housing investment fund

The Ohio Housing Finance Agency (OHFA) is pleased to announce the availability of funding through the Housing Investment Fund.

Introduction

In September 2008, OHFA established the Housing Investment Fund (HIF), a fund to undertake housing initiatives and meet housing needs that are not met by other programs of the Agency. All activities sponsored by the HIF must be consistent with the OHFA Annual Plan. OHFA set the initial balance of the HIF at $8 million. OHFA reserves the right to discontinue the HIF should annual funding not be authorized by its board or not to allocate the entire balance of the fund if proposals of sufficient quality are not received. Approximately $3 million is available in the current funding cycle.

2012 Housing Investment Fund Application and Instructions

The application and all other required documentation must be sent by email to Betsy Krieger at bkrieger@ohiohome.org. The application is due by January 31, 2013.

Eligible Uses

Eligible funding recipients include for-profit and nonprofit organizations, public housing authorities, and local governments.

Eligible uses of the fund include:

  • Connecting housing to services and jobs
  • Promote revitalization by addressing vacant and abandoned housing by building capacity and comprehensive development in targeted geographic communities
  • Provisional services for special needs populations through evidence-based approaches
  • Acquisition, holding and disposition of residential real estate for affordable housing or comprehensive community development purpose
  • Pre-development, construction, and/or permanent financing for rental or for-sale property development not eligible for funding using other OHFA programs. New construction projects must be competitively bid.
  • Capitalized operating subsidy for affordable rental housing
  • Homeowner loans for refinance, new purchase or renovation that are part of a comprehensive community redevelopment strategy and are offered through participating lenders or non-profit partners
  • Planning grants for comprehensive community redevelopment
  • Innovative, new approaches to administering programs or services in an affordable housing setting, and have not been previously funded with local, state, or federal funds. These activities must demonstrate a previously untested approach to addressing affordable housing needs in Ohio.
  • Matching funds for federal or private foundation housing grants or loans
  • Other activities or projects that address an urgent affordable housing need
Threshold Requirements

All proposals must meet the following threshold requirements:

  • Activities and projects must primarily benefit households with incomes at or below 120% of the Area Median Gross Income (AMGI) for the appropriate county and household size. Reasonable affordability and compliance periods will be required.
  • Proposals must be for housing needs and/or populations not addressed by other OHFA programs. For example, a request for additional gap financing for a new Housing Tax Credit development or a project under development would not be eligible.
  • All applicants must be currently in good partnership with all OHFA programs.
  • Proposals must include documentation verifying the commitment of sufficient matching funds.
  • Demonstrate partnerships.
  • Applications must be complete and include required information.
Housing Investment Fund (HIF) Webinar

 

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