News Release 
| FOR IMMEDIATE RELEASE February 21, 2007 |
Media Contact: Erin Biehl, ebiehl@ohiohome.org Phone: 614.387.2863 |
OHIO HOUSING FINANCE AGENCY BOARD APPROVES MORE THAN $14 MILLION FOR TWELVE AFFORDABLE HOUSING PROJECTS IN OHIO
Funding will help to rehabilitate and construct affordable housing properties
COLUMBUS — The Ohio Housing Finance Agency (OHFA) Board today approved more than $14 million in funding to develop and maintain affordable housing options for Ohioans. The additional resources will be used to rehabilitate or construct 20 homeownership homes, 85 lease-purchase homes and 448 units of rental housing in Ohio.
“This funding allows for the much needed rehabilitation and construction of affordable housing for hundreds of Ohioans across the state,” said Douglas Garver, executive director of OHFA. “The Agency is committed to developing housing programs that strengthen our neighborhoods and communities.”
Funding for the properties was made available through the Housing Development Assistance Program (HDAP) and/or the Housing Development Loan Program (HDLP). The HDAP, which is funded by HOME funds and the Ohio Housing Trust Fund (OHTF), provides financial assistance to companies and organizations to rehabilitate and develop affordable housing in Ohio. Direct Loans, Construction Deposit Loans, Equity Bridge Loans and Seed Money Loans, offered under the HDLP, are funded with unclaimed funds from the Ohio Department of Commerce and OHFA loan reserves.
The following projects were approved by the OHFA Board:
Arlington Heights II (Youngstown/Mahoning County) – Steel Valley Housing Corp. will receive $250,000 from the Ohio Housing Trust Fund to construct Arlington Heights II, a 29-unit HOPE VI housing development located at Wirt and Griffiths Streets in Youngstown. Arlington Heights Housing Partnership L.P. will receive a $1 million Equity Bridge Loan to assist with development costs. Affordability of the units will range from 35 percent to 60 percent of the area median gross income. Units will feature washer/dryer hookups, dishwasher and disposal. Youngstown Metropolitan Housing Authority will provide supportive services to residents. Pennrose Properties, LLC and Ralph A. Falbo, Inc. are developing this project budgeted at more than $5.4 million.
City View Homes (Columbus/Franklin County) – Columbus Housing Partnership, Inc. will receive $250,000 from the Ohio Housing Trust Fund to construct and rehabilitate City View Homes, a scattered-site lease-purchase housing project consisting of 35 homes located in Franklinton. City View Homes, LLC will also receive a $1 million Construction Deposit Loan and a $1 million Equity Bridge Loan to assist with development costs. Affordability of the units will range from 30 percent to 60 percent of the area median gross income. At the end of the 15-year compliance period, the homes will be offered for sale to qualified households. All of the homes will feature a two-car garage, basement and central air conditioning. The City View project is budgeted at more than $6.3 million. Columbus Housing Partnership will also provide or facilitate comprehensive homebuyer counseling to residents.
Clover Ridge (McConnellsville/Morgan County) – Housing Services Alliance, Inc. will receive $550,000 from the Ohio Housing Trust Fund to construct Clover Ridge, a 24-unit housing development for households with a member age 55 and older located at Kennebec Avenue in McConnellsville. In addition, Clover Ridge LLC will receive a $100,000 Seed Money Loan and a $1 million Equity Bridge Loan to assist with development costs. Affordability of the units will range from 35 percent to 60 percent of the area median gross income. The project will consist of four one-story buildings with a garden area, on-site management and a computer learning center. Unit amenities will include a one-car garage. Housing Services Alliance, Inc. will provide supportive services. The developer of this more than $2.8 million project is Woda Development of Ohio, LLC.
Cygnet Homes (Napoleon/Henry County) – NorthRiver Development Corporation will receive $550,000 in HOME funds to construct Cygnet Homes, a 40-unit senior housing facility located at Glennwood Road in Napoleon. In addition, Cygnet Homes, Ltd. will receive a $1 million Equity Bridge Loan to assist in development costs. All of the units will be restricted to residents 55 years of age and older. Affordability of units will range from 35 percent to 60 percent of the area median gross income. The development will consist of seven one-story buildings and a clubhouse. Units will feature washer/dryer hookups and extra storage space. Project amenities will include on-site management, community space and a garden area. NorthRiver Development will provide supportive service coordination to residents. The developer of this more than $5.2 million project is Wallick Asset Management, LLC.
Luke's Crossing (Johnstown/Licking County) – Housing Services Alliance, Inc. will receive $550,000 from the Ohio Housing Trust Fund to acquire and rehabilitate Luke's Crossing, a 40-unit RD 515 preservation project located at 214 Briarwood Avenue in Johnstown. In addition, Luke's Crossing Limited Partnership will receive a $100,000 Seed Money Loan and a $1 million Equity Bridge Loan to assist with development costs. Affordability of units will range from 35 percent to 60 percent of the area median gross income. Unit amenities will include private patios, central air conditioning and ceiling fans. Housing Services Alliance, Inc., the developer of this more than $4.9 million project, will also provide supportive services to residents.
