COLUMBUS – September 19, 2013 – (RealEstateRama) — The Ohio Housing Finance Agency (OHFA) Board approved more than $1 million through the Housing Investment Fund (HIF) yesterday. Established in September 2008, the HIF supports initiatives that meet housing needs not currently met by OHFA programs. The two initiatives that received funding include:
- Permanent Supportive Housing Employment Program in Franklin County – $295,000 in HIF
The Community Shelter Board (CSB) will use the funding award to implement its Permanent Supportive Housing (PSH) Employment program to connect formerly homeless individuals in Franklin County with work readiness, financial literacy and on-the-job training. The program will require individuals to complete a work readiness class comprised of resume development, interviewing techniques and software education as well as a financial literacy class. Upon completion of the courses, individuals will be enrolled in a Transitional Jobs Model program to transition participants into the competitive labor market. CSB expects to serve 60 residents with a goal of employing 70 percent of them.
- Stabilization of Toledo Homes I and II in Toledo, Lucas County – $750,000 in HIF
The Lucas Metropolitan Housing Authority (LMHA) will use the HIF award to address the revitalization of an economically distressed neighborhood located in Toledo, Lucas County by stabilizing a portfolio of existing rental homes. The program’s goal is to rehabilitate and sell 39 occupied homes to current residents and 14 vacant units to new homebuyers. In addition 33 vacant homes will be demolished. All homebuyers will receive homebuyer education prior to the purchase.
The Board also awarded $1 million through the Housing Development Loan program for the construction of Mulberry Terrace in Springfield, Clark County. Mulberry Terrace will provide 34 units of housing for individuals and families. The community will feature 26 one-bedroom units located in a three-story building and eight family units located in four duplex buildings on scattered sites. Residents of Mulberry Terrace will have access to onsite behavioral and physical health services.
In addition, the Board approved the 2014 Qualified Allocation Plan (QAP). The QAP provides developers with information on the Housing Tax Credit program, including the minimum development requirements, competitive scoring and underwriting criteria. The 2014 QAP was developed through information gathered from public comments and meetings with affordable housing partners. Applications to be considered for the next funding round of Housing Tax Credits are due February 20, 2014.
For more information, contact OHFA at 888-362-6432 or visit www.ohiohome.org.
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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