OHFA Board Awards $12.3 Million for the Development of Affordable Housing in Medina, Columbiana, Lucas and Cuyahoga Counties
COLUMBUS – April 18, 2014 – (RealEstateRama) — The Ohio Housing Finance Agency (OHFA) Board approved more than $1.4 million through the Housing Development Assistance Program (HDAP) to provide flexible, low-interest financing for affordable housing developments across the state. Funding for HDAP comes from the federal HOME program and the Ohio Housing Trust Fund (OHTF).
Additionally, the Board approved more than $1.2 million through the Recycled Tax Credit Assistance Program (R-TCAP). Funding for the R-TCAP is derived from repaid funds through the Tax Credit Assistance Program (TCAP), allocated to OHFA through the American Recovery and Reinvestment Act of 2009. OHFA expects to recycle more than $70 million in loan repayments during the next four years. The goal of the program is to stabilize and ensure the long-term affordability of OHFA properties.
Housing communities receiving funding through HDAP and R-TCAP include:
Menwa Apartments in Wadsworth, Medina County – $690,000 in HDAP and $1,250,000 in R-TCAP
Menwa Apartments involves the acquisition and rehabilitation of a senior apartment community located in Wadsworth, Medina County. The community consists of one three-story building with 70 one- and two-bedroom units. The rehabilitation work on the property will include a reconfiguration of the community’s four entrances and public restrooms. Additionally, four units will be reconfigured to be fully accessible. Repairs will be made to the windows, roof and masonry. Updates will be made to all unit bathrooms and kitchens. A new electrical system will be installed throughout the building and the community will receive updates.
Hornsby House in Lisbon, Columbiana County – $750,000 in HDAP
Hornsby House involves the new construction of two, one-story permanent supportive housing buildings located in the cities of Lisbon and East Liverpool, Columbiana County. The buildings will consist of 10 one-bedroom units for individuals with severe and persistent mental illness who may also have a history of substance abuse or addiction. The location of Hornsby House allows the residents to be within walking distance of neighborhood amenities and services. Supportive services and around-the-clock crisis support will be available to all households.
Also, the Board approved the issuance of up to $11.1 through the Multifamily Housing Bond program. Multifamily Housing Bonds are tax-exempt, revenue bonds designed to lower the costs of borrowing for housing developers. The program provides financial assistance for the development and rehabilitation of affordable housing. The communities receiving Multifamily Housing Bonds include:
Parqwood Apartments in Toledo, Lucas County – $6,000,000 in Multifamily Housing Bonds
Parqwood Apartments involves the rehabilitation of a 134-unit building located in Toledo, Lucas County. Work on Parqwood Apartments will involve energy-efficient updates to the community for seniors.
Westerly III in Lakewood, Cuyahoga County – $5,100,000 in Multifamily Housing Bonds
Westerly III involves the acquisition and rehabilitation of a 15-story senior housing community located in Lakewood, Cuyahoga County. The building consists of 179 one-bedroom units. Westerly III is part of a three-building complex. The scope of work for the preservation project includes site and exterior building improvements as well as the complete replacement of finishes and building systems to maximize energy efficiency and durability. Units will receive updates which will include the reconfiguration of nine units to be fully compliant and accessible.
Furthermore, the Board approved $530,750 to continue the Home for Good program, which aims to prevent homelessness by providing rental subsidies for formerly incarcerated Ohioans with a disability. The program is funded through grants from the Ohio Attorney General’s Office, Ohio Department of Medicaid and the Corporation for Supportive Housing. The funding will provide rental subsidies to program participants for two years.
Lastly, the Board approved the 2014 Housing Development Gap Financing Guidelines which provide developers with information on applying for financing through the Ohio Housing Trust Fund for the construction or rehabilitation of rental housing units. To view the guidelines, visit www.ohiohome.org.
For more information on any of 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, Save the Dream Ohio.
Media Contact: Arlyne Alston
Email: aalston (at) ohiohome (dot) org
Phone: 614.387.2863
