COLUMBUS, OH – December 19, 2008 – (RealEstateRama) – Ohioans received an added benefit for buying a home through the newly reinstated Mortgage Credit Certificate (MCC) Program. The Ohio Housing Finance Agency (OHFA) Board today approved the resolution that provides incentive when buying a home with an additional incentive for the purchase of a Real Estate Owned (REO) property. The program allows homebuyers to receive income tax credits based on their annual mortgage interest and is available for the term of the mortgage. To be eligible for an MCC, mortgages must be closed on or after March 23, 2009 and meet the sale and income limits of OHFA’s First-Time Homebuyer Program. Details about applying for the MCC Program will be available in February 2009 at www.ohiohome.org.
The Board also approved over $2.3 million of funding through the Housing Development Assistance Program (HDAP) and $4.5 million in funding through the Housing Development Loan (HDL) Program. The HDAP is funded by the federal HOME Program and the Ohio Housing Trust Fund (OHTF). The HDL Program is funded through unclaimed funds from the Ohio Department of Commerce. The projects and amount of funding each will receive are as follows:
Burnet Place (Cincinnati, Hamilton County) – The Uptown Consortium will receive a $510,000 HDAP (OHTF) loan to rehabilitate 65 units in seven buildings for families.
Elim Estates (Columbus, Franklin County) – The Columbus Housing Partnership will receive a $442,000 HDAP (OHTF) loan for the construction of 48 one- and two-story lease purchase homes.
Olde Hickory (Coshocton, Coshocton County) – Kno-Ho-Co-Ashland Community Action Commission will receive a $550,000 HDAP (HOME) loan and a $1.5 million HDL for the construction of 36 one- and two-story lease purchase homes.
The Rising at Phoenix (Dayton, Montgomery County) – City Wide Projects Inc. will receive a $300,000 HDAP (OHTF) loan and a $1.5 million HDL to construct 33 single-family lease purchase homes as part of redeveloping vacant single-family home properties.
The Village at New Seasons (Akron, Summit County) – East Akron Neighborhood Development Corporation will receive a $500,000 HDAP (HOME) loan and a $1.5 million HDL to construct a 50-unit senior residence.
For more information on the properties awarded funding, contact OHFA at 1.888.362.2863.
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.
Media Contact: Erin Biehl, ebiehl (at) ohiohome (dot) org
614.387.2863 (office) or 614.307.3772 (cell)