COLUMBUS, OH – December 16, 2010 – (RealEstateRama) — The Ohio Housing Finance Agency (OHFA) Board yesterday announced the availability of gap financing for multifamily tax-exempt bond projects through the Housing Development Assistance Program (HDAP). The source of funds for the program will be the Ohio Housing Trust Fund (OHTF) and Financial Adjustment Factor (FAF) Program. A minimum of $5 million in funds will be available. Applicants seeking gap financing must submit an application on or before January 20, 2011.
The Board also stated that approximately $4 million from the Agency’s Housing Investment Fund (HIF) is available in the new funding cycle. OHFA established the HIF in 2008 using Agency reserves to undertake housing initiatives and meet housing needs that are not met by other programs of the Agency using unique, innovative and replicable approaches. Applicants must submit a Letter of Intent by March 24, 2011 for consideration.
The Board also approved approximately $3.3 million in funding through the Housing Development Loan (HDL) Program and HDAP. The HDL program is funded through unclaimed funds from the Ohio Department of Commerce and HDAP is funded by the federal HOME program and OHTF. These programs provide financial assistance for the development and rehabilitation of affordable housing.
The projects receiving funding through the HDL and HDAP programs include:
- 1. Anna Louise Inn in Cincinnati: $2,500,000 from HDLP
The Anna Louise Inn is an 85-unit, historic rehabilitation, permanent supportive housing development property in the downtown Central Business District of Cincinnati, Hamilton County. The Anna Louise Inn was built by the Taft Family 100 years ago, and is located next to the Taft Art Museum. This historic building is indistinguishable from the surrounding market rate housing and business structures in Lytle Park, an area of high real estate value. Cincinnati Union Bethel has owned and operated the Inn since its construction in 1909. The Project will provide housing for at-risk very-low income homeless women in the central business district, as it has for over 100 years.
2. Westway Garden Apartments in Elyria: $850,000 from HDAP
Westway Garden Apartments is a rehabilitation housing credit development for families located in Elyria, Lorain County. The property consists of 150 two-story buildings with 300 two- and three-bedroom units. The rehabilitation will include improvements to the plumbing, electrical and mechanical systems. Unit amenities will include high-speed internet access, and new deadbolt locks and lighting at each entry for security purposes. Site amenities include a playground, community area and laundry facility. The community is located near essential residential services.
For further information on 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 an active partner in the interagency team which coordinates the Save the Dream Ohio initiative designed to stop preventable foreclosures.
Email: aalston (at) ohiohome (dot) org