COLUMBUS, OH – December 21, 2012 – (RealEstateRama) — The Ohio Housing Finance Agency Board approved more than $6.3 million through the Housing Development Assistance Program (HDAP) to provide flexible, low-interest financing for affordable housing developments during a meeting on Wednesday. Funding for HDAP comes from the federal HOME program and the Ohio Housing Trust Fund (OHTF). The developments receiving HDAP funds include:
- Magnolia on Detroit Apartments in Cleveland, Cuyahoga County – $650,000 in HDAP
Magnolia on Detroit Apartments involves the acquisition and rehabilitation of a housing community for families in Cleveland, Cuyahoga County. The community consists of 126 units in six three-story buildings. Work on the properties will include new energy efficient appliances, carpet and floor coverings, new windows and new doors. A new community building will be constructed as well as 37 additional parking spaces and a community garden will be added to the property.
- Meadows of Martindale Union, LLC in Union, Montgomery County – $750,000 in HDAP
The Meadows of Martindale Union involves the acquisition and rehabilitation of a 30-unit family community in Union, Montgomery County. The community consists of seven one-story cottage style buildings.
- New Community Place in Cleveland, Cuyahoga County – $1,500,000 in HDAP
New Community Place involves the acquisition and rehabilitation of two housing developments located in Cleveland, Cuyahoga County. New Community Place will consist of 147 units in 11 two-story townhouse-style buildings. The work on the property includes the partial demolition of three buildings along with the addition of four buildings to create reconfigured residential buildings, newly created walkways and additional green space. Work on the development will also include renovations to the community building and clubhouse.
- Robinson Homes East in Akron, Summit County – $750,000 in HDAP
Robinson Homes East involves a scattered site, lease purchase development for families in Akron, Summit County. The development involves the new construction of 30 one- and two-story single family homes in the Robinson neighborhood of Akron. The proposed units will include energy efficient appliances, attached one- or two-car garages, large front porches and basements.
- Pearl House in Lancaster, Fairfield County – $750,000 in HDAP
Pearl House involves the new construction of 21 two-bedroom units for individuals in substance abuse recovery with children in Lancaster, Fairfield County. The community was designed with the tenant population in mind and will include on-staff and service providers. Pearl House is located next to the Fairfield County Recovery Center, which will provide services on site. It is within walking distance of retail, grocery shopping, employment opportunities and supportive services.
The OHFA Board also awarded a special allocation of $932,271 in Housing Tax Credits and $1,000,000 in HDAP to The Commons at Madaline Park in Akron, Summit County. The Commons at Madaline Park involves the new construction of 60 one-bedroom units for individuals with serious and persistent mental illnesses. The property was originally allocated credits from OHFA in 2011 but due to local opposition, it was delayed significantly. Work on the community is now ready to proceed. The property will have on-site staff and service providers and is located within close proximity to public transit, retail, grocery shopping and employment training services. A federal tax incentive program, the HTC program is the largest driver of the production of new affordable housing in the state and nation. Developers claim tax credits over a ten year period to help offset the costs associated with construction or rehabilitation of a development.
For more information regarding the properties awarded funding, 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