OHFA Board recognizes outstanding Homeownership Programs in Cincinnati and Toledo, approves $27.2M for development of more than 278 units of affordable housing

COLUMBUS, OH – June 17, 2010 – (RealEstateRama) — The Ohio Housing Finance Agency (OHFA) is celebrating National Homeownership Month by honoring programs and initiatives across the affordable housing industry that demonstrate excellence and innovation. Two winners of the 2010 Spirit of Homeownership Excellence Awards (SHEA) were selected from five nominations and judged on a variety of factors that exemplify sustainable homeownership, including: innovation, length of program, geographical reach, coordination with local, state and/or national partners, and the ability to be replicated. The 2010 SHEAs were received by Rick Williams, President/CEO of the Home Ownership Center of Greater Cincinnati and Kathy Broka, President/CEO of the Toledo Fair Housing Center and Northwest Ohio Development Agency at the June 16 OHFA Board Meeting.

The Home Ownership Center of Greater Cincinnati organized “Buzz Us” phone-a-thon events which allowed homeowners to get answers to foreclosure-related questions. Homeowners also received an action plan and an invitation to attend a foreclosure prevention clinic. This led to additional counseling and negotiation with the servicer by the Home Ownership Center on behalf of the homeowners in an effort to save their home. In 2009, the Home Ownership Center provided counseling for over 2,500 homeowners and saved 280 homeowners from foreclosure.

The Toledo Fair Housing Center and Northwest Ohio Development Agency received the 2010 SHEA for demonstrating excellence in homeownership, and employing creative and energetic strategies to keep homeowners in their homes through foreclosure prevention. To date, Restoring the Dream has helped over 1,300 homeowners in the City of Toledo and Lucas County to receive foreclosure prevention counseling.

Also in yesterday’s meeting, the OHFA Board approved over $6 million of Tax Credit Exchange (TCE) and Tax Credit Assistance Program (TCAP) dollars created in the American Recovery and Reinvestment Act (ARRA); over $2.1 million from OHFA’s Housing Development Assistance Program (HDAP); approximately $6.3 million in Multifamily Bonds and more than $10 million from the Neighborhood Stabilization Program (NSP).

The TCE program was created to assist projects originally funded with Housing Tax Credits but were unable to proceed due to the reduced demand from investors for these credits. The NSP is a federal program designed in response to the foreclosure crisis and assists with the development of foreclosed or abandoned properties. The Housing Development Assistance Program (HDAP) and Housing Development Loan Program (HDL) provide flexible, low interest financing for affordable housing developments. Funding for HDAP comes from the federal HOME program, federal Financial Adjustment Factor (FAF) program and the Ohio Trust Fund (OHTF). The HDL program is funded with state Unclaimed Funds. Multifamily Bonds are used to provide low-interest mortgage funding for affordable housing.

Funding will be used to support the development of four multifamily residential properties serving low-to moderate-income residents throughout the state, including:

1. Hilltop Homes in Franklin County: $5,224,206 from NSP
Hilltop Homes is a scattered-site, lease-purchase housing credit development for families located in the eastern/central portion of the Hilltop neighborhood in Columbus. As part of the Neighborhood Stabilization Program, 27 existing homes and three vacant lots will be acquired. It is estimated that seven of the existing homes will be appropriate for demolition due to poor condition and/or obsolete design. This will produce a unit mix of 20 three-bedroom rehabilitated homes and ten four-bedroom new construction homes.2. Nia Heights in Lucas County: $3,624,081 from NSP
Nia Heights is a 16-unit new construction scattered-site infill single-family lease purchase development located in South Central Toledo. These single-family homes will be one- and two-story units that will include four bedrooms, two bathrooms, two-car garage, and a basement. OHFA will monitor all 16 units.

3. Washington Square Apartments in Summit County: $1,877,922 from NSP
Washington Square Apartments is a non-housing credit multifamily residential preservation development that involves the acquisition and rehabilitation of four two-story buildings built in 1993 and located in Barberton. This project is a former tax credit project whose 15-year affordability period expired in 2009, and is now in need of substantial rehabilitation in order to assure the preservation of the subsidized housing. The development will consist of 24 two-bedroom rental units serving low-income residents.

4. Pheasant Ridge in Morgan County: $3,689,209 from TCE and $375,000 from HDAP/OHTF
Pheasant Ridge is a new construction housing credit development for families located in McConnelsville. The property will consist of three two-story garden style buildings with eight one-bedroom, eight two-bedroom and eight three-bedroom units, plus a community building and maintenance building.

5. Euclid Corridor Senior in Cuyahoga County: $1,791,134 from TCE, $1,000,000 from TCAP and a $1,500,000 HDL
Euclid Corridor Senior Housing is a new construction housing credit development for seniors located in Cleveland, Cuyahoga County and will involve the demolition of two vacant, blighted buildings. The property consists of a single four-story building, with four one-bedroom and 44 two-bedroom units. Unit amenities include an intercom system, energy star appliances and windows, dishwasher, microwave and extra storage space. Site amenities include on-site management, social services, community room with kitchen, computer, fitness and game rooms and laundry facilities. The project is located near essential residential services.

6. Millennia Portfolio Project in Allen, Licking, and Scioto Counties: $6,350,000 in Multifamily Bonds and $1,754,723 from HDAP/FAF
The Millennia Portfolio Projects consists of the acquisition and rehabilitation of three existing federally subsidized developments across the state: Boston Commons (New Boston, Scioto County, 50 units), Concord Apartments (Newark, Licking County, 50 units), and Melford Village Apartments ( Spencerville, Allen County, 38 units). All these communities will serve low-to moderate-income families and individuals. These funds will provide comprehensive renovation and modernizations of each property.

For further information regarding the properties awarded funding, please contact OHFA at 888-362-6432.

OHFA utilizes federal and state resources to provide housing opportunities for families and individuals through programs designed to create, preserve, and manage affordable housing throughout the State of Ohio. The Agency is a self-supporting quasi-public agency governed by an eleven-member board, nine of whom are appointed by the Governor and confirmed by the Senate. Two additional seats on the board, by statute, are reserved for the Director of Development and the Director of Commerce, or their designees, and both serve as ex officio voting members.