COLUMBUS, OH – September 17, 2010 – (RealEstateRama) — The Ohio Housing Finance Agency (OHFA) Board yesterday approved $2.9 million of the Housing Investment Fund (HIF), which encourages housing initiatives and meets housing needs that are not met by other programs of the Agency. OHFA established HIF in September 2008. Funding from HIF will be used to support nine affordable housing programs serving low-to moderate-income residents throughout the state, including:
- 1. Capital for a Revolving Loan Fund in Cleveland: $500,000 from HIF
The Columbus Housing Network (CHN) will receive $500,000 to capitalize a self-financed revolving loan fund to assist lease-purchase residents while purchasing their homes. The Self-Financed First Mortgage product will be offered only to lease-purchase residents who are unable to obtain a conventional, bank-financed loan, but have a good rental history with CHN. The fund is a mortgage product that bridges the credit availability gap for lease- purchase residents. $500,000 dollars will be provided as both a loan of $170,000 dollars and grant of $330,000 dollars.2. CMS Homeless Prevention Program in Columbus: $559,000 from HIF
Community Mediation Services of Central Ohio will help low-income tenants maintain their long-term housing stability by providing impartial conflict mediation services to a minimum of 6,100 tenants and their landlords. The services will be provided in Franklin and contiguous counties when the tenant has experienced a sudden and/or short term financial crisis, and as a result, has been served a three day notice to vacate his/her rental housing or an eviction notice.
3. Sherman Rental Rehabilitation Program in Toledo: $475,000 from HIF
United North designed the Sherman Rental Rehabilitation Program to improve the deteriorating rental housing stock in the Toledo area. The program will target properties with the greatest need by following an emergency repair plan. Approximately 27 homes will be selected to receive funding to mitigate interior and exterior code issues including electrical, plumbing, roofing, downspouts, gutters, window replacement and painting.
4. Capitalized Operating Subsidy in Cincinnati: $120,000 from HIF
Over-the-Rhine Community Housing will create a capitalized operating subsidy that will be used to preserve and sustain 118 low-income housing units in 30 historic properties. 12 of the buildings are part of two 19 year-old tax credit developments that OTRCH assumed management of in 2009. The additional units are located in the Washington Park area and are neither low-income housing tax credit (LIHTC) units nor units with the U.S. Department of Housing and Urban Development (HUD) subsidy, but are buildings that serve primarily very low-income seniors and very low income persons moving out of homeless shelters.
5. Rental Housing Information Network of Ohio, in Columbus: $225,000 from HIF
The Coalition on Homelessness and Housing in Ohio (COHHIO) will create RHINO to assist residents and landlords by providing long-term stability for tenants by reducing the frequency of resident displacement, supporting residents with health and safety issues, the reduction of utility costs and home and community safety improvements.
6. Roadmap to Youth Housing in Dayton: $290,000 from HIF
Daybreak will undertake a research and evaluation project to assess the impact of its programs for youth. Daybreak’s 24-hour services include street outreach, an emergency shelter, 24-highly supervised housing units, and 33 community-based apartments with support services. The research component of the project will include data collection and analysis, while program evaluation will provide findings and recommendations to Daybreak for the purpose of improving the efficiency and impact of the program.
7. Fall Soft Program in Dayton: $462,000 from HIF
The Fall Soft Program involves the new construction and rehabilitation of single-family homes for former homeowners. A secondary goal is to revitalize the neighborhood. Using a lease-purchase strategy, TAWAWA CDC will work with families who lost their homes to foreclosure. OHFA will assist program participants by providing funds for homebuyer counseling and down payment assistance so that they may qualify for homeownership. HIF funds will also be used for low-interest home improvement loans for existing homeowners in the Roosevelt neighborhood.
8. Emergency Home Repair Revolving Loan Fund in Toledo: $175,000 from HIF
Northwest Ohio Development Agency’s (NODA) OHFA-funded Emergency Home Repair Loan will provide 25 homeowners access to an affordable home repair loan they may otherwise not be able to obtain through traditional lending institutions. The Emergency Home Repair Loan provides for the following allowable repairs: leaking roofs, damaged or crumbling foundations, sewer/septic repair, hazardous electrical systems, lead based paint hazards, structural modifications for the elderly and disabled, as well as broken window and/or missing door replacements.
9. Minor Home Repair Individual Development Account Program in Columbus: $125,000 from HIF
Economic and Community Development Institutes’ (ECDI) OHFA-funded Home Repair IDA program will provide grants to 50 first-time, low-and moderate-income homebuyers in Central Ohio who finance their home purchase with an OHFA mortgage. IDA grants will be matched with the participating homeowner’s savings and used to pay for eligible home repairs and/or energy efficiency updates post-purchase.
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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.