OHFA Board approves funding to assist with affordable housing developments

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By OHFA -

COLUMBUS, OH – September 16, 2009 – (RealEstateRama) — The Ohio Housing Finance Agency (OHFA) Board today approved the issuance of up to $16 million in Multifamily Mortgage Revenue Bonds. Proceeds from the bonds will be used in part to finance the acquisition and rehabilitation of eight residential developments, consisting of more than 460 units for seniors. The Board also approved an additional $800,000 in funding from the Housing Development Assistance Program (HDAP-FAF) to contribute toward the completion of these properties for the senior community.

The following properties would benefit from the sale of the bonds and the HDAP funding:

  • Seton Kenton Apartments (Kenton, Hardin County)
  • Seton Lancaster Apartments (Lancaster, Fairfield County)
  • Seton Square Dover I Apartments (Dover, Tuscarawas County)
  • Seton Square Dover II Apartments (Dover, Tuscarawas County)
  • Seton Square East Apartments (Reynoldsburg, Franklin County)
  • Seton Square Marion Apartments (Marion, Marion County)
  • Seton Square Wellston Apartments (Wellston, Jackson County)
  • Seton Square Zanesville Apartments (Zanesville, Muskingum County)

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 888.362.6432.

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

 

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OHFA
http://www.ohiohome.org/

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

Contact:

Erin Biehl
Phone: 614-387-2863

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