COLUMBUS – November 21, 2013 – (RealEstateRama) — The Ohio Housing Finance Agency Board of Directors today approved $5,000,000 through the Housing Development Loan program to provide flexible, low-interest financing for affordable housing development across the state. 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 Board also approved more than $1.3 million through the Housing Development Assistance Program (HDAP). The HDAP provides financing for the preservation, rehabilitation and development of affordable housing and is funded through the federal HOME program and the Ohio Housing Trust Fund (OHTF).
Housing communities receiving funding through the HDL program and HDAP include:
- Elm Court Apartments in Logan, Hocking County – $1,000,000 in HDL
Elm Court Apartments involves the acquisition and rehabilitation of a housing community for families in Logan, Hocking County. Built in 1973, the development includes 86 units. Work on Elm Court Apartments will include new appliances, new furnaces, storage compartments, and a security system. A new community building will be constructed and will include a resident lounge, laundry facility and fitness center. The project is within walking distance to downtown Logan with access to public services.
- Newsom Tower in Alliance, Stark County – $1,000,000 in HDL
Newsom Tower involves the acquisition and rehabilitation of a 42-unit housing community for seniors in Alliance, Stark County. Rehabilitation of the building will include new windows, exterior doors, common area carpeting, and laundry equipment. Units will receive new kitchen cabinets and countertops, appliances and interior doors. The community room kitchen, first floor lobby and the elevator will also be renovated.
- Nickel Plate Plaza in Bellevue, Huron – $1,000,000 in HDL and $500,000 in HDAP
Nickel Plate Plaza involves the acquisition and rehabilitation of a housing community for families in Bellevue, Huron. The development consists of 48 flat- and townhouse-style units in seven one- and two-story buildings. The rehabilitation of the property includes new kitchens, baths, flooring, interior doors and trim, exterior doors, windows, roofs, siding and sidewalks. The work also includes the construction of a new community building and a school bus shelter for the children residing at the property.
- Salt Creek Village Apartments in Laurelville, Hocking County – $1,000,000 in HDL and $320,000 in HDAP
Salt Creek Village Apartments involves the acquisition and rehabilitation of a 24-unit community for families in Laurelville, Hocking County. The development will receive new roofs, windows, doors, siding, gutter systems, central HVAC, and new plumbing fixtures. Units will receive new kitchen appliances, floor coverings, counters and cabinets. A new community building and playground will be constructed.
- Stone Ridge Village in Louisville, Stark County – $1,000,000 in HDL and $500,000 in HDAP
Stone Ridge Village involves the new construction of a 40-unit senior housing community in Louisville, Stark County. The community will consist of one three-story apartment building. Stone Ridge Village will include a community room with kitchen, three laundries, a fitness room and an outdoor patio space.
In addition, the Board awarded $795,000 through the Recycled Tax Credit Assistance Program (R-TCAP) to Eastway Village 202 in Whitehall, Franklin County. Eastway Village involves the new construction of one two-story building with 32 one-bedroom units for seniors. This will be the second phase of development for the senior campus. Each unit will include air conditioning, a new range, refrigerator, garbage disposal and window coverings. The property will include a community kitchen, computer room, social service office, laundry, library and fitness room. 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. The program is intended to stabilize and ensure the long-term affordability of OHFA properties.
The Board also approved the special allocation of $920,000 in Housing Tax Credits for Anna Louise Inn in Cincinnati, Hamilton County. The development was originally allocated credits in 2010 but was delayed significantly due to unforeseen circumstances. The project is ready to proceed and will be located at a new, nearby site. Anna Louise Inn involves the new construction of 85 units of permanent supportive housing for at-risk, very low-income homeless women. Site amenities will include on-site management and social services, a computer center, community space, fitness area and a secure outdoor courtyard with a garden.
Lastly, the Board approved guidelines for three OHFA programs which include:
- 2014 Housing Development Loan (HDL) Guidelines – The HDL guidelines provide an overview of the policies, actions and procedures for awarding HDL funding to a housing community.
- 2014 HDAP Housing Credit Gap Financing Guidelines – The 2014 Housing Credit Gap Financing Guidelines govern the use of HDAP funds for developments funded through the Housing Tax Credit program.
- 2013-2014 Community Housing Development Organization (CHDO) Operating Grant Guidelines – CHDOs are private, nonprofit, community-based service entities organized under state or local law to develop affordable housing in the communities they serve. The guidelines define OHFA’s policies governing CHDOs, who are eligible to receive resources form the U.S. Department of Housing and Urban Development’s HOME program through OHFA.
For further information regarding 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 the administrator of the state’s foreclosure prevention program, Save the Dream Ohio.
Media Contact: Arlyne Alston
Email: aalston (at) ohiohome (dot) org