OHFA Board Bids Farwell to a Member, Awards $3.4 Million for the Development of Three Affordable Housing Communities

COLUMBUS – January 17, 2013 – (RealEstateRama) — The Ohio Housing Finance Agency (OHFA) Board recognized the departure of a long-standing member yesterday. Henry Warren, Jr. retired after serving on the OHFA Board since 2008. During his tenure, Mr. Warren served on several committees including finance and single-family. The OHFA Board recognized Mr. Warren’s service with a commemorative plaque.

In other news, the Board awarded $3 million through the Housing Development Loan (HDL) program to provide financial assistance for the development and rehabilitation of three affordable housing developments in the state. The HDL program is supported through unclaimed funds from the Ohio Department of Commerce.

Additionally, the Board awarded more than $400,000 through the Housing Development Assistance Program. The HDAP provides 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).

Housing communities receiving funding through HDL and HDAP include:

• Green Hills Apartments in West Liberty, Logan – $1 million in HDL and $400,000 in HDAP
  Green Hills Apartments involves the acquisition and rehabilitation of a senior housing community in West Liberty, Logan County. The development consists of 76 ranch-style units located in 19 one-story buildings. Each unit will receive new appliances, flooring and fixtures. All of the buildings will receive new roofs, windows and HVAC systems. Additionally, all sidewalks will be replaced.
• Log Pond Apartments in Newark, Licking County – $1 million in HDL
  Log Pond Apartments involves the acquisition and rehabilitation of a family housing community in Newark, Licking County. The development consists of 50 townhouse-style units in seven two-story buildings. Rehabilitative work on the community includes new kitchens, bath fixtures and finishes, energy efficient heating and cooling systems and hot water tanks. The property will receive a new community building, community gardens, soccer field, and picnic pavilion.
• Westerly I in Lakewood, Cuyahoga County – $1 million in HDL
  Westerly I involves the acquisition and rehabilitation of a senior housing community in Lakewood, Cuyahoga County. This is the second of a three-phase plan to redevelop the community consisting of 122 units in one eight-story building. The rehabilitation work includes new kitchen appliances, cabinets and countertops, furnaces and flooring in all units. The property includes onsite management, an onsite senior center, beauty salon, exercise room and library.

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
Phone: 614.387.2863