COLUMBUS, OH – January 21, 2009 – (RealEstateRama) – The Ohio Housing Finance Agency (OHFA) Board approved today over $5 million to fund affordable housing. Approximately $2.31 million of the funding is from the Housing Development Assistance Program (HDAP) and $3 million in funding from the Housing Development Loan (HDL) Program. The developments receiving funding will serve families, seniors and residents with mobility/sensory impairments.
The projects and amount of funding they will each receive are as follows:
Cambridge Heights Apartments (Cambridge, Guernsey County) – The Episcopal Retirement Homes, Inc. will receive a $350,000 HDAP (FAF) loan to acquire and rehabilitate 65 units for seniors.
East End Twin Towers Crossing (Dayton, Montgomery County) – The St. Mary Development Corporation will receive a $460,000 HDAP (OHTF) loan for the construction of 40 single family homes.
Cedar Woods Apartments (Hillsboro, Highland County) – The Highland County Community Action Organization will receive a $600,000 HDAP (HOME) loan and a $1.5 million HDL to acquire and rehabilitate 94 units.
Plains Plaza (The Plains, Athens County) – Hocking-Athens-Perry Community Action Agency will receive a $600,000 HDAP (OHTF) loan and a $1.5 million HDL to acquire and rehabilitate 60 units in 10 buildings.
Wadsworth Villas (Wadsworth, Medina County) – The Medina Metropolitan Housing Authority will receive a $302,500 HDAP (OHTF) loan to construct five units in two buildings for residents with mobility and/or sensory impairments.
The HDAP is funded by the federal HOME Program, the Ohio Housing Trust Fund (OHTF) and the Financial Adjustment Factor (FAF). The HDL Program is funded through unclaimed funds from the Ohio Department of Commerce. For further information on the properties awarded funding, please contact OHFA at 1.888.362.2863.
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.