OHFA Board Welcomes New Members; Approves $10.4 Million for Affordable Housing Communities in Adams, Hamilton, Greene, Gallia, Meigs, Vinton and Cuyahoga Counties
COLUMBUS – May 17, 2013 – (RealEstateRama) — The Ohio Housing Finance Agency (OHFA) Board welcomed three new members yesterday who were recently appointed by Governor John R. Kasich. Gregory Arcaro, CEO of Frontier Community Services, replaces Mark Milligan whose tenure with the Board ended in July 2012. Robert Alexander, Senior Vice President in the Special Assets Capital Recovery Group of the Commercial Real Estate Division of Integra Bank, replaces Roger McCauley whose tenure with the Board ended in December 2012.
In addition, the Board welcomed Andre Porter, who was recently appointed Director of the Ohio Department of Commerce in April 2013. OHFA Board Chair, David Goodman, previously served as the Director of Commerce before being appointed as the Director of the Ohio Development Services Agency in March.
The Board also approved more than $2.7 million through the Housing Development Assistance Program (HDAP) to provide flexible, low-interest financing for affordable housing developments. Funding for HDAP comes from the federal HOME program and the Ohio Housing Trust Fund (OHTF). The developments receiving HDAP funds include:
- Oakdale Estates in West Union, Adams County – $750,000 in HDAP
Oakdale Estates involves the acquisition and rehabilitation of two apartment communities located in the Village of West Union, Adams County. The two apartment communities are located on adjacent properties and have a total of 94 one-, two-, three- and four-bedroom units. The first is a family property with 49 units located in seven townhome buildings and one community building. The second building is a three-story senior community with 45 units. Work on the properties includes updates to kitchens, baths, floors, appliances and mechanical systems. Site improvements include the addition of a new parking lot, playground, gazebo, picnic area and exterior lighting. - Abington Flats in Cincinnati, Hamilton County – $375,000 in HDAP
Abington Flats involves the acquisition and rehabilitation of a four-story building with 20 units of housing in Cincinnati, Hamilton County. Located in the historic Over the Rhine neighborhood, the building was originally comprised of five stories until a fire destroyed the fifth floor in the 1980s. The property will complete a gated community that includes two residential buildings. The community is located near public transportation, shopping, a post office, pharmacy and restaurants. - Columbus Place in Xenia, Greene County – $450,000 in HDAP
Columbus Place involves the new construction of six one-bedroom units in Xenia, Greene County. Columbus Place will house individuals with a history of homelessness and a severe and persistent mental illness. Property amenities include a community room with activity and lounge space, a laundry room and a large porch. - Gallia Meigs Affordable Homes in Gallia and Meigs counties – $321,600 in HDAP
Gallia Meigs Affordable Homes involves the new construction of six single-family homes on scattered sites in Gallia and Meigs counties. The ranch-style homes will offer three bedrooms, two bathrooms and an attached one and a half car garage. Each home will have a covered porch, range, refrigerator, dishwasher and walk-in closet. - McArthur Senior Living Apartments in McArthur, Vinton County – $700,000 in HDAP
McArthur Senior Living Apartments involves the new construction of four single-story buildings with 12 garden-style units for seniors located in the Village of McArthur, Vinton County. The property will provide a service coordinator for its residents. - NHSGC South Euclid Land Trust Homes in South Euclid, Cuyahoga County – $120,000 in HDAP
NHSGC South Euclid Land Trust Homes involves the acquisition and rehabilitation of four single-family homes located on scattered sites in South Euclid, Cuyahoga County. All homes will be purchased from the county land bank and are located in an area with major revitalization efforts. The homes are cape cod bungalows and will have three bedrooms, two bathrooms, a basement and garage. The scope of the work on each home is significant and will include the replacement of roofs, siding, windows, HVAC systems and water heaters and asbestos abatement. The interior of the homes will be updated and work will include drywall repair and painting, carpet and flooring repair or replacement and updates to bathrooms and kitchens.
In addition, the Board also authorized the issuance of up to $7.7 million in Multifamily Bonds for the new construction of Maple Park Place in Maple Heights, Cuyahoga County. Once completed, Maple Park Place will feature 48 units of housing for seniors. Thirty-eight of the apartments will be one-bedroom units and the remaining 10 units will feature two bedrooms. Multifamily Housing Bonds are tax-exempt revenue bonds designed to lower the costs of borrowing for housing developers. The program provides financial assistance for the development and rehabilitation of affordable housing.
In other news, the Board approved guidelines for two OHFA programs, which include:
- 2013 HDAP Housing Development Gap Financing Guidelines –
The 2013 Housing Development Gap Financing (HDGF) Guidelines provide developers with information on applying for financing through the Ohio Housing Trust Fund for the construction or rehabilitation of rental units. To view the guidelines, visit www.ohiohome.org. - 2013 Capital Improvement Program (CIP) Guidelines –
The 2013 Capital Improvement Program (CIP) Guidelines provide developers with information on applying for financing to substantially rehabilitate and preserve housing units financed by the Ohio Department of Mental Health. To view the guidelines, visit www.ohiohome.org.
For more information on any of the properties awarded funding, contact OHFA at 888-362-6432.
# # #
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
