OHFA BOARD APPROVES $2.7 MILLION FOR DEVELOPMENT AND CONSTRUCTION OF AFFORDABLE HOUSING IN CLEVELAND AND COLUMBUS

COLUMBUS, OH – March 16, 2011 – (RealEstateRama) — The Ohio Housing Finance Agency (OHFA) Board today approved $750,000 in funding 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).

The Board also approved $2 million in funding through the Housing Development Loan (HDL) Program. The HDL program provides financial assistance for the development and rehabilitation of affordable housing and is funded through unclaimed funds from the Ohio Department of Commerce.

The projects receiving funding through the HDAP and HDL program include:

1. St. John’s Village West Family Homes in Cleveland – $350,000 HDAP
St. John’s Village West Family Homes is a scattered-site, lease-purchase housing credit development for families that involves the new construction of 40, three and four bedroom single-family homes located in the central neighborhood of Cleveland, Cuyahoga County. This development is the final phase of Village Central, completing Cleveland’s Homeownership Zone, a HUD demonstration program which helped catalyze the successful redevelopment of 400 parcels of vacant land into new residential, commercial and institutional uses, comprising a collective investment of over $250 million.

2. Weinland Park Homes in Columbus – $400,000 from HDAP and $2,000,000 from HDLP
Weinland Park Homes is a lease-purchase development for families that involves the new construction of 40 two-story single-family homes located in Columbus, Franklin County. Thirty-five of the homes will be contained on one contiguous site with the remaining five homes constructed on scattered sites nearby. The project is one component of an $80 million comprehensive revitalization of the Weinland Park neighborhood. Each home will have a full basement, full bath on each floor, one-car detached garage, laundry area with washer/dryer hook-ups, pre-wired security system and an updated contemporary interior layout that will match the planned market rate homes on the adjacent sites.

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.

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