News Release 
| FOR IMMEDIATE RELEASE Tuesday, September 15, 2009 |
Media Contact: Erin Biehl, ebiehl@ohiohome.org Phone: 614.387.2863 |
EAST END TWIN TOWERS AWARDED FEDERAL STIMULUS FUNDING BY THE OHIO HOUSING FINANCE AGENCY
COLUMBUS — New options for safe, quality affordable housing in Dayton will be available next year after a funding announcement was made by the Ohio Housing Finance Agency (OHFA). More than $2.6 million from the Tax Credit Exchange (TCE) program, created in the American Recovery and Reinvestment Act (ARRA), has been allocated to East End Twin Towers Crossing.
The proposed single-family lease purchase homes will be developed in various locations throughout Dayton using $2,688,178 awarded by OHFA. Each home will feature a full basement, patio and detached garage.
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 securing investors for the tax credits increasingly difficult. These additional funds will enable developers to immediately begin construction and provide affordable housing and economic stimulus throughout the state.
The Agency was approved to award this monetary funding in late May and began accepting applications from developers on June 15. 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.
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.
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