OHFA Board approves more than $10.6 million in funding for affordable housing developments
COLUMBUS – February 20, 2008 – The Ohio Housing Finance Agency (OHFA) Board today recognized the 25th Anniversary of the agency during its monthly meeting. OHFA began assisting Ohioans with affordable housing in 1983 and became an independent state agency in 2005. The anniversary was commemorated with a proclamation from Governor Ted Strickland and Director of Commerce and OHFA Board Chairperson Kimberly A. Zurz.
Also at the meeting today, the Board approved $4.6 million of funding through the Housing Development Assistance Program (HDAP) and $6 million in funding through the Housing Development Loan (HDL) Program. The HDAP is funded by the federal HOME program and the Ohio Housing Trust Fund (OHTF). The HDL program is funded through unclaimed funds from the Ohio Department of Commerce. These programs provide financial assistance for the development and rehabilitation of affordable housing.
The projects receiving funding through the HDAP and HDL program include:
Cascade Village East-West (Akron, Summit County) – The Community Builders, Inc. will receive a $250,000 HDAP (HOME) loan to construct 65 units. The development will also include an activity center and a playground. This project is a continuation of a HOPE VI revitalization project. In 2007 OHFA awarded $941,000 in federal housing tax credits to this development.
Forest Edge (Rawson, Hancock County) – The HHWP Community Action Commission will receive a $550,000 HDAP (OHTF) loan and a $1 million HDL to construct 36 single-family, lease-purchase homes that include two-car garages. The community also will feature a park, picnic area, gazebo and clubhouse, as well as a laundry facility. In 2007 OHFA awarded $561,928 in federal housing tax credits to this development.
Forest Park (West Milton, Miami County) – Miami County Community Action Commission will receive a $550,000 HDAP (OHTF) loan and a $1 million HDL to acquire and rehabilitate 52 units in eight buildings. All units will feature a porch or patio, exterior storage closets and window blinds. An addition will be built onto the existing community building. In 2007 OHFA awarded $412,000 in federal housing tax credits to this development.
Lakeview Village II (Middlefield, Geauga County) – Neighborhood Development Services, Inc. will receive a $550,000 HDAP (HOME) loan and a $1 million HDL to acquire and rehabilitate this existing 36-unit community. The developer will replace all exterior windows and doors, siding and wooden fencing, roofs, gutters and downspouts. On the interiors, flooring, hardware and cabinetry will be replaced. In 2007 OHFA awarded $293,568 in federal housing tax credits to this development.
Maplewood Village (Streetsboro, Portage County) – Neighborhood Development Services, Inc. will receive a $550,000 HDAP (HOME) loan and a $1 million HDL to acquire and rehabilitate 50 units in six buildings. The project will feature an outdoor sitting area and garden. In 2007 OHFA awarded $365,467 in federal housing tax credits to this development.
Opportunity House (Dayton, Montgomery County) – Daybreak, Inc. will receive a $600,000 HDAP (OHTF) loan for rehabilitation and construction of 20 units of permanent supportive housing targeted to 18-21 year olds at risk of homelessness. Each unit will have air conditioning, range, refrigerator and a microwave. The project also offers community space, laundry facilities, recreation/leisure space, a life-skill teaching kitchen, exercise room and computer center. In 2006 OHFA awarded $180,373 in federal housing tax credits and a $1 million HDL to the development.
The Lakewoods – Phase II (Toledo, Lucas County) – American Community Developers, Inc. will receive a $250,000 HDAP (HOME) loan to construct a 48-unit senior community. Each unit will feature a dishwasher, microwave oven, washer/dryer hook-ups and an attached one-car garage. The facility will have a community room, garden area and public parking. In 2007 OHFA awarded $706,244 in federal housing tax credits to the development.
Trail West (Newark, Licking County) – LEADS will receive a $550,000 HDAP (OHTF) loan and $1 million HDL to acquire and rehabilitate 86 units in nine buildings. All units will feature mini-blinds and a private patio. The project amenities include a swimming pool, computer learning center, exercise room and a building entry intercom. In 2007 OHFA awarded $626,556 in federal housing tax credits to the development.
United North School Homes (Toledo, Lucas County) – NorthRiver Development Corporation will receive a $250,000 HDAP (OHTF) loan and a $1 million HDL to construct 24 four-bedroom single-family, lease-purchase homes. Each home will feature a dishwasher, washer/dryer hook-up, two-car garage and central air conditioning. In 2007 OHFA awarded $500,295 in federal housing tax credits to the development.
Valleyview (Cleveland, Cuyahoga County) – McCormick Baron Salazar will receive a $250,000 HDAP (OHTF) loan to construct 87 units. Each unit will include washer/dryer hook-ups, dishwasher, garbage disposal and security system. The development is the second phase of a HOPE VI revitalization project. The development will include an exercise room, community room and tot lots. In 2007 OHFA awarded $900,857 in federal housing tax credits to the development.
Washington Homes (Akron, Summit County) – East Akron Neighborhood Development Corp. will receive a $250,000 HDAP (OHTF) loan to construct 40 single-family, lease-purchase homes. Each unit will include a dishwasher, security system, attached one-car garage, basement, patio and energy-efficient features that comply with the EPA Energy Star program. In 2007 OHFA awarded $626,556 in federal housing tax credits to the development.
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
