OHFA Board Celebrates 30th Anniversary; Awards $3 Million for the Development of Affordable Housing in Fairfield and Wayne Counties
COLUMBUS, OH – February 21, 2013 – (RealEstateRama) — The Ohio Housing Finance Agency (OHFA) Board celebrated the Agency’s 30th anniversary with a proclamation from Governor John R. Kasich yesterday. The proclamation commended OHFA for fulfilling its mission and establishing programs that have “provided lasting benefits for all Ohioans by boosting the state’s economy through public and private partnerships and strengthened Ohio communities through revenue production and job creation.”
Established in 1983 under the Ohio Department of Development, OHFA has provided affordable mortgage loans for more than 142,000 Ohioans and facilitated the creation of more than 89,000 affordable rental housing units.
In other news, the Board approved three million dollars through the Housing Development Loan (HDL) program to provide flexible, low-interest financing for affordable housing developments 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. Funding awards include:
- Pearl House in Lancaster, Fairfield County – $1,000,000 in HDL
Pearl House involves the new construction of 21 two-bedroom units for individuals in substance abuse recovery with children in Lancaster, Fairfield County. Pearl House is located next to the Fairfield County Recovery Center, which will provide onsite support services. The property is within walking distance of retail and grocery shopping, employment opportunities and supportive services. - Palm House Apartments in Wooster, Wayne County – $2,000,000 in HDL
Palm House Apartments involves the acquisition and rehabilitation of 62 units of housing for individuals with very low-incomes located in Wooster, Wayne County.
The Board also approved the Recycled-Tax Credit Assistance Program (R-TCAP) Guidelines. The guidelines govern the proposed use of repaid funds through TCAP, allocated to OHFA through the American Recovery and Reinvestment Act of 2009. OHFA expects to receive more than $70 million in repaid funds during the next five years. The R-TCAP Guidelines cover repayments made within the first two years that are expected to total approximately $29 million. The Agency’s goal is to utilize the recycled funds for the new construction and preservation of affordable housing projects. To read the guidelines, visit www.ohiohome.org/R-TCAP_Guidelines.pdf.
The Board also heard presentations from The Ohio State University and Ohio University on a study examining the housing market in the regions of Ohio impacted by shale oil development.
Conducted by The Ohio State University’s Department of Agricultural, Environmental and Development Economics, the first study involved an analysis on the effects of the Marcellus shale gas boom and Pennsylvanian housing trends to consider the implications of Ohio’s shale oil development.
The second portion of the research, conducted by Ohio University’s Voinovich School of Leadership and Public Affairs, examined the ongoing impacts of shale drilling on rental housing availability and cost, along with its impacts on homelessness in the regions of Ohio impacted by shale oil development. The data collection gathered information on the early impacts of horizontal shale drilling and the availability and affordability of rental housing in the regions. OHFA will release the final reports in March.
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About the Ohio Housing Finance Agency
OHFA is a self-supporting quasi-public agency governed by an 11 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
