COLUMBUS, OH – February 17, 2010 – (RealEstateRama) — Today, the Ohio Housing Finance Agency (OHFA) Board approved over $4 million in multifamily housing revenue bonds to be issued in an effort to preserve a 150-unit development located near downtown Warren in Trumball county. The project will also benefit from $1,500,000 in funding from OHFA’s Housing Development Assistance Program (HDAP) and $1,500,000 in the form of an equity bridge loan.
The Hampshire House apartments were originally constructed in 1975 and feature one to four bedroom garden and townhouse style units in 16 buildings with current residents consisting of extremely low-income families. Structural rehabilitation will include replacing all kitchen and bathroom cabinets, bathtubs and a new magnetic door locking system. The existing playground structures will also be replaced along with the addition of safety fencing and new groundcover to ensure that future generations have a safe, decent place to live and play.
OHFA’s Board also approved over $21 million of Tax Credit Exchange (TCE) and Tax Credit Assistance Program (TCAP) dollars created in the American Recovery and Reinvestment Act (ARRA) together with more than $2 million from OHFA’s Housing Development Assistance Program (HDAP).
Funding will be used to support the development of eight multifamily residential properties serving low and moderate-income residents throughout the state.
- 1. Commons at Livingston in Columbus: $1,724,441 from TCE and $500,000 in TCAP funding
Commons at Livingston is a proposed new construction housing credit development located in Columbus, Franklin County. This permanent supportive housing property, for veterans with long-term homelessness, will consist of a three-story building with 50 one-bedroom units.2. Dana Hotel in Cincinnati: $2 million from TCAP and $1,746,274 in TCE funding
The Dana Hotel is a rehabilitation housing credit development for residents with severe and persistent mental illness as well as histories of homelessness, located in Cincinnati, Hamilton County. This permanent supportive housing property will consist of 41 units of single room occupancy housing in a historic district north of downtown Cincinnati.
3. Horizon House in Portsmouth, Scioto: $1,591,645 in TCE funding and $550,000 in funding from HDAP
Horizon House is an historic rehabilitation housing credit development for seniors located in Portsmouth, Scioto County. The property consists of a single five-story building with five efficiencies, 37 one-bedroom and eight two-bedroom units.
4. Marion Village located in Marion: $2,189,773 from TCE and $2,000,000 from TCAP with an additional $550,000 in funding from HDAP
Marion Village is a new construction, housing credit development in Claridon Township, Marion County. The project will consist of 39 single-family homes to be built on a vacant parcel of land adding to a newly built (2005-2007) subdivision.
5. Monarch Greene in Columbus: $2,500,000 from TCAP and $1,495,801 in TCE
Monarch Greene is a lease-purchase housing credit development for families located in Columbus, Franklin County. The property will consist of 44 two-story homes with four bedrooms.
6. Renaissance Senior Apartments located in Toledo: $2,303,216 from TCE and $350,000 in TCAP funding
Renaissance Senior is a rehabilitation housing credit development for seniors located in Toledo, Lucas County. The property consists of a single four-story building with 51 one-bedroom and four two-bedroom units that will be converted into 55 one-bedroom units.
7. River Commons II in Dayton: $2,216,338 in TCE funding
River Commons II is a new construction housing credit development for homeless individuals located in Dayton, Montgomery County. The proposed project will be built on land that holds the existing River Commons facility, which will be demolished after residents are transferred to the new building. The new permanent supportive housing property will consist of one three-story building with 83 one-bedroom units.
8. Whitehouse Square Homes in Whitehouse, Lucas: $1,368,113 in TCE funding and $1 million from HDAP
Whitehouse Square Senior Village is a new construction housing credit development for seniors located in Whitehouse, Lucas County. The property consists of four single-story buildings with 32 two-bedroom units.
Through the TCE program, OHFA can convert a portion of the Agency’s annual share of Federal Housing Tax Credits into grant dollars to provide greater financial support to developers who have found it increasingly difficult to secure investors for Tax Credits. The TCAP funds are provided to states by the U.S. Department of Housing & Urban Development to support the Housing Credit program. These additional funds will enable developers to immediately begin construction while providing affordable housing and economic stimulus throughout the state.
The Agency was approved to award this monetary funding in late May 2009 and began accepting applications from developers on June 15, 2009. Additional funding awards, made possible through new programs created in the ARRA, will be announced periodically during the next several months and posted to www.ohiohome.org.
The federal HOME program and the Ohio Housing Trust Fund (OHTF) fund the Housing Development Assistance Program.
For more 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.