COLUMBUS, OH – November 18, 2009 – (RealEstateRama) — The Ohio Housing Finance Agency (OHFA) Board today approved the issuance of up to $28 million in Multifamily Mortgage Revenue Bonds. Proceeds from the bonds will be used in part to finance the acquisition and rehabilitation of nine residential multifamily developments, consisting of 450 units.
The following properties would benefit from the sale of the bonds:
- Crescent Village Townhomes (Meigs County)
- Frontier Run (Van Wert County)
- Jeremy Park (Ashtabula County)
- Joshua Landing (Scioto County)
- Mallory Meadows (Hardin County)
- Moccasin Run (Crawford County)
- Post Woods Townhomes (Franklin County)
- Ursula Park (Clinton County)
- Willow Bend Townhomes (Franklin County)
The Board also approved an additional $1.5 million in funding from the Housing Development Assistance Program (HDAP-FAF) to contribute toward the completion of Frontier Run, Jeremy Park, Joshua Landing, Mallory Meadows, Moccasin Run and Ursula Park.
Multifamily 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 HDAP is funded by the federal HOME program, the Ohio Housing Trust Fund (OHTF) and the Financial Adjustment Factor (FAF). For further information on the properties awarded funding, please contact OHFA at 1.888.362.2856.
OHFA utilizes federal and state resources to provide housing opportunities for families and individuals through programs designed to create, preserve, and manage affordable housing throughout the State of Ohio. The Agency is a self-supporting quasi-public agency governed by an eleven-member board, nine of whom are appointed by the Governor and confirmed by the Senate. Two additional seats on the board, by statute, are reserved for the Director of Development and the Director of Commerce, or their designees, and both serve as ex officio voting members.
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Media Contact: Erin Biehl, ebiehl (at) ohiohome (dot) org
Phone: 614.387.2863