Nazareth Towers (Columbus/Franklin County) – Inner City Catholic Parishes, Inc. will receive $250,000 from the Ohio Housing Trust Fund to rehabilitate 211 units of affordable housing at 300 East Rich Street in Columbus. The development is restricted to residents 55 and older. Affordability of the units will range from 35 percent to 60 percent of the area median gross income. The project consists of one 14-story multifamily structure originally constructed in 1968. Project amenities will include on-site management, a community room, meeting areas, a community garden area and laundry facilities. The Central Ohio Area Agency on Aging will provide supportive services. The developer of this more than $16.8 million project is Inner City Catholic Parishes.
Norwood Greene (Marietta/Washington County) – Housing Services Alliance, Inc. will receive $550,000 from the Ohio Housing Trust Fund to construct Norwood Greene, a 40-unit affordable housing development to be located at Colegate Drive in Marietta. Norwood Greene LLC will receive a $100,000 Seed Money Loan and a $1 million Equity Bridge Loan to assist with development costs. All of the units will be restricted to residents 55 and over. Affordability of the units will range from 35 percent to 50 percent of the area median gross income. The project will consist of one three-story building. Project amenities will include a community room and on-site management. Housing Services Alliance, Inc. will provide supportive services. The developer of this more than $5.4 million project is Woda Development of Ohio, LLC.
Port Clinton Pointe (Port Clinton/Ottawa County) – WSOS Community Action Agency will receive $550,000 in HOME funds to construct Port Clinton Pointe, a 46-unit affordable housing project to be located at West Fremont Road in Port Clinton. In addition, Port Clinton Pointe, Ltd. will receive a $1 million Equity Bridge Loan to assist with development costs. Affordability of units will range from 35 percent to 60 percent of the area median gross income. This townhouse project will consist of 24 two-bedroom units and 22 three-bedroom units. Amenities will include on-site management, sports court, meeting room, picnic area and playground. WSOS will provide supportive services. The developer of this more than $5.6 million project is Wallick Asset Management.
Riverside Mill Homes II (Columbus/Grove City/Franklin County) – Riverside Mill Development LLC will receive $450,000 from the Ohio Housing Trust Fund to construct Riverside Mill Homes II, a scattered-site homeownership project consisting of six homes in Columbus and Franklin County. All of the homes will be affordable to and sold to households at or below 80 percent of the area median gross income. The applicant will work with Mid-Board for an Independent Living Environment, Inc. to identify qualified households with a mobility or sensory-impaired member to place in all of the homes. All of the homes will be fully handicapped accessible, ranch-style homes built on a slab equipped with a range, refrigerator, built-in microwave, dishwasher, washer and dryer, window coverings, security system, two full baths and a two-car attached garage. Samaritan Project Development Corporation, Columbus Housing Partnership and Mid-Ohio Regional Planning Commission have all committed to providing homebuyer counseling for this project. The developer of this more than $1 million project is Riverside Mill Development, LLC.
Stableford Crossing (West Union/Adams County) – Housing Services Alliance, Inc. will receive $550,000 from the Ohio Housing Trust Fund to construct Stableford Crossing, an 18-unit senior housing project to be located at 265 Southwest Street in West Union. In addition, Stableford Crossing LLC will receive a $100,000 Seed Money Loan and a $420,674 Equity Bridge Loan to assist with development costs. All of the units will be restricted to residents 55 and older. Affordability of the units will range from 35 percent to 60 percent of the area median gross income. All of the units will feature a disposal, washer/dryer hookup and extra storage. Project amenities include a garden area, on-site rental management office, community room, security and parking for each building. Housing Services Alliance, Inc. will provide supportive services for the senior population. The developer of this more than $1.7 million project is Woda Development of Ohio, LLC.
Wise Manor Section III (Xenia/Greene County) – Sensible Shelter, Inc. will receive $550,000 from the Ohio Housing Trust Fund to construct Wise Manor Section III, a homeownership project consisting of 14 homes to be located at Commonwealth Drive in Xenia. All houses will be sold to households at or below 80 percent of the area median gross income. The ranch-style homes will be built on slabs and will include a range, refrigerator, two-car garage, central air conditioning, waste disposal, washer/dryer hookup, microwave and two full bathrooms. Greene County Department of Development will provide homebuyer counseling and education. The developer of this more than $2 million project is Sensible Shelter, Inc.
Zanesville Family Homes II (Zanesville/Muskingum County) – Zanesville Housing Development Corporation will receive $550,000 from the Ohio Housing Trust Fund to construct Zanesville Family Homes II consisting of 50 lease-purchase homes to be located on scattered sites throughout Zanesville. Affordability of the homes will range from 35 percent to 60 percent of the area median gross income. At the end of the 15-year compliance period, the homes will be offered for sale to qualified households. All of the homes will feature standard amenities as well as washer/dryer hookups and full basements. Muskingum Economic Opportunity Action Group will provide pre-purchase counseling to residents. The developer of this more than $8.5 million project is Buckeye Community Hope Foundation.
In addition, guidelines for the 2007 Community Housing Development Organizations (CHDO) Competitive Operating Grant Program were approved. The focus of this year's program is to simplify the process for applicants.
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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