News Release 
| FOR IMMEDIATE RELEASE Wednesday, December 16, 2009 |
Media Contact: Tammana Bharakhda Email: tbharakhda@ohiohome.org Phone: 614.728.4704 |
OHIO HOUSING FINANCE AGENCY BOARD APPROVES $15 MILLION FOR CLEVELAND PROPERTY REHABILITATION AND NEW BOARD MEMBER APPROVED
COLUMBUS — Today, the Ohio Housing Finance Agency (OHFA) Board approved $15 million in multifamily housing revenue bonds to be issued in an effort to revitalize a portion of Cleveland's Detroit Avenue.
Funding will be used to acquire and rehabilitate two multifamily residential rental facilities consisting of a total of 164 units currently housing low to moderate-income families. The rehabilitation will promote the welfare of local residents through the provision of decent, safe and sanitary housing.
Both the Boulevard Terrace and Neal Terrace developments set to receive financial support were constructed in the early 1900's, providing good cause for the buildings to be substantially rehabilitated and leased to low and moderate-income families. Residents will enjoy newly refurbished kitchens, new bathroom facilities and repair to structural damage.
Multifamily Housing Bonds are tax-exempt revenue bonds that provide financial assistance for the development and rehabilitation of affordable housing by lowering the cost of borrowing for housing developers. The federal HOME program, the Ohio Housing Trust Fund (OHTF), and the Financial Adjustment Factor (FAF) finances the Housing Development Assistance Program (HDAP).
For further information regarding the properties awarded funding, please contact OHFA at 1.888.362.6432.
The OHFA Board also approved the appointment of Thomas T. Loos to the Ohio Capital Corporation for Housing (OCCH) Board of Directors. Tom is a retired CPA and has been an invaluable member of OCCH's Audit/Finance Committee for over a year. Prior to his retirement, Tom was a Partner at a Cleveland accounting firm, McGladrey and Pullen (formerly known as Hauser and Taylor), which participated actively in the affordable housing industry.
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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