News Release 
| FOR IMMEDIATE RELEASE April 18, 2007 |
Media Contact: Erin Biehl, ebiehl@ohiohome.org Phone: 614.387.2863 |
OHIO HOUSING FINANCE AGENCY BOARD APPROVES FORECLOSURE PREVENTION PROGRAM
Board also approves more than $8.1 million in funding for affordable housing
COLUMBUS — The Ohio Housing Finance Agency (OHFA) Board today approved $3.1 million to fund the NeighborWorks® Foreclosure Prevention Rescue Program. This program will allow 12 Ohio NeighborWorks® organizations and the Corporation for Ohio Appalachian Development (COAD) to work with moderate-income borrowers who are experiencing temporary difficulties meeting their mortgage payments.
Initial funding for the prevention program is anticipated to directly keep 900 families from losing their homes. OHFA will provide funding to enable the NeighborWorks® affiliates to make a rescue loan of up to $3,000 per household to bring the mortgage current. These loans will be offered at a zero percent interest deferred until the sale of the residence. Participating organizations for this initiative include: Columbus Housing Partnership, East Akron Neighborhood Development Corporation, The Home Ownership Center for Greater Cincinnati, Neighborhood Conservation Services of Barberton, Neighborhood Housing Partnership of Greater Springfield, Corporation for Ohio Appalachian Development, Rural Opportunities Inc. Ohio, Neighborhood Housing Services of Greater Cleveland, Neighborhood Housing Services of Hamilton, Neighborhood Development Services, Neighborhood Housing Services of Toledo, and St. Mary Development Corporation.
The OHFA Board also approved funding for 38 homeownership homes and 352 units. More than $3.2 million of Ohio Housing Trust Fund dollars and $550,000 in HOME funds in the Housing Development Assistance Program (HDAP), $2 million in unclaimed funds and OHFA reserves in the Housing Development Loan Program (HDLP), and $2.3 million in tax-exempt bonds in the Multifamily Bond Program were approved.
The HDAP, funded by HOME funds and the Ohio Housing Trust Fund (OHTF), provides financial assistance to developers to rehabilitate and develop affordable housing. Through the HDLP, direct loans, construction deposit loans, equity bridge loans, and seed money loans are funded with unclaimed funds from the Ohio Department of Commerce and OHFA loan reserves to lower development costs of affordable housing. The Multifamily Bond Program allows private developers access to tax-exempt financing to fund the costs of acquisition, rehabilitation and construction of affordable rental housing.
The following projects were approved at today's Board meeting:
Arlington Homes VIII (Akron/Summit County) – East Akron Neighborhood Development Corporation (EANDC) will receive $450,000 from the Ohio Housing Trust Fund to build eight single-family detached homes within the City of Akron. All homes will be two-story and each home will have new Energy Star-rated appliances and will feature a variety of Universal Design elements. Two homes will be developed and targeted at households with a mobility and/or sensory impaired member. Homebuyer counseling services will be provided by EANDC Center for Homeownership, a HUD-certified homebuyer counseling organization. EANDC is the developer of this project budgeted at more than $1 million.
Asper Commons (Painesville/Lake County) – Lake Communities Development Corporation will receive $450,000 from the Ohio Housing Trust Fund to develop Asper Commons, a new subdivision of ten, new construction, single-family homes in the City of Painesville, Lake County. All homes will have an energy efficient washer, dryer and dishwasher and will have a new refrigerator and stove. A variety of Universal Design features will be incorporated into all homes. Two homes will be developed and targeted at households with a mobility and/or sensory impaired member. The developer will work with Services for Independent Living to successfully place these households. Lake Communities Development Corporation is the developer of this project budgeted at $1.5 million.
Creek View Subdivision Phase V (Union Township/Ross County) – Frontier Community Services will receive $268,000 from the Ohio Housing Trust Fund to develop four single-family homes in Union Township, Ross County. All homes will be equipped with a waste disposal, dishwasher, heat pump, electric furnace, ceiling fans, washer/dryer hook-up, and an appliance allowance in the amount of $1,100. Frontier Community Services will provide pre- and post-homeownership counseling with their established counseling arm. They are currently working with ten potential homebuyers that qualify to purchase a home in this community. The Ross County Board of MR/DD will provide supportive services to those with special needs. Frontier Community Services is the developer of this project budgeted at $540,000.
Housing Options Made Easier (Green Township/Gallia County) – Community Action Committee of Meigs and Gallia County will receive $200,000 from the Ohio Housing Trust Fund to develop a non-housing credit scattered-site homeownership project which involves the new construction of five single-family homes in Green Township, Gallia County. These 1,200 square foot homes include three bedrooms, two full baths, a one and a half car attached garage, heat pump, stove, refrigerator, washer/dryer hook-up and two acre lots. Gallia-Meigs Community Action Agency will provide homebuyer education and counseling. Gallia County Board of Mental Retardation and Development Disability (MR/DD) is providing services to the county's MR/DD population and will refer any prospective buyers with an MR/DD member in the household to the project. Community Action Committee of Meigs and Gallia County is the developer of this project budgeted at more than $550,000.
