, homeless women with a disability and women who have been victims of domestic violence. The community will include on-site management, laundry facilities, community space and an employment center. - Lyons Place II in Dayton, Montgomery County – $500,000 in HDAP
Lyons Place II involves the new construction of one three-story building for seniors 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 and will have access to common areas which will include a computer room and library. - Eagle Creek Apartments in Hubbard, Trumbull County – $300,000 in HDAP
Eagle Creek Apartments involves the new construction of a three-story building for seniors in Hubbard, Trumbull County. The community will consist of 34 one-bedroom units. Unit amenities include central heating and air conditioning. Community spaces will include a multi-purpose room with kitchenette, lounge and patio. - Germantown Village in Dayton, Montgomery County – $260,750 in HDAP
Germantown Village involves the new construction of a housing community for families in Dayton, Montgomery County. The development will consist of 60 one-, two-, and three-bedroom units. The community is within walking distance to many amenities including daycare and recreation centers, and public transportation. Unit amenities include washer/dryer hookups, ceiling fans, dishwashers and microwaves. In addition to a community room with computers and a kitchen, residents will have access to an outdoor playground and walking paths. - Newark Village Townhomes in Newark, Licking County – $1,000,000 in HDAP
Newark Village Townhomes involves the acquisition and rehabilitation of a multifamily community for families in Newark, Licking County. The development consists of ten buildings containing one-, two-, three- and four-bedroom units. The scope of the rehabilitation work includes an expanded community building with the addition of a community room and kitchenette, an upgraded laundry facility, office space, and computer center. Each unit will include upgraded kitchens and baths, new flooring and new interior doors. - Montpelier Gardens in Montpelier, Williams County – $1,000,000 in HDAP
Montpelier Gardens involves the acquisition and rehabilitation of a development for families, seniors and the disabled in Montpelier, Williams County. The housing community consists of six one- and two-story buildings with a total of 41 units. The one-bedroom units for seniors and disabled individuals will be made fully accessible and the two-bedroom units will be expanded by 40 square feet. The three-bedroom units will be made visitable. Additionally, the existing laundry and maintenance building will be remodeled into a community building with laundry. - NCJC Golden Hi-Land Apartments in Hillsboro, Highland County – $1,000,000 in HDAP
NCJC Golden Hi-Land Apartments involves the acquisition and rehabilitation of two developments in Hillsboro, Highland County. The developments are Golden Manor, a 44-unit development for seniors and Hi-Land Terrace, a 48-unit development for families. The developments consist of six buildings with 20 efficiencies, 24 one-bedroom, 24 two-bedroom, 16 three-bedroom, and eight four-bedroom units as well as an accessory building for each development. The scope of work on the buildings will include the installation of new kitchen cabinets and appliances, new carpet and other flooring, and new plumbing fixtures. - Village Park Apartments in Huber Heights, Montgomery County – $1,000,000 in HDAP
Village Park Apartments involves the acquisition and rehabilitation of one two-story, 41-unit building for seniors in Huber Heights, Montgomery County. Work on the building will include a new roof, gutters and downspouts. Kitchens and baths in each unit will be modernized and new flooring will be installed. The development is located close to many community amenities and supportive services will be provided. - Kingsbury Tower Apartments in Cleveland, Cuyahoga County – $1,000,000 in HDAP
Kingsbury Tower Apartments involves the acquisition and rehabilitation of one nine-story and four two-story buildings of affordable housing in Cleveland, Cuyahoga County. The buildings consist of 129 units of housing. The rehabilitation work will include new paving, fencing, landscaping and facades. Interior improvements will include new bathrooms, kitchens and appliances as needed.
In other news, the Board approved more than $7.7 million in Multifamily Bonds. Multifamily Housing Bonds are tax-exempt revenue bonds designed to lower the costs of borrowing for housing developers. The program provides financial assistance for the development and rehabilitation of affordable housing. Housing communities approved by the Board include:
- Mother Teresa Commons in Bedford Heights, Cuyahoga County – up to $3,500,000 in Multifamily Bonds
Mother Teresa Commons involves the new construction of a 44-unit apartment building for seniors in Bedford Heights, Cuyahoga County. The two-story building will consist of 44 one-bedroom units. - Regency Square Apartments in Cleveland, Cuyahoga County – up to $4,250,000 in Multifamily Bonds and $525,000 in HDAP
Regency Square involves the acquisition and rehabilitation of 66 existing units in a multifamily community in Cleveland, Cuyahoga County. Rehabilitation work will include replacement of ceramic wall tile, carpet, flooring, kitchen cabinets and counter tops, bath vanities, entry doors and frames and interior doors and frames. Site improvements will include the replacement of deteriorated and damaged decking, caulk around exterior windows and repairs to chain link fencing around the property.
The Board also approved $565,000 in NSP funds for Abigail Apartments in Cincinnati, Hamilton County. NSP is a federal program designed in response to the foreclosure crisis and assists with the development of foreclosed or abandoned properties. Abigail Apartments involves the acquisition and rehabilitation of 77 units of housing for families in Cincinnati, Hamilton County.
Lastly, the Board approved $700,000 through the Housing Investment Fund (HIF) to the Corporation for Ohio Appalachian Development (COAD) for a Lead-Based Paint Repair/Abatement program in 24 counties in southeast Appalachian Ohio and six counties in northwest Ohio. The program is intended to make 40 residential housing units lead-safe as well as provide lead-based education and outreach. The program will eliminate lead hazards in units placed into service prior to 1978, and target the homes of children with documented elevated blood lead levels. The HIF was established in September 2008 to encourage housing initiatives and meet housing needs that are not met by other OHFA programs.
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, Restoring Stability: A Save the Dream Ohio Initiative.
Media Contact:
Arlyne Alston
Email: aalston (at) ohiohome (dot) org
Phone: 614.387.2863
