Ohio Housing Finance Agency Board Approves More Than $9.91 Million In Funding For Affordable Housing Development Projects
RealEstateRama   -   Real Estate   -   Government   -   Nonprofit   -   Web

Ohio Housing Finance Agency Board Approves More Than $9.91 Million In Funding For Affordable Housing Development Projects

-

COLUMBUS, OH, October 17, 2007 — The Ohio Housing Finance Agency (OHFA) Board today approved $3.91 million of funding through the Housing Development Assistance Program (HDAP), and $6 million in funding through the Housing Development Loan (HDL) Program. It was also announced that OHFA was awarded a 2007 National Housing Counseling Grant. The grant for $88,208 was awarded by the United States Department of Housing and Urban Development on October 4, 2007 and will be allocated to several housing counseling agencies throughout the state for comprehensive counseling services including foreclosure prevention.

Nine properties were approved to receive funding through the Housing Development Assistance Program (HDAP) and the Housing Development Loan (HDL) Program at today’s Board meeting. The HDL Program is funded through unclaimed funds from the Ohio Department of Commerce and provides financial support for the development of housing for low- to moderate-income Ohioans. The HDAP, funded by HOME funds and the Ohio Housing Trust Fund (OHTF), provides financial assistance for the development and rehabilitation of affordable housing.

Ardmore Crossing (Scioto Township, Ross County) – The Community Action Commission of Fayette County will receive $550,000 from the Ohio Housing Trust Fund and a $1 million housing development loan to construct Ardmore Crossing. Ardmore Crossing will consist of the new construction of 50 one and two-bedroom units for senior residents in Scioto Township, Ross County. This development will be one-story ranch style flats with attached garages and utility room with washer/dryer hookups. All units are designed to meet the needs of seniors and accommodate individuals with physical limitations. Three units will be affordable to households at or below 35% of the Area Median Gross Income (AMGI), 17 units will be affordable to households at or below 50% of the AMGI, and 30 units will be affordable to households at or below 60% of the AMGI.

Cogswell Hall (Cleveland, Cuyahoga County) – Cogswell Hall, Inc. will receive $410,000 from the Ohio Housing Trust Fund to renovate Cogswell Hall. Cogswell Hall will consist of the rehabilitation of and newly constructed addition to an historic building. The building will include 18 rehabilitated units and 23 newly constructed units with shared bathroom facilities. The project will include eight units that will be affordable to households at or below 35% of the Area Median Gross Income (AMGI), 22 units will be affordable to households at or below 50% of the AMGI, and 10 units will be affordable to households at or below 60% of the AMGI.

Harvest Rose (Ravenna, Portage County) – Neighborhood Development Services, Inc. will receive $550,000 from the Ohio Housing Trust Fund and a $1 million housing development loan to construct Harvest Rose. Harvest Rose is the new construction of 40 two-bedroom units for senior residents in Ravenna, Portage County. All units are designed to meet the needs of seniors and accommodate individuals with physical limitations. Four units will be affordable to households at or below 35% of the Area Median Gross Income (AMGI), 20 units will be affordable to households at or below 50% of the AMGI, and 16 units will be affordable to households at or below 60% of the AMGI.

Highland Place (Conneaut, Ashtabula County) – Sunshine of Warren-Trumbull Area, Inc. will receive $550,000 from the Ohio Housing Trust Fund and a $1 million housing development loan to renovate Highland Place. Highland Place involves the rehabilitation of 120 units of project-based Section 8 family and senior housing of 62 years of age and older with a mobility disability. This development will consist of five three-story, two two-story, and one four-story buildings. All units are designed to meet the needs of seniors and accommodate individuals with physical limitations. Six units will be affordable to households at or below 35% of the Area Median Gross Income (AMGI), 70 units will be affordable to households at or below 50% of the AMGI, and 44 units will be affordable to households at or below 60% of the AMGI.

Jaycee Towers Apartments (Dayton, Montgomery County) – The Dayton Leased Housing Associates Limited Partnership will receive $250,000 from the Ohio Housing Trust Fund to renovate Jaycee Towers Apartments. Jaycee Towers Apartments is the acquisition and rehabilitation of an existing Section 8 apartment development in Dayton, Montgomery County. Jaycee Towers Apartments includes 204 efficiency and one-bedroom units for seniors age 55 and older. The property will include 82 units affordable to households at or below 50% Area Median Gross Income (AMGI), and 122 units affordable to households at or below 60% AMGI.

Jefferson Avenue Apartments (Columbus, Franklin County) – Community Housing Network, Inc. will receive $250,000 from the Ohio Housing Trust Fund and a $1 million housing development loan to construct Jefferson Avenue Apartments. Jefferson Avenue Apartments is a new construction development in Columbus, Franklin County which consists of 39 units of housing for families in the Jefferson Avenue Historic District. The development will provide four units at 35% of Area Median Gross Income (AMGI), 20 units at 50% AMGI, and 15 units at 60% AMGI.

Kingston Mound Manor II (Circleville Township, Pickaway County) – Frontier Community Services will receive $550,000 from the Ohio Housing Trust Fund to construct Kingston Mound Manor II. Kingston Manor II is a new ranch style construction of 50 three-bedroom units located in Circleville Township, Pickaway County. Three units will be affordable to households with incomes at or below 35% of the Area Median Gross Income (AMGI), 27 units will be affordable to households with incomes at or below 50% of the AMGI, and 20 units will be affordable to households at or below 60% of the AMGI.

Orchard Glen (Orrville, Wayne County) – The Housing Service Alliance, Inc. will receive $550,000 from the Ohio Housing Trust Fund and a $1 million housing development loan to construct Orchard Glen. Orchard Glen will consist of the new construction of 32 single-family homes located on Orrville, Wayne County. The lease-purchase, single-family homes will offer three and four-bedroom units. Two units will be affordable to households with incomes at or below 35% of the Area Median Gross Income (AMGI), 12 units will be affordable to households with incomes at or below 50% of the AMGI, and 18 units will be affordable to households with incomes at or below 60% of the AMGI.

Harkavy Hall (Cincinnati/ Hamilton County) – Tender Mercies, Inc. will receive $250,000 from the Ohio Housing Trust Fund and a $1 million housing development loan to renovate Harkavy Hall. Harkavy Hall consists of the rehabilitation of a single, 30-unit historic building, constructed around 1887. The units will provide supportive housing for mentally ill adults. All units will be affordable to households at or below 35% of the Area Median Gross Income (AMGI).

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.

SHARE

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

Contact:

Erin Biehl
Phone: 614-387-2863

Previous articleGlimcher Schedules Third Quarter 2007 Conference Call
Next articlePFGI Capital Corporation Confirms Cash Payment on Preferred Stock & Announces Financial Results for the Third Quarter of 2007