COLUMBUS, OH – September 23, 2008 – (RealEstateRama) — The Ohio Housing Finance Agency (OHFA) Board approved a new program that will support affordable housing initiatives in Ohio not currently funded through OHFA’s standard programs. The Housing Investment Fund will provide an opportunity for developers and housing organizations to receive funding, helping them respond to changing housing needs around the state.
Proposals can be submitted for either grants or loans to be used for: the acquisition, holding, or disposition of residential real estate for public benefit; pre-development, construction, and/or permanent financing for rental or for-sale property development; capital improvements for existing OHFA-financed properties; homebuyer education and counseling; activities or projects that address an urgent affordable housing need; as well as other activities and projects.
Applications will be accepted in two cycles to ensure organizations have an equal opportunity to request funds. The first application deadline will be January 15, 2009 with up to half of the available funds being reserved for approved proposals. Additional information, including the cover form and template for the letter of intent, will be available soon at 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.