News Release 
| FOR IMMEDIATE RELEASE Wednesday, September 9, 2009 |
Media Contact: Erin Biehl, ebiehl@ohiohome.org Phone: 614.387.2863 |
AFFORDABLE HOUSING DEVELOPMENTS RECEIVE AMERICAN RECOVERY AND REINVESTMENT ACT FUNDING FROM THE OHIO HOUSING FINANCE AGENCY
COLUMBUS — Over 80 affordable housing units are one step closer to becoming available to residents with an announcement today by the Ohio Housing Finance Agency (OHFA). More than $3 million from the Tax Credit Exchange (TCE) program, created in the American Recovery and Reinvestment Act (ARRA), has been allocated to Dublin House and Eaton Senior Village.
Dublin House will receive $834,361 for the rehabilitation of 40 units of affordable housing for seniors in Middletown, Ohio. The development features an on-site library, patio/picnic area and a community room for social gatherings.
Eaton Senior Village will receive $2,432,705 to develop 44 one-story cottage-style units. Located near essential services, each unit will feature a security system and laundry room and residents will have access to a community building with space for meetings and activities.
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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