OHFA Board Approves $29.6 Million for the Development of Affordable Housing Communities

COLUMBUS – December 20, 2013 – (RealEstateRama) — The Ohio Housing Finance Agency (OHFA) Board approved $2.4 million through the Housing Development Assistance Program (HDAP) to provide flexible, low-interest financing for affordable housing developments across the state. Funding for HDAP comes from the federal HOME program and the Ohio Housing Trust Fund (OHTF).

Also, the Board approved $9 million through the Housing Development Loan (HDL) program. The HDL provides financial assistance for the development and rehabilitation of affordable housing and is funded through unclaimed funds from the Ohio Department of Commerce.

Additionally, the Board approved $3.6 million through the Recycled-Tax Credit Assistance Program (R-TCAP). 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. OHFA expects to receive more than $70 million in repaid funds during the next five years with $29 million expected from 2012-2014. The goal of the program is to stabilize and ensure the long-term affordability of OHFA properties.

Housing communities receiving funding through the HDAP, HDL and R-TCAP include:

• CHN West in Columbus, Franklin County – $750,000 in HDAP, $1 million in HDL and $1 million in R-TCAP
  CHN West involves the acquisition and rehabilitation of a scattered site, permanent supportive housing community for individuals with special needs. The community will consist of 65 units throughout the west, southwest and central areas of Columbus.
• Collingwood Green –Phase II in Toledo, Lucas County – $350,000 in HDAP and $1 million in HDL
  Collingwood Green involves the new construction of 68 units for families in Toledo, Lucas County. The community will consist of 11 two-story townhouse buildings.
• Emerald Alliance VIII in Cleveland, Cuyahoga County – $500,000 in HDAP, $1 million in HDL and $1 million in R-TCAP
  Emerald Alliance VIII involves the new construction of a permanent supportive housing community in Cleveland, Cuyahoga County. The development will consist of a three-story, 66-unit apartment building.
• Harbor Town Senior Residence in Perrysburg, Wood County – $1 million in HDL
  Harbor Town Senior Residence involves the new construction of a 69-unit housing community in Perrysburg, Wood County. The development will consist of one three-story building with one- and two-bedroom units.
• Majors Crossing in Rock Creek, Ashtabula County – $1 million in HDL
  Majors Crossing involves the new construction of 40 flat- and townhouse-style units in seven one- and two-story buildings located in Rock Creek, Ashtabula County.
• Notre Dame Apartments in Cleveland, Cuyahoga County – $1 million in HDL
  Notre Dame Apartments involves the acquisition and rehabilitation of 73 units in one four-story building located in Cleveland, Cuyahoga County.
• Poindexter Place in Columbus, Franklin County – $1 million in HDL
  Poindexter Place involves the new construction of 104 flat-style units in one four-story building for seniors in Columbus, Franklin County. The development is located at the former Poindexter Village site in Columbus.
• Van Buren Village in Columbus, Franklin County – $500,000 in HDAP, $1 million in HDL, $1 million in R-TCAP
  Van Buren Village involves the new construction of a 100-unit permanent supportive housing development in Columbus, Franklin County.
• Harrisburg Station in Grove City, Franklin County – $350,000 in HDAP and $1 million in HDL
  Harrisburg Station involves the acquisition and rehabilitation of 60 flat- and townhouse-style units in eight two-story buildings located in Grove City, Franklin County.
• Franciscan Housing III in Cincinnati, Hamilton County – $270,000 in R-TCAP
  Franciscan Housing III consists of 35 housing units in five buildings located in the Over-the-Rhine neighborhood of Cincinnati, Hamilton County. The buildings were originally constructed in the late 1800s and last rehabilitated in 1995. The R-TCAP funds will be used to address physical deficiencies identified at the properties.
• Franciscan Housing IV in Cincinnati, Hamilton County – $423,000 in R-TCAP
  Franciscan Housing IV consists of 11 buildings with a total of 35 units located in the Over-the-Rhine neighborhood in Cincinnati. Similar to phase III, most of the buildings were originally constructed in the late 1800s and were last rehabilitated in 2000. The R-TCAP funds will be used to address immediate physical deficiencies identified at the properties.

The Board also approved more than $3.8 million through the Capital Improvement Program (CIP) designed to provide funding for minor renovations and maintenance on aging properties funded by the Ohio Department of Mental Health (ODMH). Funding for the program comes from the Ohio Housing Trust Fund (OHTF). Recipients include:

• 5th Street NW in Canton, Stark County – $275,000 in CIP
  5th Street NW involves the rehabilitation of a three-story structure in Canton, Stark County. Built in 1916, the building contains seven units for individuals with mental illness.
• Appleseed Housing in Ashland, Ashland County – $543,000 in CIP
  Appleseed Housing involves the rehabilitation of 11 units of housing located in three buildings in Ashland, Ashland County. All units are occupied by persons with severe and persistent mental illness.
• Briarwood in Dayton, Montgomery Avenue – $393,000 in CIP
  Briarwood involves the first phase of rehabilitation of a two-story multifamily building with 33 housing units located in Dayton, Montgomery County. All units are occupied by very low-income residents with mental illness and/or chemical dependency.
• Champaign County CIP in Urbana, Champaign County – $393,000 in CIP
  Champaign County CIP involves the rehabilitation of one, six-unit building and one four-unit building located in Urbana, Champaign County.
• Columbiana County CIP in Salem and East Liverpool, Columbiana County – $235,800 in CIP
  Columbiana County CIP involves the rehabilitation of a two-unit property located in Salem and a two-unit property located in East Liverpool. Both properties are located in Columbiana County and designated for households with a diagnosed mental disability.
• Delaware County CIP in Delaware, Delaware County – $393,000 in CIP
  Delaware County CIP involves the rehabilitation of two buildings located in Delaware, Delaware County. Each of the buildings contains two, one-bedroom units and three, two-bedroom units.
• Home Place Housing in Wooster, Wayne County – $393,000 in CIP
  Home Place Housing involves the rehabilitation of four buildings consisting of 13 units of housing located in Wooster, Wayne County.
• Jefferson County CIP in Steubenville, Jefferson County – $464,190 in CIP
  The Jefferson County CIP involves the rehabilitation of a three-story building with nine units located in Steubenville, Jefferson County.
• Neighborhood Properties Inc. CIP in Toledo, Lucas County – $428,280 in CIP
  Neighborhood Properties CIP involves the substantial rehabilitation of two, four-unit, single-story buildings located in Toledo, Lucas County.
• New Sunrise Properties CIP in Elyria, Lorain County – $357,630 in CIP
  New Sunrise Properties involves the rehabilitation of three buildings consisting of ten, one-bedroom units in Elyria, Lorain County.

In other news, the Board approved the issuance of $115,000 to the Ohio Department of Health (ODH) to remove lead-based paint hazards in Ohio homes. The funds will be used to mitigate lead poisoning in 185 homes in 16 counties. The program funds will be used for identification of lead hazards in pre-1950 housing units as well as to target the homes of children with documented elevated blood lead (EBL) levels.

In addition, the Board authorized the issuance of up to $10.7 million in Multifamily Housing Bonds to the Avondale Revitalization Phase 1A community which includes the substantial rehabilitation of five apartment buildings with 94 units and the construction of two new buildings with 25 units located in Avondale, Hamilton County.

Finally, the Board approved the 2014 Multifamily Underwriting Guidelines which set the evaluation standards for all applicants seeking funding through OHFA’s multifamily housing development programs. Visit www.ohiohome.org/lihtc/MultifamilyUnderwritingGuidelines.pdf to view the guidelines.

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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, Save the Dream Ohio.

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