|FOR IMMEDIATE RELEASE
Monday, April 23, 2012
|Media Contact: Arlyne Alston
OHFA Board Approves More Than $3.1 Million for Affordable Housing Initiatives
Funding provided to initiatives in Lake, Portage and Hamilton counties
COLUMBUS – The Ohio Housing Finance Agency (OHFA) Board approved $3 million in funding through the Housing Development Assistance Program (HDAP) and Housing Development Loan (HDL) to provide flexible, low-interest financing for affordable housing developments yesterday. Funding for HDAP comes from the federal HOME program and the Ohio Housing Trust Fund (OHTF) and funding for HDL comes from the State of Ohio's Unclaimed Funds.
Recipients of HDAP funding include:
- McKinley Grove in Painesville, Lake County – $950,000 in HDAP
McKinley Grove involves the new construction of a two-story, 17-unit permanent supportive housing (PSH) development for individuals who have experienced long-term homelessness in Painesville, Lake County. The community will be the first PSH development in Lake County and will offer on-site supportive services and full-time management for the development.
- Streetsboro Family Homes in Streetsboro, Portage County – $550,000 in HDAP and $1,500,000 in HDL
Streetsboro Family Homes involves the new construction of a seven-building rental housing community in Streetsboro, Portage County. The development will include four two-bedroom and 24 three-bedroom garden and townhome units and a community building. The units will be designed to meet Energy Star standards and will exceed the Enterprise Green Communities standards.
The Board also approved $139,944 through the Housing Investment Fund (HIF) to Cornerstone Corporation for Shared Equity, a community development corporation (CDC) in Cincinnati, Hamilton County. Established in September 2008, the HIF program encourages housing initiatives and meets housing needs that are not met by other OHFA programs. The funding was provided to evaluate the CDC's Renter Equity management system, currently located in 59 units of rental housing in Cincinnati's historic Over-the-Rhine neighborhood. The program links property Press Release management with resident wealth building, allowing households to earn "equity credits" by completing specific tasks such as paying rent by its due date and participating in resident association meetings. The funds provided through HIF will be used to evaluate and assess the impact of the program. The evaluation will be conducted jointly by the Corporation for Enterprise Development (CFED), the Economics Center at the University of Cincinnati and the Center for Housing Policy.
For further information regarding the properties awarded funding, contact OHFA at 888-362-6432.
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About the Ohio Housing Finance Agency
OHFA is a self-supporting quasi-public agency governed by an eleven-member board. The Agency uses federal and state resources to provide housing opportunities for families and individuals through programs designed to develop, preserve and sustain affordable housing throughout the State of Ohio. OHFA is also the administrator of the state's foreclosure prevention program, Restoring Stability: A Save the Dream Ohio Initiative.