COLUMBUS www.ohiohome.org In recognition of National Homeownership Month, the Ohio Housing Finance Agency (OHFA) Board presented the Youngstown Neighborhood Development Corporation with the 2014 Spirit of Homeownership Excellence Award (SHEA) yesterday. Additionally, the Board received a proclamation from Governor John Kasich in honor of the celebratory month.
The SHEAs were created by OHFA to highlight quality initiatives that promote homeownership opportunities and accessibility across the state. Entries are judged on a number of factors including innovation, length of program, geographical reach, coordination with local, state and/or national partners and the project’s ability to be replicated.
The YNDC was selected for its Community Loan Fund (CLF) program, which provides first-mortgage financing in underserved communities to encourage revitalization and economic recovery in transitional Youngstown neighborhoods. In addition to the financing, the CLF program provides buyers with services including financial training, resource coordination and property repair. To date, 54 Ohioans, comprising 18 families have purchased homes through the CLF program. The fund helps families become homeowners and makes a positive impact on the city by reducing crime and blight. For example, in Youngstown’s Idora neighborhood where 12 homes were financed by the loan, vacancy was reduced from 26 percent in 2007 to 7 percent in 2013. The 2014 SHEA was accepted by YNDC Program Coordinator Tiffany Sokol.
The Board also approved the issuance of up to $12.1 million in Multifamily Bonds and $1.75 million through the Housing Development Loan (HDL) program. 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. 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.
Housing communities receiving HDL and Multifamily Bond funding include:
Faith Village and Marysville Meadows Apartments in Columbus and Marysville, Franklin and Union counties – $8,610,000 in Multifamily Bonds
Faith Village and Marysville Meadows Apartments involve the acquisition and rehabilitation of three housing communities. Marysville Meadows Apartments was originally constructed in 1996 with 102 units in 17 buildings. Faith Village was originally constructed in 1995 and features 144 units in 21 buildings. Both properties offer townhome and garden style units for families. Rehabilitation plans include the replacement of windows, siding, exterior doors, plumbing fixtures and appliances.
Hawthorn Grove Apartments in Columbus, Franklin County – $3,550,000 in Multifamily Bonds and $1,750,000 in HDL
Hawthorn Grove involves the new construction of 40 units of rental housing in one building for households with severe, persistent mental illness. Supportive services will be available for residents, as well as access to public transit corridors to enable easy access to local social and community services.
In other news, the Board approved the Agency’s 2014 Annual Plan and Housing Needs Assessment. To view the plan, visit www.ohiohome.org.
For more information regarding the properties awarded funding, contact OHFA at 888-362-6432.
# # #
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