COLUMBUS, OH – January 24, 2012 – (RealEstateRama) — The Ohio Housing Finance Agency (OHFA) Board approved funding for several initiatives yesterday.
The Board approved $1.9 million 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). HDAP awards include:
• Ohio Department of Mental Health – $1,000,000
This interagency collaboration will address critical capital needs of Adult Care Facilities (ACF) across Ohio. In July 2011, the Ohio Department of Mental Health assumed licensure authority over approximately 700 ACFs in the state. These facilities are a source of permanent housing providing room, board and personal care for individuals who can reside in the community but need assistance with the provision of meals, medication and daily living skills. Funding will be used to assist with critical repairs to approximately 100 to 200 ACFs that will continue to make the facilities habitable.
• Jacobs Crossing in Rio Grande, Gallia County – $900,000
Jacobs Crossing involves the acquisition and rehabilitation of five buildings located in Rio Grande, Gallia County. The community will be comprised of eight one-bedroom units, 34 two-bedroom units, and a community building. Work includes improving accessibility throughout the site, including new sidewalks and a new playground area. Other work includes new doors, windows, plumbing, kitchens, bathrooms and electrical panel boxes.
In addition to HDAP funding, the Board also approved more than $1.6 million through its Housing Investment Fund (HIF) program to support the financing of affordable housing communities across the state. HIF was established by OHFA in September 2008 to undertake housing initiatives and meet housing needs not addressed by other Agency programs.
Initiatives receiving funding through HIF include:
• Youngstown Neighborhood Development Corporation in Youngstown, Mahoning County – $500,000
The Youngstown Neighborhood Development Corporation’s (YNDC) Community Loan Fund (CLF) is designed to increase homeownership in targeted neighborhoods of Youngstown, Mahoning County. CLF will support financing for the purchase of approximately 26 homes in targeted vulnerable neighborhoods by offering a source of first mortgage financing for families. CLF specifically targets an underserved buyer’s market, offering homebuyers a loan interest rate of two percent. All homebuyers will be required to go through intensive pre- and post-purchase education and early intervention delinquency counseling to participate in the program.
• Geauga Permanent Supportive Housing in Chardon, Geauga County – $600,000
Geauga Permanent Supportive Housing involves the new construction of 10 units of housing in Chardon, Geauga County. The community will house formerly homeless families with a household member who has a severe and persistent mental illness. Each unit will feature energy efficient appliances, mini-blinds, ceramic tile and carpet throughout. Supportive services will be provided including case management, intensive home and medication monitoring.
• Cleveland LIHTC Stabilization and Preservation Initiative in Cleveland, Cuyahoga County – $575,000
The Cleveland LIHTC Stabilization and Preservation Initiative is designed to develop best-practices preservation models and refinancing resources for older affordable housing properties in Cleveland, Cuyahoga County. Twenty-five multifamily and lease-purchase properties could be impacted through this initiative. Funding will be used to finance contracting for technical services (i.e. project underwriting, spec-writing, project management), capital improvements, partial first mortgage debt reduction and lease-purchase homebuyer financing.
For further information regarding 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 the administrator of the state’s foreclosure prevention program, Restoring Stability: A Save the Dream Ohio Initiative.
Email: aalston (at) ohiohome (dot) org