Funding approved for developments in Hardin, Hamilton, Wood, Ottawa, Fremont, Franklin and Montgomery counties
COLUMBUS, OH – November 17, 2011 – (RealEstateRama) — The Ohio Housing Finance Agency (OHFA) Board yesterday approved more than $3 million in funding through the Housing Development Assistance Program (HDAP) to provide flexible, low-interest financing for affordable housing developments serving residents with low- to moderate-incomes throughout Ohio. Funding for HDAP comes from the federal HOME program and the Ohio Housing Trust Fund (OHTF).
Projects receiving funding through HDAP include:
1. Kenton Station in Kenton, Hardin County – $576,860 in HDAP
Kenton Station involves the new construction of eight one-story buildings for seniors located in Kenton, Hardin County. The community will provide 32 two-bedroom ranch style units. Unit amenities include central air conditioning, patio and covered front porches, and attached one and one half car garages.
2. Grand Development Initiative in Cincinnati, Hamilton County – $923,335 in HDAP
Grand Development Initiative is a housing credit, rental project involving the acquisition and rehabilitation of a vacant apartment building located in Cincinnati, Hamilton County. The property will include 39 units and will target individuals with severe or persistent behavioral and/or mental health diagnoses. The scope of the work will include a new elevator, plumbing and electrical systems, windows and walls.
3. WSOS 2011 Homeownership in Bowling Green, Wood County; Port Clinton, Ottawa County; Fremont, Sandusky County
WSOS 2011 Homeownership is a non-housing credit homeownership project involving the new construction and rehabilitation of up to five homes in three areas: the Conestoga West neighborhood in Port Clinton, Ottawa County; the Little Bark Creek subdivision of Fremont, Sandusky County; and the Indian Trace subdivision in Bowling Green, Wood County. The project is part of a pilot program to approve organizations to build and/or rehabilitate and sell homes in a weakened housing market. OHFA will approve the funding amount for each home on an individual basis.
4. CHN East in Columbus, Franklin County – $750,000 in HDAP
CHN East is a scattered site, rehabilitation, housing credit development located in Columbus, Franklin County. This is the third of six phases of development in the CHN initiative. CHN East will consist of 76 permanent supportive housing units for individuals with special needs including mental illness and chemical addiction located on scattered sites in east Columbus. The scope of work will include the replacement of the roofs, windows, doors, flooring, cabinets, sinks and appliances.
5. CHN Central located in Columbus, Franklin County – $750,000 in HDAP
CHN Central is a scattered site, rehabilitation, housing credit development located in Columbus, Franklin County. This is the second of six phases of development in the CHN initiative. CHN Central will consist of 67 affordable permanent supportive housing units for individuals with special needs including mental illness and chemical addiction located on scattered sites in central Columbus. The current scope of work will include the replacement of roofs, windows, doors, flooring, cabinets and appliances.
The Board also approved $8.2 million in Multifamily Bonds for the acquisition and construction of affordable housing developments in Ohio. Multifamily Housing Bonds are tax-exempt revenue bonds that provide financial assistance for the development and rehabilitation of affordable housing by lowering the cost of borrowing for housing developers. The Board also approved $7.2 million in Neighborhood Stabilization Program (NSP) funds. NSP is a federal program designed in response to the foreclosure crisis and assists with the redevelopment of foreclosed or abandoned properties.
The communities receiving funding through Multifamily Bonds and NSP include:
1. Ft. McKinley Homes in Harrison Township, Montgomery County – $2,700,000 in Multifamily Bonds
Ft. McKinley Homes involves the acquisition and new construction of 25 single-family, lease-purchase units in the Ft. McKinley neighborhood of Harrison Township, Montgomery County. The homes will consist of four bedrooms and two bathrooms. Project amenities include attached garages, full basements and first floor master bedrooms.
2. Duxberry Landing in Columbus, Franklin, County – $5,550,000 in Multifamily Bonds and $3,600,000 in NSP
Duxberry Landing involves the acquisition, rehabilitation and new construction of 35 lease-purchase single-family homes in the South Linden neighborhood of Columbus, Franklin County. Six of the homes include three bedrooms and will be substantially renovated. The remaining 29 homes will be newly constructed four-bedroom homes on either vacant lots or lots with homes that will be demolished. All of the homes will include a living room, kitchen, separate dining room and full basement. The newly constructed homes will have two full bathrooms while the number of bathrooms in the rehabbed homes will vary.
3. Alston Park in Cincinnati, Hamilton County – $3,600,000 in NSP
Alston Park involves the acquisition and redevelopment of two vacant multifamily buildings located in the Avondale neighborhood of Cincinnati, Hamilton County. The development will consist of 34 two-bedroom, one-bathroom units and five three-bedroom, two-bathroom units. The housing community is part of a neighborhood revitalization strategy in an area most impacted by the foreclosure crisis. All units will include Energy Star bedroom lighting, window treatments, refrigerators and dishwashers and insulation.
For further information regarding the properties awarded funding 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. OHFA is also the administrator of the state’s foreclosure prevention program, Restoring Stability: A Save the Dream Ohio Initiative.
Email: aalston (at) ohiohome (dot) org