Wolf Creek – Broadway Project (Dayton/Montgomery County) – ISUS, Inc. will receive $439,200 from the Ohio Housing Trust Fund to develop 11 single-family detached homes. These houses will be sold to households with incomes between 56 percent and 80 percent of the Area Median Gross Income (AMGI) in the Wolf Creek Planning District within the City of Dayton. The project will consist of five three-bedroom and six four-bedroom homes. Two of the homes will be targeted to households with a member with mental retardation and/or a developmental disability. All of the homes will be two-story and have new Energy Star-rated appliances. A variety of Universal Design features will also be in each home. City Wide Development Corporation, a mortgage credit counseling program in Dayton, will provide homebuyer counseling services. ISUS Inc. is the developer of this project budgeted at more than $2 million.
Rolling Ridge Townhomes (Cincinnati/Hamilton County) – Buckeye Community Sixteen LP has been granted approval to issue $2.36 million in tax-exempt bonds for the acquisition and rehabilitation of Rolling Ridge Townhomes, a 50-unit development. Issuance of the bonds will allow the project to qualify for noncompetitive housing credits. Renovations will include updates to kitchens and bathrooms and upgrades to the playground and parking lot. Buckeye Community Hope Foundation will act as developer of this project budgeted at more than $3 million.
Clay Meadows (Village of Fayette/ Fulton County) – Woda Housing of Ohio will receive a $550,000 HOME award and a $1 million equity bridge loan to acquire and rehabilitate 48 units of affordable multifamily housing in the Village of Fayette, Fulton County. The project consists of seven residential buildings originally constructed in 1982. All units will feature a disposal, dishwasher, air conditioning, washer/dryer hook-up, ceiling fans, and a patio or porch. Project amenities will include an on-site rental management office, a new community building and laundry facilities. Affordability of the units will range from 35 percent to 60 percent AMGI. Housing Service Alliance, Inc. will provide service coordination for the family population. Woda Development of Ohio is the developer of this project budgeted at more than $6 million.
Maplewood/Northwood Apartments (Lima/Allen County) – Allen Metropolitan Housing will receive a $250,000 HDAP award from the Ohio Housing Trust Fund to acquire and rehabilitate 196 units of existing Section 8 multifamily housing located in the City of Lima, Allen County. Affordability of the units will range from 35 percent to 60 percent AMGI. The development consists of 16 two-story townhome buildings with 32 one-bedroom, 104 two-bedroom, 44 three-bedroom and 16 four-bedroom units. The unit amenities will include garbage disposals and through-wall air conditioners. The community amenities will include on-site management and a community building. Ginger Huber of Northwood Learning Center will provide service coordination for the residents. The Levin Group is the developer of this project budgeted at more than $15 million.
Newton Township Senior Housing (Newton Township/Trumbull County) – Buckeye Community Hope Foundation will receive a $250,000 HDAP award from the Ohio Housing Trust Fund and a $1 million direct loan to construct an eight-building, 40-unit senior community restricted to residents ages 55 and over located in the Township of Newtown, Trumbull County. Affordability of the units will range from 35 percent to 60 percent AMGI. In addition to standard amenities, all homes will feature a dishwasher, garbage disposal, washer/dryer hook-up, and an attached one-car garage. Project amenities include on-site management, laundry facilities and a community room. District XI Area Agency on Aging will be providing supportive services to the residents. Buckeye Community Hope Foundation is the developer of this project budgeted at more than $5 million.
Peachtree III (Cuyahoga Falls/Summit County) – Ohio Multi-County Development Corporation will receive $204,900 as a grant from the Ohio Housing Trust Fund to construct six multifamily units in one building in Cuyahoga Falls, Summit County. The project is designed as a permanent supportive housing project for single parent families diagnosed with chronic mental illness. The project will have a freestanding community room in which to provide supportive services and programming for the residents. There will be four two-bedroom and two three-bedroom units with affordability ranging from 35 percent to 50 percent AMGI. The Community Drug Board of Summit County will be providing supportive services to the residents. Ohio Multi-County Development Corporation is the developer of this project budgeted at more than $900,000.
Pontalba Apartments (Athens Township/Athens County) – Three Rivers Housing Corp. Inc. will receive a $736,500 HDAP award from the Ohio Housing Trust Fund to construct Pontalba Apartments, a new construction, non-housing credit rental project in The Plains, Athens, County. Twelve units will be constructed in four buildings. All units will be targeted to elderly and/or households with a mobility and/or sensory impaired member. Five units have been set aside through written agreements with the local Alcohol, Drug and Mental Health Board and the Athens City Commission on Disabilities. All units will be accessible with a number of Universal Design features. There will be a common area and laundry facilities. The site is located on the Athens city bus line. There is an accessible route of paved sidewalks so residents can travel easily to area amenities. Three Rivers Housing Corporation is the developer of this project budgeted at more than $1 million.
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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