Millions in federal stimulus funding benefit Ohioans through affordable housing development

COLUMBUS, OH – December 1, 2009 – (RealEstateRama) — More than $13 million made possible through the American Recovery and Reinvestment Act will support the creation of over 400 units of affordable housing in seven Ohio communities. The Ohio Housing Finance Agency (OHFA) recently awarded the funding from the Tax Credit Assistance Program (TCAP) and Tax Credit Exchange (TCE), created in the ARRA, to the following:

• Barnett Plaza will be awarded $927,792 in TCE funding to create 50 units of affordable housing in Columbus, Franklin County.
• Cedar Woods Apartments is approved to receive $3,168,580 in TCAP funds to rehabilitate 94 affordable housing units in Hillsboro, Highland County.
• Gateway House will benefit from $1,548,386 in TCE funds to develop 40 affordable housing units in Canton, Stark County.
• Hunterwood Park will be allocated $2,500,000 in TCAP funding and $814,431 from the TCE to develop 101 units of affordable housing in Lancaster, Fairfield County.
• Plains Plaza will be awarded $2,013,934 in TCE financing to rehabilitate 60 units of affordable housing in The Plains, Athens County.
• Village at Anna Dean will benefit from $1,554,530 in TCE financing to construct 60 units of affordable housing in Barberton, Summit County.
• YWCA of Youngstown will be allocated $589,578 in TCE funds to rehabilitate 30 affordable housing units in Youngstown, Mahoning 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: Tammana Bharakhda
Email: tbharakhda (at) ohiohome (dot) org
Phone: 614.728.4704