COLUMBUS, OH – August 26, 2009 – (RealEstateRama) — The distribution of affordable housing funds through the American Recovery and Reinvestment Act (ARRA) began today with the Ohio Housing Finance Agency (OHFA) announcing the allocation of $3.3 million from the Tax Credit Exchange (TCE) program to North Central Village in Columbus.
Catering to senior residents, North Central Village will feature a community of 74 newly constructed units where residents can enjoy their own patios, as well as a clubhouse including a computer room and social area.
Through the TCE program, OHFA can convert a portion of the Agency’s annual share of Federal Housing Tax Credits into grant dollars to provide greater financial support to developers who have found securing investors for the tax credits increasingly difficult. These additional funds will enable developers to immediately begin construction and provide affordable housing and economic stimulus throughout the state.
The Agency was approved to award this monetary funding in late May and began accepting applications from developers on June 15. Additional funding awards, made possible through new programs created in the ARRA, 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