News Release 
| FOR IMMEDIATE RELEASE Tuesday, December 27, 2011 |
Media Contact: Arlyne Alston Email: aalston@ohiohome.org Phone: 614.387.2863 |
OHFA Board Approves $10.1 Million for the Development of Affordable Housing Communities Across Ohio
Funding approved for housing communities in Hamilton, Fayette, Logan, Lawrence and Delaware counties
COLUMBUS – The Ohio Housing Finance Agency (OHFA) Board on December 21 authorized the issuance of up to $8.5 million in Multifamily Bonds. Multifamily Housing Bonds are tax-exempt revenue bonds designed to lower the costs of borrowing for housing developers. The program provides financial assistance for the development and rehabilitation of affordable housing.
The projects approved by the Board include:
• Alston Park in Avondale, Hamilton County – $4,500,000 in Multifamily Bonds
Alston Park involves the acquisition and substantial rehabilitation of a residential rental facility for families located in Avondale, Hamilton County. Rehabilitation of the 39-unity property constructed in 1965 includes work on building exteriors, common areas and a complete overhaul of individual units to create energy efficient, safe housing.
• The Lofts at Court and Main in Washington Court House, Fayette County – $4,000,000 in Multifamily Bonds
The Lofts at Court and Main involves the adaptive reuse of the former Shriners Temple building located in Washington Court House, Fayette County. When completed, the four-story building will consist of 31 one- and two-bedroom units for families. The building will also include a large community room, office and basement for storage space. The development also includes the purchase and demolition of two vacant buildings to allow for green space and a parking lot.
In addition, the OHFA Board approved $1.6 million in funding through the Housing Development Assistance Program (HDAP) to provide flexible, low-interest financing for affordable housing developments serving residents with low- to moderate-incomes. Funding for HDAP comes from the federal HOME program and the Ohio Housing Trust Fund (OHTF).
Projects receiving funding through HDAP include:
• Bellefontaine Manor in Bellefontaine, Logan County – $600,000 in HDAP
Bellefontaine Manor includes the acquisition and rehabilitation of five single-story buildings with 40 one-bedroom units for seniors in Bellefontaine, Logan County. Rehabilitation work on the housing community includes the replacement of roofing, windows and window sills, exterior doors and repairing of firewalls. Interior improvements include the replacement of appliances, cabinets, flooring and hardware.
• Lawrence Village Apartments in South Point, Lawrence County – $350,000 in HDAP
Lawrence Village Apartments involves the acquisition and rehabilitation of a family development located in South Point, Lawrence County. The community consists of nine two-story buildings with a total of 70 units. Rehabilitation work includes updating the roofing, siding, kitchens, bathrooms, flooring, plumbing and electric.
• Sunnyview Square Apartments in Delaware, Delaware County – $650,000 in HDAP
Sunnyview Square Apartments involves the acquisition and rehabilitation of a 30-unit senior community located in Delaware, Delaware County. The community consists of 30 ranch-style units in five buildings. The rehabilitation work includes significant upgrades to the interior of the units with updates to the electric, plumbing, kitchens, bathrooms and flooring. Improvements to the exterior of the buildings include updating the existing roof, replacing the vinyl siding, soffits, gutters and downspouts, replacing all entry doors and adding a covered porch at each entry.
For further information regarding the properties awarded funding please 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.
