Federal stimulus funding breathes new life into statewide affordable housing initiatives

COLUMBUS, OH – November 6, 2009 – (RealEstateRama) — Funding made possible through the American Recovery and Reinvestment Act (ARRA) will support the creation of over 750 units of new affordable housing in 17 Ohio communities. More than $19 million from the Tax Credit Assistance Program (TCAP) and Tax Credit Exchange (TCE), created in the ARRA, was recently awarded by the Ohio Housing Finance Agency (OHFA) to the following:

• Englewood Senior Housing is approved to receive $3 million in TCAP funds and $429,085 from the TCE to construct 38 affordable housing units in Toledo, Lucas County.
• Forest Square Senior Apartments will be awarded $1 million in TCAP funding and $248,566 from the TCE to develop 21 units of affordable housing in Cincinnati, Hamilton County.
• Frontier Run will benefit from $511,396 in TCE financing to rehabilitate 16 units of affordable housing in Convoy, Van Wert County.
• Honeybrook Greene will be allocated $1,449,170 in TCAP financing to construct 36 affordable housing units in Utica, Licking County.
• Jeremy Park is approved to receive $1,354,998 in TCE funding to make 36 units of affordable housing available in Orwell, Ashtabula County.
• Joshua Landing will be awarded $982,513 in TCE financing to rehabilitate 40 units of affordable housing in Minford, Scioto County.
• Mallory Meadows will benefit from $408,411 in TCE funds to develop 24 affordable housing units in Dunkirk, Hardin County.
• Moccasin Run will be allocated $730,675 in TCE funding to make 36 units of affordable housing available in Galion, Crawford County.
• Seton Square Dover II is approved to receive $258,931 through the TCE to rehabilitate 90 units of affordable housing in Dover, Tuscarawas County.
• Seton Square East will be awarded $515,633 in TCE funds to develop 100 affordable housing units in Reynoldsburg, Franklin County.
• Seton Square Kenton will benefit from $220,379 in TCE financing for the rehabilitation of 50 units of affordable housing in Kenton, Hardin County.
• Seton Square Lancaster will be allocated $228,566 in TCE funding to make 33 units of affordable housing available in Lancaster, Fairfield County.
• Seton Square Marion is approved to receive $1,067,603 through the TCE to develop 102 units of affordable housing in Marion, Marion County.
• Seton Square Wellston will be awarded $619,975 in TCE funds for the rehabilitation of 48 affordable housing units in Wellston, Jackson County.
• Seton Square Zanesville will benefit from $487,185 of financing through the TCE to make 45 units of affordable housing available in Zanesville, Muskingum County.
• Ursula Park will be allocated $311,097 in TCE financing to develop 36 units of affordable housing in Blanchester, Clinton County.
• The Village at New Seasons is approved to receive $3,375,000 in TCAP funding and $1,970,272 from the TCE to construct 50 affordable housing units in Akron, Summit County.

OHFA was given $83 million through the TCAP to award low-interest loans or grants to developers who are experiencing lower returns on the sale of Housing Tax Credits due to current economic conditions and are therefore unable to raise the necessary capital to begin construction. TCAP funds give developers access to the financing they need in order to complete the proposed housing development.

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 offering greater financial support to developers who have found securing investors for the tax credits increasingly difficult. The additional monetary assistance allows developers to begin construction, establishing affordable housing options and stimulating the economy 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 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