COLUMBUS, OH – August 20, 2008 – (RealEstateRama) — The Ohio Housing Finance Agency (OHFA) Board today approved the use of $3 million to assist with the financing of multifamily bond projects. Approximately ten rental developments that serve low-income households will be awarded funding later this year. The funds are from savings generated on previously refinanced bonds. Detailed information, including application requirements and the submission deadline, is available at www.ohiohome.org.
In addition, the Board approved $1 million in funding through the Housing Development Loan (HDL) Program. The HDL Program is funded through unclaimed funds from the Ohio Department of Commerce. The following development will receive the funding.
The Lakewoods – Phase II (Toledo, Lucas County) – American Community Developers, Inc. will receive a $1 million HDL to further help in the construction of a 48-unit senior community. Each unit will feature a dishwasher, microwave oven, washer/dryer hook-ups and an attached one-car garage. The facility will have a community room, garden area and public parking. OHFA awarded $706,244 in federal housing tax credits to the development in 2007 and a $250,000 HDAP (HOME) loan in February 2008.
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)