OHFA APPROVES MORE THAN $8.2 MILLION FOR AFFORDABLE HOUSING FOR OHIOANS

COLUMBUS – August 21, 2015 – (RealEstateRama) — On Wednesday, August 19, the Ohio Housing Finance Agency (OHFA) Board approved more than $8.2 million for affordable housing initiatives across the state of Ohio, including:

• More than $5.5 million through the Housing Development Loan (HDL) program. The HDL provides financial assistance for the development and rehabilitation of affordable housing through unclaimed funds from the Ohio Department of Commerce.
• $2.5 million from the Capital Funding to End Homelessness Initiative (CFEHI). This is a one-time boost to local Continuum of Cares to assist with their strategies to end homelessness in Ohio. The CFEHI is funded from OHFA resources and the Ohio Housing Trust Fund.
• Up to $290,000 through the Multifamily Lending Program (MLP) to provide funds for affordable rental housing projects that are not readily available in the private market. Funding for the MLP comes from surplus OHFA resources and the Recycled Tax Credit Assistance Program (R-TCAP).

Developments approved for funding include:

Kent Place Homes, Columbus, Franklin County, for the lease purchase and development of 51 single-family detached units for families at or below 60% AMGI. The project is partnering with the Columbus Land Bank to eliminate blight. Mayor Michael B. Coleman selected the development as a Local Development Priority.

HDL Amount: $1.5 million
Developer: Buckeye Community Hope Foundation

Terrace Place, Columbus, Franklin County, for the construction of a four-story, 60-unit permanent supportive housing unit for individuals with severe mental illness. Ample space has been devoted for services, including offices for the LPN, Project Manager, Case Managers and Engagement Specialists.

HDL Amount: $2 million
Developer: Community Housing Network, Inc.

Village Square Townhouses, South Point, Lawrence County, for the acquisition and rehabilitation of four two-story buildings, consisting of 29 townhouse-style units for families with extremely low incomes. The city of South Point selected the development as its Local Development Priority.

HDL Amount: $2 million
Developer: Perkins Development Company, LLC

B First, Canton, Stark County, for the new construction of a 10-unit apartment complex that will be used as permanent supportive housing for families with space for on-site counseling services, education, a laundry and a playground. A maximum of 36 beds will be available, depending on family composition. The target population is homeless families with at least one disabled adult with a minor child.

CFEHI Amount: $1.5 million
Sponsor/Owner/Developer: Alliance for Children and Families

Zelma George Family Shelter, Cleveland, Cuyahoga County, for the construction of a shelter that will serve 35 homeless families and offer on-site supportive services. The second floor will house a special area for people who have been victims of human trafficking, which will be separate from the family sleeping areas. The space at Harbor Lights will be used to expand much needed beds for those addicted to drugs and alcohol.

CFEHI Amount: $1 million
Developer: The Salvation Army

Hebron Heights, Hebron, Licking County, for the rehabilitation of 48 affordable townhome-style units in two, two-story buildings. The buildings and units have not been rehabilitated since constructed in 1975. The proposed scope of work includes replacement of sanitary sewer lines, gutters, downspouts, window replacement, upgrading the electrical systems and removing through-the-wall air conditioning units. Five units will be converted to fully accessible units.

MLP Amount: $290,000
MLP Borrower/Project Owner: Hebron Heights Preservation, LP

For more information regarding HDAP, HDL or other affordable housing programs, please contact OHFA at 888-362-6432.

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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.

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