Affordable housing developments to receive stimulus funding from the Ohio Housing Finance Agency

COLUMBUS, OH – September 23, 2009 – (RealEstateRama) — Efforts to stimulate and revitalize neighborhoods across Ohio are being aided through the distribution of funds announced by the Ohio Housing Finance Agency (OHFA). More than $19 million from the Tax Credit Assistance Program (TCAP) and the Tax Credit Exchange (TCE), created in the American Recovery and Reinvestment Act (ARRA), will be given to eight developments around the state, which include:

• Edison Place Apartments will receive $4,725,000 through the TCAP and $562,518 in TCE funds to construct 50 units of affordable housing for senior residents in Niles, Trumbull County.
• Gates Green Village Apartments will be awarded $342,795 in TCE money to assist in the acquisition and rehabilitation of 20 units for families in Marietta, Washington County.
• Heart of Ohio Homes will be allocated $2 million through the TCAP and $1,567,928 in TCE financing to construct 25 single-family, lease-purchase homes in Centerburg, Knox County.
• Lake Avenue Retirement Village is approved to receive $745,000 from the TCAP and $787,328 in TCE assistance to develop 33 units of senior housing in New Carlisle, Clark County.
• Mackinaw Retirement Village will benefit from $940,000 in TCAP dollars and $486,156 through the TCE to build 32 units for senior residents in Celina, Mercer County.
• Olde Hickory will receive $3,290,000 in TCAP monetary assistance to construct 36 lease-purchase homes for families in Coshocton, Coshocton County.
• United North School Homes II will be awarded $869,686 in TCE funds to develop 24 single-family homes on vacant infill lots in Toledo, Lucas County.
• Washington Homes is approved to receive $2,850,000 through the TCE to develop 34 townhomes for families in Akron, Summit County.

OHFA received $83 million through the TCAP to provide low-interest loans or grants for developments awarded Housing Tax Credits in 2007, 2008 or 2009. These funds satisfy the fiscal gaps created by lower returns on the sale of Housing Tax Credits. Developers must have secured an investor for their tax credits prior to obtaining TCAP assistance.

Through the TCE program, OHFA is able to 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. This additional support will enable developers to immediately begin construction and provide affordable housing and economic stimulus throughout the state.

The Agency was approved to award this funding in late May and began accepting applications from developers on June 15. Additional 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.

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Media Contact:  Erin Biehl, ebiehl (at) ohiohome (dot) org
Phone: 614.387.2863