OHFA Approves $750,000 for Affordable Housing Communities, Approves Several Program Guidelines and Initiatives

COLUMBUS, OH – August 16, 2012 – (RealEstateRama) — The Ohio Housing Finance Agency (OHFA) Board approved $750,000 in funding through the Housing Development Assistance Program (HDAP) as well as several OHFA program initiatives. HDAP is used to provide flexible, low-interest financing for affordable housing developments. Funding for the program comes from the federal HOME program and the Ohio Housing Trust Fund (OHTF).

The affordable housing community receiving HDAP funding is as follows:

• Lamplighter Senior Village in Grove City, Franklin County – $750,000 in HDAP
  Lamplighter Senior Village involves the new construction of a 50-unit senior community in Grove City, Franklin County. The development will consist of two two-story buildings, three one-story cottage buildings and a community building. The property will be in close proximity to public transportation and shopping.

The Board also approved several OHFA programs, which include:

• 2012-2013 HDAP Multifamily Bond Gap Financing Guidelines –
  The 2012-2013 HDAP Multifamily Bond Gap Financing Guidelines provide developers with information on applying for gap financing for Multifamily Bond projects. At least $3 million in funding will be available in this round.
• 2013 HDAP Housing Credit Gap Financing Guidelines –
  The 2013 Housing Credit Gap Financing Guidelines apply to developments funded through the Housing Tax Credit program in 2012 and 2013.
• 2012 Housing Investment Fund –
  The Board also approved funding for the 2012 Housing Investment Fund, which encourages housing initiatives which meet housing needs not currently met by other OHFA programs. There is $1,654,501 available for the 2012 funding round. The Notice of Funding Availability (NOFA) will be released by OHFA on Monday, August 20.

In other news, the Board approved the 2013 Annual Plan, which addresses the state’s affordable housing needs. Developed with input from stakeholders across the state, the 2013 Annual Plan is a strategic guide that highlights current affordable housing issues in Ohio including homeownership, multifamily housing and property management.

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About the Ohio Housing Finance Agency
OHFA is a self-supporting quasi-public agency governed by an eleven-member board. The Agency uses federal and state resources to provide housing opportunities for families and individuals through programs designed to develop, preserve and sustain affordable housing throughout the State of Ohio. OHFA is also the administrator of the state’s foreclosure prevention program, Restoring Stability: A Save the Dream Ohio Initiative.

Media Contact:
Arlyne Alston
Email: aalston (at) ohiohome (dot) org
Phone: 614.387.2863