COLUMBUS, OH – September 4, 2009 – (RealEstateRama) — One hundred affordable housing units are one step closer to becoming a reality with an announcement today by the Ohio Housing Finance Agency (OHFA). More than $4.6 million from the Tax Credit Exchange (TCE) program, created in the American Recovery and Reinvestment Act (ARRA), has been allocated to Defiance Crossing, Logan Senior Apartments and Mount Vernon Senior Housing.
Defiance Crossing will receive $1,283,376 for the development of 32 single-family lease-purchase homes in Defiance, Ohio. Each home is located near essential residential services such as a grocery store, public transportation and schools and will feature at least three bedrooms.
Logan Senior Apartments will receive $2,505,208 to construct 40 one-story units in Logan, Ohio. The development will provide one-story, garden-style units to residents.
Mount Vernon Senior Housing will receive $863,231 to develop 28 units for senior residents age 55 and older. This is a new construction project and will consist of eight one- and 20 two- bedroom units. The design is one-story with individual front doors to the exterior, but also with access to an interior hallway connecting residents to community spaces within the building.
Through the TCE program, OHFA can convert a portion of the Agency’s annual share of federal Housing Tax Credits into grant dollars to provide greater financial support to developers who have found securing investors for the tax credits increasingly difficult. These additional funds will enable developers to immediately begin construction and provide affordable housing and economic stimulus throughout the state.
The Agency was approved to award this monetary funding in late May and began accepting applications from developers on June 15. Additional funding awards, made possible through new programs created in the ARRA, will be announced periodically during the next several months and posted to www.ohiohome.org.
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