OHIO HOUSING FINANCE AGENCY BOARD APPROVES OVER $44 MILLION IN BONDS AND FUNDING FOR AFFORDABLE HOUSING

COLUMBUS, OH – November 19, 2010 – (RealEstateRama) — The Ohio Housing Finance Agency (OHFA) Board yesterday approved a grant for $160,000 for the Ohio CDC Association, a statewide trade association of nonprofit community development corporations. The grant will allow the Ohio CDC Association to implement an affordable housing needs assessment in the Appalachian region of the state.

The Board also approved $30.8 million in Multifamily Bonds. Multifamily Bonds are tax-exempt revenue bonds designed to lower the costs of borrowing for housing developers. This program provides financial assistance for the development and rehabilitation of affordable housing.

The projects and amount of funding each will receive are as follows:

    1. Millennia Portfolio in New Boston, Newark and Spencerville – $6,350,000 in Multifamily Bonds
    This portfolio involves the acquisition and rehabilitation of three existing, affordable rental properties located in Scioto, Licking and Allen counties. This transaction will preserve 138 units for families and individuals.2. Elberon and Woodburn Apartments in Cincinnati – $6,500,000 in Multifamily Bonds
    This project is the redevelopment of three large vacant buildings in Cincinnati. Elberon Apartments will consist of 37 units for seniors, and Woodburn Apartments will consist of another 24 units of affordable senior housing.

    3. Westway Gardens in Elyria – $18,000,000 in Multifamily Bonds
    This development involves the acquisition and rehabilitation of 300 existing affordable housing units for families in Lorain County.

The Board also approved approximately $4 million in funding through the Housing Development Assistance Program (HDAP) and $10 million in funding through the Housing Development Loan (HDL) Program. 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. These programs provide financial assistance for the development and rehabilitation of affordable housing.

The projects receiving funding through the HDAP and HDL program include:

    1. Autumn Run in Hardy Township – $960,948 from HDAP and $2,000,000 from HDL
    Autumn Run is a new construction, multifamily development located on five acres in Hardy Township, Holmes County. The property consists of 38 units in eight buildings designed for families.2. Belle Prairie in Belpre – $737,301 from HDAP and $2,000,000 from HDL
    Belle Prairie is the renovation of an existing property in Belpre, Washington County. The project will consist of 40 affordable units for families. New unit amenities include: ceiling fans in the dining room and bedroom, Energy Star appliances and exterior storage. Enhanced site amenities will include: a new playground/tot-lot, a half-court basketball court, picnic area and an expanded community room facility.

    3. Carrollton Crest Apartments in Carrollton – $700,000 from HDAP and $2,000,000 from HDL
    Carrollton Crest Apartments is located in the Village of Carrollton, Carroll County. The redevelopment will improve overall accessibility throughout the site by means of new walks, recreation areas and expanded community facilities. New covered entries, architectural roof elements, and replacement of the existing porches and facades will provide a new image for the property. The interior rehabilitation will include all new windows and doors, new plumbing and mechanicals, new kitchens and bathrooms and an upgraded electrical system.

    4. CHN North in Columbus – $400,000 from HDAP and $2,000,000 from HDL
    CHN North is a 73 unit scattered-site, rehabilitation development in Columbus that provides, in partnership with the Ohio Department of Mental Health, permanent supportive housing for formerly homeless and special needs residents. This is the first of six phases of a redevelopment initiative.

    5. Commons at Third in Columbus – $500,000 from HDAP
    Commons at Third involves the new construction of 100 units of permanent supportive housing near the Grandview Yards redevelopment area. The three-story building is part of Franklin County’s Rebuilding Lives plan.

    6. Washington Court Apartments in Washington Court House – $700,000 from HDAP and $2,000,000 from HDL
    Washington Court Apartments is the rehabilitation of an existing affordable rental property in Washington Court House, Fayette County. The project will consist of 45 units for families. Unit amenities will include sustainable features such as new energy efficiency features throughout the development. New playground, community building, pavilion/shelter house and sports court will also be added.

For further information on the properties awarded funding, please 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 an active partner in the interagency team which coordinates the Save the Dream Ohio initiative designed to stop preventable foreclosures.

Media Contact:
Arlyne Alston
Email: aalston (at) ohiohome (dot) org
Phone: 614.387.2863

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