OHFA Board Allocates $15 Million to Expand Affordable Housing Options in Ohio, Names New Chief of Staff

COLUMBUS – October 18, 2013 – (RealEstateRama) — The Ohio Housing Finance Agency (OHFA) Board authorized the issuance of $6.7 million through the Multifamily Bond program yesterday. Multifamily Housing Bonds are tax-exempt, revenue bonds designed to lower the costs of borrowing for housing developers. The program provides financial assistance for the development and rehabilitation of affordable housing.

The communities approved by the Board include:

• Eastway Village in Whitehall, Franklin County – $3,500,000 in Multifamily Housing Bonds
  Eastway Village involves the new construction of a two-story building with 32 one-bedroom units for seniors located in Whitehall, Franklin County. The community is the second phase of a senior campus development. Unit amenities will include air conditioning, a new range, refrigerator, garbage disposal and window coverings. Eastway Village will include community space that will feature a kitchen, social service office, and laundry, library and fitness rooms.
• Arlington by the Lake in Toledo, Lucas County – $3,250,000 in Multifamily Housing Bonds and $1,500,000 through the Recycled Tax Credit Assistance Program (R-TCAP)
  Arlington by the Lake involves the acquisition and rehabilitation of a three-story building with 50 one-bedroom units for seniors in Toledo, Lucas County. The scope of work will include the replacement of the HVAC systems and updates to the plumbing, electric and building security system. Handicapped units will be modified to meet current accessibility and visitability standards. Exterior improvements will include the reconfiguration of the main entrance and the replacement of the roof, windows, siding, gutters and downspouts.

Funding for R-TCAP is derived from repaid funds through the Tax Credit Assistance Program (TCAP), allocated to OHFA through the American Recovery and Reinvestment Act of 2009. The program is intended to stabilize and ensure the long-term affordability of OHFA properties.

Also, the Board awarded $1.35 million through the Housing Development Assistance Program (HDAP) to provide flexible, low-interest financing for affordable housing developments. Funding for HDAP comes from the federal HOME program and the Ohio Housing Trust Fund (OHTF). Additionally, the Board awarded $7 million in funding through the Housing Development (HDL) program. The HDL program provides financial assistance for the development and rehabilitation of affordable rental housing and is funded through unclaimed funds from the Ohio Department of Commerce.

Housing communities receiving funding through HDAP and HDL include:

• Ashley Grove Senior Residences in Mt. Orab, Brown County – $1,000,000 in HDL
  Ashley Grove Senior Residences involves the new construction of a 43-unit housing community in Mt. Orab, Brown County. The community will consist of a three-story apartment building with 39 units and a single-story cottage building with four units. The housing community will feature a community room with a kitchenette, computer, fitness and theater rooms, community garden, picnic shelter and outdoor seating areas.
• Fair Park Apartments in Sardinia, Brown County – $350,000 in HDAP and $1,000,000 in HDL
  Fair Park Apartments involves the acquisition and rehabilitation of a 40-unit housing community for families in Sardinia, Brown County. The community consists of townhouse and single-story units in three two-story buildings. Work on the community will include new siding and exterior doors, upgraded Central HVAC systems, new flooring and appliances.
• Fairway Vista in Nashport, Muskingum County – $500,000 in HDAP and $1,000,000 in HDL
  Fairway Vista involves the acquisition and rehabilitation of 31 units of housing and the new construction of six units located in Nashport, Muskingum County. Thirty one townhouse and garden-style units located in six two-story buildings will be rehabilitated. The six newly-constructed units will be located in a one-story building and are intended for residents with severe and persistent mental illness. Units will be furnished with new kitchens, bath fixtures and energy efficient heating and cooling systems. Exterior work will include new roofs, siding, doors, windows and entry canopies as well as a new addition to the community building.
• Kenmore Place in Akron, Summit County – $1,000,000 in HDL
  Kenmore Place involves the new construction of 40 units in a three-story building located in Akron, Summit County. The community will feature a fitness center, computer room and rooftop deck. The site is located within walking distance to many neighborhood amenities including a library, drug store, convenience store, medical offices and other small businesses.
• Loveland Station Senior Housing in Loveland, Clermont County – $1,000,000 in HDL
  Loveland Station Senior Housing involves the new construction of 40 housing units in a three-story building in Loveland, Clermont County. The development will include onsite management and supportive services, a fitness center, community room with a kitchen, laundry facilities and tenant storage.
• Sturbridge Green Apartments in Hilliard, Franklin County – $1,000,000 in HDL
  Sturbridge Green Apartments involves the acquisition and rehabilitation of 50 housing units in eight one-story buildings located in Hilliard, Franklin County. The redevelopment work will include new flooring, windows and exterior doors as well as upgraded central HVAC and new appliances. All units will receive new covered entry front porches. The existing community building will be expanded and all sidewalks will be replaced.
• Templin-Bradley Co. Lofts in Cleveland, Cuyahoga County – $500,000 in HDAP and $1,000,000 in HDL
  Templin-Bradley Co. Lofts involves the adaptive reuse of a former four-story commercial structure to include 30 housing units in Cleveland, Cuyahoga County. Built in 1916, the building is located within the Gordon Square Local Landmark District in the Detroit Shoreway neighborhood. The new housing community will feature open, loft-style floor plans. The site will be completely redeveloped with new walkways, a security gate, additional parking spaces, lighting and landscaping.

In other news, OHFA Executive Director Doug Garver announced the promotion of Sean Thomas to serve as OHFA’s Chief of Staff. Thomas joined OHFA in 1993 and is currently the Director of Planning, Preservation and Development. He received a Bachelor of Arts in economics and political science from the University of Rochester. Thomas also earned a certification from the National Development Council in Multifamily Housing Development Finance.

For further information regarding the properties awarded funding, please contact OHFA at 888-362-6432.

# # #

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, Save the Dream Ohio.

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