News Release 
| FOR IMMEDIATE RELEASE January 17, 2007 |
Media Contact: Erin Biehl, ebiehl@ohiohome.org Phone: 614.387.2863 |
OHIO HOUSING FINANCE AGENCY BOARD APPROVES 2007 ANNUAL PLAN
Board approves $6.7 million to assist in the development of affordable housing
COLUMBUS — The Ohio Housing Finance Agency (OHFA) Board today approved the 2007 Annual Plan, which addresses the state's affordable housing needs in Ohio. The plan is a strategic guide that addresses current affordable housing issues covering homeownership, multifamily development and multifamily management.
“The 2007 Annual Plan will be a guiding force for OHFA so it can provide resources to support the affordable housing needs of moderate- and low-income Ohioans,” said Douglas A. Garver, executive director of OHFA. “This plan will provide the foundation to strengthen and identify opportunities in homeownership and multifamily programs to serve the affordable housing needs of Ohioans.”
Highlights of the 2007 plan:
Homeownership: OHFA staff will undertake several key homeownership initiatives in 2007 including analyzing homebuyer education programs that best serve first-time homebuyers; proposing programs to address Ohio's high foreclosure rate; working with underserved areas of the state; monitoring use of OHFA's two downpayment assistance programs to ascertain if adjustments are needed; deciding whether to continue the Mortgage Credit Certificate Program or finding ways to incorporate new construction homes into its First-Time Homebuyer Program; continuing outreach to lenders and the real estate community; and doing more research on Ohio's first-time homebuyers and their needs.
Multifamily Development: The multifamily development portion of the 2007 plan covers topics regarding the development of additional incentives for targeted needs programs; evaluating results of program requirements for universal design and accessible units; looking for additional ways to assist in the development of permanent supportive housing; and improving data management by developing mapping capabilities.
Multifamily Management: Multifamily management initiatives at OHFA in 2007 will include working with owners and managers to implement a web-based compliance reporting system; working with other funders to address issues of mixed financed projects; analyzing use of housing choice vouchers and issues surrounding income limits; addressing complex issues when redeveloping existing projects; proposing workouts for troubled projects; and looking at challenges imposed due to the rising costs of utilities and real estate taxes.
This year's plan also addresses two cross-programmatic issues: reviewing and modifying underwriting standards for its multifamily program to assure long-term viability from project development through its long-term compliance phase; and engaging in discussions with Ohio's eight major cities to learn about and try to assist with the issue of vacant properties.
The OHFA Board also approved $6.7 million in funds to acquire, rehabilitate and/or develop 109 single-family homes and 62 units of affordable rental housing to serve the needs of Ohio's families.
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 developers to rehabilitate and develop affordable housing for Ohioans. 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. These reserves provide loans to lower development costs of affordable housing.
The following projects were approved at today's Board meeting:
Cleveland New Construction L.P. IV (Cleveland/Cuyahoga County) – Cleveland New Construction Limited Partnership IV will receive a $1 million Equity Bridge Loan to construct 25 single-family lease-purchase homes on scattered sites throughout Cleveland. Affordability of the units will range from 35 to 60 percent of the Area Median Gross Income. These three and four bedroom infill homes will include attached garages, landscaping and fencing. Cleveland Housing Network, the developer of this more than $4.6 million project, will provide homeownership counseling to residents.
Massillon Homes II (Massillon/Stark County) – Association for Better Community Development, Inc. will receive $250,000 from the Ohio Housing Trust Fund to construct 30 lease-purchase homes on scattered sites throughout Massillon. In addition, Massillon Homes will receive a $1 million Construction Deposit Loan and a $1 million Equity Bridge Loan to fund the development. Affordability of the units will range from 35 to 60 percent of the Area Median Gross Income. At the end of the 15-year housing credit compliance period, households who qualify can purchase the homes. Features in each home will include a dishwasher, garbage disposal, washer/dryer hook-up and attached two-car garage. ICAN, Inc. will provide supportive services. The developer of this more than $5.7 million project is NRP Holdings LLC.
Navarre Garrone (Cincinnati/Hamilton County) – Navarre Garrone Limited Partnership will receive $250,000 in HOME funds and a $1 million Equity Bridge Loan to acquire and rehabilitate Navarre Garrone. The development consists of 62 units of housing located in four buildings in the Walnut Hills and Over-the-Rhine neighborhoods of Cincinnati. Affordability of units will range from 35 to 60 percent of the Area Median Gross Income. Amenities in each unit will include central air conditioning, furnace and intercom system. The Freestore/Foodbank will provide community and supportive services to residents. Model Property Development, Inc. is the developer of this more than $9.4 million project.
Slavic Village Homes LP (Cleveland/Cuyahoga County) – Slavic Village Homes LP will receive a $1 million Equity Bridge Loan to construct five lease-purchase homes and rehabilitate 24 single-family lease-purchase homes on scattered sites throughout Cleveland. Affordability of the units will range from 35 percent to 60 percent of the Area Median Gross Income. Cleveland Housing Network, the developers of this more than $5.2 million project, will provide homeownership counseling to residents.
South-East Toledo Homes II (Toledo/Lucas County) – Neighborhood Housing Services of Toledo will receive $250,000 from the Ohio Housing Trust Fund to construct 25 lease-purchase homes on scattered sites throughout Toledo. In addition, South Toledo Homes II Ltd. will receive a $1 million Equity Bridge Loan to fund the development. Affordability of the units will range from 35 to 60 percent of the Area Median Gross Income. At the end of the 15-year housing credit compliance period, households who qualify can purchase the homes. Amenities in each unit will include a dishwasher, garbage disposal, washer/dryer hook-up, attached two-car garage, patio and central air conditioning. Neighborhood Housing Services will provide homebuyer counseling. Columbus Housing Partnership is the developer of this more than $5 million project.
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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