COLUMBUS, OH – April 22, 2011 – (RealEstateRama) — The Ohio Housing Finance Agency (OHFA) Board approved $1.9 million in funding through the Housing Development Assistance Program (HDAP) to provide flexible, low-interest financing for affordable housing developments on Wednesday. Funding for HDAP comes from the federal HOME program and the Ohio Housing Trust Fund (OHTF).
The Board also approved $2 million in funding through the Housing Development Loan (HDL) Program. The HDL program provides financial assistance for the development and rehabilitation of affordable housing and is funded through unclaimed funds from the Ohio Department of Commerce.
The projects receiving funding through the HDAP and HDL program include:
- Pontalba Apartments in The Plains – $500,000 from HDAP
Pontalba II is a new construction development for seniors and the mobility disabled located in The Plains, Athens County. The property consists of two triplex buildings, with six one bedroom units. All units will be handicapped accessible and amenities will include ceiling fans, wrought iron windows and dishwashers. This property has a brick exterior, many energy-saving features and 50-year roof shingles.
South Oak Apartments in London – $580,000 from HDAP
South Oak Place is a new construction development for families with low-incomes located in London, Madison County. The property consists of one quadplex building, with four, two-bedroom, one and a half bathroom units. Each unit offers a large living and dining room with vaulted ceilings, and a kitchen including a refrigerator, stove oven and dishwasher.
Sylvania Senior Residence in Sylvania – $850,000 HDAP and $2,000,000 from HDL
Sylvania Senior Residence is a new construction of a 51-unit development for seniors in Sylvania Township, Lucas County. Sylvania Senior Residence is the first property to be awarded a Low Income Housing Tax Credit (LIHTC) allocation in the City of Sylvania.
The project will consist of a three-story building and five cottages with 12 units. Each unit will be built to Enterprise Green Community standards. The three-story building will house community spaces including a lobby, computer room, lounge, kitchenette and fitness room. The 12 cottage units will have an attached garage with extra storage space and a patio.
The Board also named April 25-29, 2011 as Visitability Awareness Week to encourage the continuing education of builders, developers, architects, legislators and the general public on the concept of visitability. Visitability Awareness Week will promote a design approach that calls for the integration of basic accessibility features into all newly built homes and apartments to allow a mobility impaired person to able to get into their own house and visit others. Statewide and local visitability initiatives are in place in over 15 states, including Toledo, Ohio. OHFA adopted visiability as a policy for all new construction built with OHFA funds. This policy has created over 1,000 residential units in the State of Ohio that would not exist under current accessibility laws.
For further information on 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 an active partner in the interagency team which coordinates the Save the Dream Ohio initiative designed to stop preventable foreclosures.
Email: aalston (at) ohiohome (dot) org