COLUMBUS, OH – January 20, 2010 – (RealEstateRama) — Today the Ohio Housing Finance Agency (OHFA) Board approved over $49 million of Tax Credit Exchange (TCE) and Tax Credit Assistance Program (TCAP) dollars created in the American Recovery and Reinvestment Act (ARRA) together with more than $4 million from OHFA’s Housing Development Assistance Program (HDAP).
Funding will be used to support the development of 13 multifamily residential properties serving low- and moderate-income residents throughout the state.
- Almond Village Apartments in Dayton: $2,390,000 from TCAP and $1,365,435 funding from HDAP
Almond Village Apartments is a rehabilitation development for seniors located in Dayton, Montgomery County. The property consists of 60 ranch-style units in eight buildings on over four acres of land. The ranch units include 56 one-bedroom units and four two-bedroom units for senior residents 62 years and older.
- Berwick Hotel Apartments in Cambridge: $3 million from TCAP and $339,840 in TCE funding
Berwick Hotel Apartments is a federally subsidized rehabilitation development for seniors located in Cambridge, Guernsey County. The Berwick Hotel was constructed in 1894 and served the community until November 2, 1979, when it was closed by the fire marshal. The facility was converted into apartments during the mid-1980’s, utilizing Rural Development financing. The property will consist of three efficiencies, 44 one-bedroom units and a two-bedroom unit.
- Emerald Alliance V in Cleveland: $2,641,751 in TCE funding and $2 million from TCAP
Emerald Alliance V is a new construction development located in Cleveland, Cuyahoga County for citizens who have experienced long-term homelessness. This permanent supportive housing property will consist of a four-story building with 70 units.
- Hattie Greene located in Urbana: $2,500,000 from TCAP and $1,099,520 in TCE funding
Hattie Greene is a new construction development for families located in Urbana, Champaign County. The property will consist of four townhome-style buildings with 18 two-bedroom, nine three-bedroom units and a community building.
- Independence Place (also known as YWCA NIA Housing) in Cleveland: $1,500,000 from TCAP and $1,192,871 in funding from HDAP
Independence Place is a rehabilitation development located in Cleveland, Cuyahoga County. This project is targeted toward women who have aged out or who are aging out of the foster care system. This permanent supportive housing property will consist of a two-story building with 22 single room occupancy units and a single one-bedroom unit.
- James R. Williams Tower in Akron: $3,500,000 from TCAP and $1,459,251 in TCE funding
James R. Williams Tower is a rehabilitation development for seniors located in Akron, Summit County. The property consists of a single ten-story building with 147 one-bedroom units and one two-bedroom employee unit. The employee unit will be converted to a one-bedroom as part of the rehabilitation.
- Kiwanis Village located in Findlay: $3,245,000 from TCAP and $1,236,906 in TCE funding
Kiwanis Village is a rehabilitation development for seniors located in Findlay, Hancock County. The property consists of a three-story building that will contain 44 one-bedroom units and one two-bedroom unit following the rehabilitation.
- Library Court Senior Housing in Shaker Heights: $2,318,916 in TCE funding and $2,500,000 from TCAP
Library Court Senior Housing is a new construction development for seniors located in Shaker Heights, Cuyahoga County. The property will consist of a single three-story building with 12 one-bedroom and 32 two-bedroom units.
- Marion Rotary Towers in Marion: $2,783,699 in TCE funding and $3 million from TCAP
Marion Rotary Towers is a federally subsidized rehabilitation development for seniors located in Marion, Marion County. The facility consists of 117 units, including nine efficiencies and 108 one-bedroom units in a ten-story building.
- Richwood Greene in Richwood: $2 million from TCAP, $1,644,619 from HDAP and $328,769 in TCE funding
Richwood Greene is a rehabilitation development for seniors located in Richwood, Union County. The property consists of a four-story building with 28 one-bedroom and 14 two-bedroom units. This development was originally known as Richwood Community Apartments and was constructed in 1972.
- The Lakewoods – Phase III in Toledo: $2,008,988 in TCE funding and $2,350,000 from TCAP
The Lakewoods Phase III is a new construction development for seniors located in Toledo, Lucas County. The property will consist of 18 one-story duplex and triplex buildings with 42 two-bedroom units. Each unit will have an attached one-car garage.
- Wayne Crossing located in Greenville: $2,700,000 from TCAP and $1,866,319 in TCE funding
Wayne Crossing is a rehabilitation development for families located in Greenville, Darke County. The property consists of three two-story buildings and six one-story buildings, containing a total of 11 one-bedroom, 20 two-bedroom and 17 three-bedroom units and a community center. Originally known as Wycliff Court Apartments, the property was constructed in 1994.
- St. Paul Village I in Cincinnati: $2,308,179 in TCE funding and $500,000 from TCAP
St. Paul Village I is a rehabilitation development for seniors located in Cincinnati, Hamilton County. The property consists of 103 units in three buildings on just over two acres of land. The units include seven efficiencies and 96 one-bedroom apartments.
Through the TCE program, OHFA can convert a portion of the Agency’s annual share of Federal Housing Tax Credits into grant dollars to provide greater financial support to developers who have found securing investors for the Tax Credits increasingly difficult. The TCAP funds are provided to states by the U.S. Department of Housing and Urban Development to support the Housing Credit Program. These additional funds will enable developers to immediately begin construction while providing affordable housing and economic stimulus throughout the state.
The Agency was approved to award this monetary funding in late May 2009 and began accepting applications from developers on June 15, 2009. Additional funding awards, made possible through new programs created in the ARRA, will be announced periodically during the next several months and posted to www.ohiohome.org.
The federal HOME program and the Ohio Housing Trust Fund (OHTF) fund the HDAP.
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.