News Release 
| FOR IMMEDIATE RELEASE March 21, 2007 |
Media Contact: Erin Biehl, ebiehl@ohiohome.org Phone: 614.387.2863 |
OHIO HOUSING FINANCE AGENCY BOARD APPROVES MORE THAN $10 MILLION IN FUNDING FOR AFFORDABLE HOUSING DEVELOPMENT PROJECTS
COLUMBUS — The Ohio Housing Finance Agency (OHFA) Board today approved $10 million through the Housing Development Assistance Program (HDAP) and/or the Housing Development Loan Program (HDLP) for five homeownership homes, 46 lease-purchase homes and 193 rental units. The HDAP, funded by HOME funds and the Ohio Housing Trust Fund (OHTF), provides financial assistance to developers to rehabilitate and develop affordable housing. Through the HDLP, Direct Loans, Construction Deposit Loans, Equity Bridge Loans, and Seed Money Loans are funded with unclaimed funds from the Ohio Department of Commerce and OHFA loan reserves to lower development costs of affordable housing.
The following projects were approved at today's Board meeting:
Indian Trace Subdivision (Bowling Green/Wood) – WSOS Community Action Commission, Inc. will receive $521,400 to build five affordable, modular homes for homeownership among 60 market rate homes within the Indian Trace Subdivision in Bowling Green. These units incorporate a variety of universal design features and will be tested and certified to meet the EPA's Energy Star program. Additional features include energy efficient air conditioning, an ultra high-efficiency heating and hot water system, water-conserving fixtures, and energy star appliances.
WSOS will identify at least one household with a mobility and/or sensory impaired member. The Ability Center of Toledo will assist in finding an income qualified household for the Indian Trace Community and will incorporate their design recommendations to meet the needs of the household. Supportive services will provide the necessary skills for independent living. Skills such as communication, cooking/nutrition, medical/benefits counseling may be provided in both a classroom setting or as one-to-one peer support. WSOS CAC is the developer of this project budgeted at more than $1 million.
Abby's Crossing (Bethesda/Belmont) – Woda Housing of Ohio will receive $550,000 in HOME funds and Abby's Crossing Limited Partnership will receive an Equity Bridge Loan in the amount of $1 million for the rehabilitation of 42 units of multifamily housing in Bethesda. The property consists of five residential buildings originally constructed in 1978. Affordability of the units will range from 35 percent to 60 percent AMGI. Amenities include on-site laundry facilities, a new community building and a playground. Housing Services Alliance, Inc. will provide supportive services for the family population. Woda Development of Ohio will act as developer of the $4.6 million project.
Charleston Court (South Charleston/Clark) – North Hill Apartments will receive $550,000 in HOME funds and New Charleston Court Ltd. will receive a $1 million Equity Bridge Loan for the acquisition and rehabilitation of 50 units reserved for residents age 55 years and older. Charleston Court is a Mark-to-Market rental property with HUD rental assistance consisting of one three-story building originally constructed in 1978. Affordability of the units will range from 35 percent to 60 percent AMGI. The unit amenities will include garbage disposal, emergency call buttons, wall air conditioner and window blinds. The community amenities will include on-site management, laundry facilities and a community building with a kitchen and meeting room. United Elderly of Springfield and Clark County will provide supportive services to the residents. Fairfield Homes, Inc will act as developer of this $3.9 million project.
Grace Meadows (Jeffersonville/Fayette) – Community Action Commission of Fayette County will receive an HDAP award of $550,000 in HOME funds and Green Meadows Limited Partnership will receive a Seed Money Loan of $100,000 and Equity Bridge Loan in the amount of $1 million for the acquisition and rehabilitation of Grace Meadows, a USDA Rural Development 515 preservation project that includes 40 units of affordable housing in Jeffersonville. Affordability of the units will range from 35 percent to 60 percent AMGI. The unit amenities include a dishwasher, washer/dryer hook-up, patio or porch, central air conditioning and ceiling fans. Supportive services will be provided by Community Action Commission of Fayette County. Housing Services Alliance is the developer for this more than $4.9 million project.
Lake Towne Senior Village (Lake Township/Wood) – WSOS Community Action Commission will receive a $550,000 HOME award and Lake Towne Senior Village LLC will receive an Equity Bridge Loan in the amount of $1 million for the construction of Lake Towne Senior Village, a housing credit rental property that includes nine one-story buildings consisting of 43 units of affordable housing in Lake Township. Affordability of the units will range from 35 percent to 60 percent AMGI. In addition to standard amenities, all units will feature a dishwasher, garbage disposal, washer/dryer hook-up and a private patio. Project amenities include on-site management and a community room. WSOS Community Action Commission will be providing supportive services to the residents. ALG Development LLC will act as developer of this project budgeted at more than $6.2 million.
Pembrook Greene (Lodi/Medina) – Housing Services Alliance will receive an HDAP Ohio Housing Trust Fund award of $550,000 and Pembrook Greene LLC will receive a Seed Money Loan in the amount of $100,000 and an Equity Bridge Loan in the amount of $1 million for the construction of Pembrook Greene, an 18-unit multifamily property in Lodi. Affordability of the units will range from 35 percent to 60 percent AMGI. All units will feature a disposal, ceiling fans, washer/dryer hook-up and extra storage. Property amenities include on-site rental management office, community room, laundry room, security and parking for each building. Housing Services Alliance, Inc. will provide supportive services for the families residing at the development. The developer of this more than $2.2 million project is Woda Development of Ohio.
Wesley Yard (Crestline/Crawford) – Ohio Heartland Community Action Commission will receive an HDAP HOME award of $550,000 and Wesley Yard LLC will receive an Equity Bridge Loan in the amount of $1 million for the construction of Wesley Yard, a housing credit, lease-purchase property in Crestline. The Board carefully considered this project after discussion of market issues and drainage concerns. The developer plans to construct 46 one- and two-story homes. Affordability of the units will range from 35 percent to 60 percent AMGI. In addition to standard amenities, all homes will feature a dishwasher, garbage disposal, washer/dryer hook-up and an attached two-car garage. Project amenities include on-site management, laundry facilities and a community room.
At the end of the 15-year housing credit compliance period, the homes will be offered for sale to households that qualify. Ohio Heartland Community Action Commission will provide a comprehensive homebuyer counseling program and supportive services for the residents. The developer of this $8.8 million project is Woda Development of Ohio.
In addition, the OHFA Board approved the proposed guidelines for a conventional refinancing program and funding for specific program components. This program offers 30-year fixed-rate loans designed to help burdened borrowers. Borrowers under this program may have had a change in circumstance such as a divorce or change in employment or have a lending product which no longer meets their needs (for example, interest-only mortgages or adjustable rate mortgage loans which have entered or will soon enter the adjustable stage). To assist families with closing costs, the refinancing program also offers a 20-year fixed-rate second mortgage option at an amount up to four percent of the first loan. The second mortgage option will be financed with $4 million in funding approved by the Board. An additional $200,000 was also set aside to compensate for homeowner education courses required for program participants.
Specific eligibility requirements and underwriting criteria for this program are still being developed. The program will be available beginning April 2, 2007.
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.
# # #
