Excellence in sustainable homeownership honored by OHFA: additional authority approved for MCC program
COLUMBUS, OH – June 24, 2009 – (RealEstateRama) — The Ohio Housing Finance Agency (OHFA) is celebrating National Homeownership Month by honoring quality programs and initiatives across the affordable housing industry that demonstrated excellence and innovation. Winners of the Sustainable Homeownership Excellence Awards (SHEA) were selected from 13 nominations judged on a variety of factors that exemplify sustainable homeownership, including: innovation, length of program, geographical reach, coordination with local, state and/or national partners, and the ability to be replicated.
The four SHEA winners acknowledged at today’s Board meeting are:
Arbor Village Subdivision – The three-phase single family homeownership project in Washington Court House was developed and coordinated by the Community Action Commission of Fayette County. Homebuyers are able to earn an average of $20,000 in sweat equity in the home, as well as obtain long-term subsidized mortgages based on the household’s income. Building on the success of the first two phases of the Arbor Village Subdivision, the CAC of Fayette County is already replicating this program model in two additional counties to help low- to moderate-income families.
Foreclosure Prevention Program – Helping residents keep their homes is vital as the foreclosure crisis continues. Empowering and Strengthening Ohio’s People provides mortgage foreclosure prevention counseling and assists in preventing lender foreclosure filings, unnecessary sheriff sales, and minimizes other actions that result in vacant, vandalized or deteriorated properties. Since April 2008, over 3,550 Ohio families have been served through this program with nearly 80 percent of those households remaining in their home.
Green View Estates – The first “green” subdivision in Columbus, Green View Estates was developed by MiraCit Development Corporation as part of the city’s “Get Green, Columbus” program. Built to meet rigorous environmental standards, each home features durable energy-efficient construction in addition to being equipped with Energy Star-rated appliances. During the development phase, the goal was to convey that high performance, or “green” housing, could be built affordably both in up-front costs and monthly utility bills. An average of 3,900 kilowatt hours of electricity has been saved by homeowners each year.
Homeownership Sustainability Initiative – Through housing counseling programs, participants receive the information they need to improve their financial lives and prepare to purchase their own home. Education is the cornerstone for the Homeownership Sustainability Initiative offered by Columbus Housing Partnership (CHP) and teaches the fundamentals of the homebuying process along with basic homeowner responsibilities. CHP also provides down payment assistance, financial fitness workshops, and default prevention assistance to its clients.
Also during the meeting, OHFA’s Board approved the allocation of additional funding authority for the Mortgage Credit Certificate (MCC) Program, which allows homebuyers to receive income tax credits based on their annual mortgage interest and is available for the term of the mortgage. OHFA can now continue to offer this successful program to homebuyers for the next several months. For more information about the MCC program visit www.ohiohome.org/homebuyer/default.aspx.
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
