OHFA Board Announces New Member, Approves $15.5 Million in Multifamily Bonds for the Rehabilitation of Affordable Housing Properties in Ohio

COLUMBUS, OH – August 31, 2011 – (RealEstateRama) — The Ohio Housing Finance Agency (OHFA) Board today authorized the issuance of up to $15.5 million in Multifamily Bonds. 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 projects approved by the Board include:

• • Junction City Apartments in Junction City, Perry County – $1,366,988 in Multifamily Bonds
    Junction City Apartments is a 24-unit family property located in Junction City, Perry County. The property consists of six one-bedroom, 15 two-bedroom and three three-bedroom units.
  • Clough Commons in Waverly, Pike County – $2,055,195 in Multifamily Bonds
    Clough Commons is a 46-unit senior property located in Waverly, Pike County. The property consists of 45 one-bedroom units and one two-bedroom unit.
  • Crawford Place in Upper Sandusky, Wyandot County – $1,628,518 in Multifamily Bonds
    Crawford Place is a 30-unit family property located in Upper Sandusky, Wyandot County. Currently named Maplewood Village, the property consists of 20 one-bedroom and 10 two-bedroom units.
  • Xena Place in McArthur, Vinton County – $2,449,538
    Xena Place is a 40-unit family property located in McArthur, Vinton County. The property consists of two residential buildings, a maintenance building and a laundry facility. The properties consist of eight one-bedroom, 24 two-bedroom and eight three-bedroom units.

1. Valhalla Ohio Portfolio II – $7,500,000 in Multifamily Bonds
This portfolio involves the acquisition and rehabilitation of four existing residential properties in four Ohio communities. The projects consist of one senior housing development and three family communities. The rehabilitation work for all four properties includes the installation of energy efficient windows and appliances, along with upgrades to cabinets, interior fixtures and hardware. The properties are as follows:

2. Cleveland NSP Homes I in Cleveland, Cuyahoga County – $8,000,000 in Multifamily Bonds
Cleveland NSP Homes I involves the acquisition and rehabilitation of 30 vacant single-family homes and the new construction of 10 homes, including four fully accessibly single-family homes, in Cleveland, Cuyahoga County. The lease-purchase homes will be clustered in nine Cleveland neighborhoods including Buckeye, Fairfax, Glenville, Slavic Village, Detroit Shoreway, Tremont, Lee Harvard, Mount Pleasant and North Collinwood.

In addition, the OHFA Board approved the 2012 Qualified Allocation Plan (QAP) which provides developers with information on the Housing Credit Program including the minimum development requirements, competitive criteria and underwriting criteria. Applications to be considered for the next funding round of Housing Tax Credits are due November 17, 2011. The final draft of the 2012 QAP is available online http://www.ohiohome.org/lihtc/documents.aspx.

For further information regarding the properties awarded funding or the Housing Tax Credit application process, please contact OHFA at 888-362-6432.

The OHFA Board also acknowledged the appointment of Mark Totman who was appointed by Governor John Kasich. Totman is the Legislative Director for the International Union of Operating Engineers (IUOE) Local 18 and replaces Darrell Gammel whose tenure as a Board member ended on March 31.

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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 an active partner in the interagency team which coordinates the Save the Dream Ohio initiative designed to stop preventable foreclosures.

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