COLUMBUS – January 16, 2008 – The Ohio Housing Finance Agency (OHFA) Board today approved $24.2 million in Multifamily Bonds. Multifamily Bonds are tax-exempt revenue bonds designed to lower the costs of borrowing for housing developers. This program provides financial assistance for the development and rehabilitation of affordable housing.
The projects and amount of funding each will receive are as follows:
Covenant House (Toledo, Lucas County) – Covenant Apartments Limited Partnership will use the proceeds from the sale of $5 million in Multifamily Bonds issued by OHFA to acquire and renovate Covenant House Apartments. This existing subsidized apartment community consists of 156 one- and two-bedroom units. The renovations will include, but are not limited to, replacement windows, repair of sidewalks, installation of window air conditioners and a variety of upgrades to make the facilities compliant with the Americans with Disabilities Act (ADA). By using tax-exempt bonds, the project also qualifies for approximately $367,750 in federal housing tax credits that will be used to finance the renovations.
Creston Station (Creston, Wayne County) – Creston Station Limited will use the proceeds from the sale of $1.9 million in Multifamily Bonds issued by OHFA to perform renovations to 48 units of Section 8 housing. Work to be completed includes: repairs to damaged concrete, construction of a maintenance building, replacement of all windows and sills along with entry doors to each unit, renovation of all kitchen cabinetry, counter tops, sinks, faucets and garbage disposals and a variety of other items. In addition, all bathrooms will be updated to be ADA compliant. By using tax-exempt bonds, the project also qualifies for approximately $93,630 in federal housing tax credits that will be used to finance the renovations.
Glenwood Apartments I & II (Millersburg, Holmes County) – Glenwood Limited and Glenwood II Limited, Limited Partnerships will use the proceeds from the sale of $3.3 million in Multifamily Bonds to renovate 68 units in nine buildings. Some of the renovations include new HVAC for all units, all kitchen cabinetry and counter tops will be replaced, new vanities and counter tops along with faucets in the bathrooms as well as replacing the tubs and shower surrounds. Also carpeting, drywall and doors will be replaced as needed. In addition, the funds will be used to construct a community building, replace concrete service walks and construct a maintenance garage. By using tax-exempt bonds, the project also qualifies for approximately $174,017 in federal housing tax credits that will be used to finance the renovations.
Sunbury Heights (Sunbury, Delaware County) – Sunbury I Limited Partnership will use the proceeds from the sale of $2 million in Multifamily Bonds to perform extensive rehabilitation work to the property. Some of the work to the 40 units includes making the property ADA compliant, kitchen and bath remodeling, window and door replacements and the addition of air conditioning units. By using tax-exempt bonds, the project also qualifies for approximately $107,585 in federal housing tax credits that will be used to finance the renovations.
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.