News Column

OHFA Board Awards $7.6 Million for Affordable Housing Initiatives Across Ohio

February 20, 2014

COLUMBUS, Ohio, Feb. 20 -- The Ohio Housing Finance Agency issued the following news release:

The Ohio Housing Finance Agency (OHFA) Board of Directors yesterday awarded more than $2.6 million through the Housing Development Assistance Program (HDAP) to provide 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).

Also, the Board approved $3 million through the Recycled-Tax Credit Assistance Program (R-TCAP). Funding for R-TCAP is derived from repaid funds through the Tax Credit Assistance Program (TCAP), allocated to OHFA through the American Recovery and Reinvestment Act of 2009. OHFA expects to recycle more than $70 million in loan repayments during the next four years. The goal of the program is to stabilize and ensure the long-term affordability of OHFA properties.

Additionally, the Board approved $2 million through the Housing Development Loan (HDL) program. The HDL provides financial assistance for the development and rehabilitation of affordable housing and is funded through unclaimed funds from the Ohio Department of Commerce.

Housing communities receiving funding through the HDAP, R-TCAP and HDL include:

* Parqwood Apartments in Toledo, Lucas County - $1,000,000 in HDAP and $1,500,000 in R-TCAP

* Parqwood Apartments involves the acquisition and rehabilitation of a 134-unit affordable housing community for seniors in Toledo, Lucas County. Work on units will include updates to appliances and materials to reduce energy consumption and improve efficiency. Additionally, a health clinic and lounge will be added to the main entry of the building.

* Heritage View Homes IV in Cleveland, Cuyahoga County - $1,000,000 in HDAP, $1,500,000 in R-TCAP

* Heritage View Homes IV involves the new construction of a 60-unit housing community for families in Cleveland, Cuyahoga County. The community is the fourth phase of a successful comprehensive housing development within the community.

* Victorian Heritage in Columbus, Franklin County - $1,000,000 in HDL

* Victorian Heritage involves the acquisition and rehabilitation of a housing community for families in Columbus, Franklin County. The development consists of 59 units in five historic buildings. The redevelopment will include new roofs, plumbing, windows and doors as necessary. New appliances will be provided in the units.

* Southwick Manor in Brunswick, Medina County - $1,000,000 in HDL

* Southwick Manor involves the new construction of a 54-unit housing community for seniors in Brunswick, Medina County. The development will consist of one, four-story apartment building with one- and two-bedroom units. The community will include a community room with kitchenette, computer center, fitness center and media room.

* Wayne/Homes Independent Living Apartments in Wooster, Wayne County - $679,000 in HDAP

* Wayne/Holmes Independent Living Apartments involves the new construction of four, single-story buildings with 15, one-bedroom units located in Wooster, Wayne County. All units will be targeted toward young adults diagnosed with a mental illness and aging out of the children's system of care and treatment or foster care. The community will be located directly adjacent to supportive services to allow for comprehensive mental health and residential service needs. All units will include universal design features.

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

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Source: Targeted News Service

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