OHFA BOARD APPROVES $5.8 MILLION FOR DEVELOPMENT AND CONSTRUCTION OF AFFORDABLE HOUSING IN CUYAHOGA, FRANKLIN, MEDINA AND PERRY COUNTIES

COLUMBUS, OH – May 20, 2011 – (RealEstateRama) — The Ohio Housing Finance Agency (OHFA) Board yesterday approved $2.6 million 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 $3.2 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 programs include:

1. Avondale Woods of Dublin in Franklin County – $750,000 from HDAP and $1,500,000 from HDL
Avondale Woods at Dublin will be a 100-unit development for seniors in Dublin, Franklin County. The project will consist of two three-story buildings. All units will feature central heating and cooling with wall mounted programmable thermostats, washer/dryer hook-ups, a microwave with a hood, aggravate disposal and dishwasher.

2. Medina Creative Living III in Medina County – $750,000 from HDAP
Medina Creative Housing III will be three four-unit buildings in Medina Township, Medina County. Two of the buildings will include one-bedroom units, and one building will include two-bedroom units. All units will be fully handicap accessible and will incorporate special design features which will enable the residents and their visitors with physical disabilities to function comfortably. All entries will meet visitability criteria. Unit amenities include vaulted ceilings, ceiling fans, washers and dryers, dishwashers and patios. Medina Creative Housing will provide service coordination for the residents of this community.

3. Opportunity Housing II in Cuyahoga County – $657,300 from HDAP
Opportunity Housing II will involve the rehabilitation and new construction of up to 20 homes within six neighborhoods in Cleveland, Cuyahoga County. This is the second phase of Cleveland Housing Network’s (CHN) program to stabilize and revitalize the six neighborhoods within the Strategic Investment Initiative areas. CHN is nearing completion of the first phase of 50 houses, in which they have sold 21 homes with HDAP financing and 16 with NSP2 funds.

4. University Tower in Cuyahoga County – $500,000 from HDAP and $1,500,000 from HDL
University Tower will be a housing credit, multifamily, rental development for seniors and the disabled that involves the rehabilitation of an existing nine-story, 113-unit apartment building located in Cleveland, Cuyahoga County. The construction will include replacing all interior spaces, reducing the number of units from 158 to 113 to make each unit larger and wheelchair-accessible, and improving the energy efficiency of the building by installing improved heating and cooling systems and insulation.

5. Windsor Heights in Perry County – $200,000 from HDL
Windsor Heights involves the acquisition and rehabilitation of an existing property located in New Lexington, Perry County. Windsor Heights is a three-story building that will consist of 25 one-bedroom garden-style units following the rehabilitation. Safety features will include a door buzzer system, emergency pull-cord system and a blockwatch program. The units will feature a ceiling fan, dishwasher, garbage disposal, and an energy-efficient heating and cooling system will be added to replace the existing wall and baseboard heating elements.

For further information on 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 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