News Release 
| FOR IMMEDIATE RELEASE July 17, 2007 |
Media Contact: Erin Biehl, ebiehl@ohiohome.org Phone: 614.387.2863 |
THE OHIO HOUSING FINANCE AGENCY ISSUES NEARLY $40 MILLION IN REVENUE BONDS TO MODERNIZE AFFORDABLE HOUSING IN OHIO
COLUMBUS — The Ohio Housing Finance Agency (OHFA) today issued nearly $40 million in Capital Fund Revenue Bonds to improve thousands of affordable housing units for Ohio families. Over 17,000 public housing units will be improved and renovated using the proceeds of the bonds.
Four metropolitan housing authorities (MHAs), Akron, Cuyahoga, Erie and Stark, are now able to accelerate the modernization of these units. The improvements include, but are not limited to, repair and replacement of elevators, roofs, balconies, windows, plumbing and security systems.
The bonds are secured by future U.S. Department of Housing and Urban Development (HUD) appropriations to each of the MHAs and do not represent the obligations of OHFA or the residents of Ohio.
“This is the first transaction of its kind for OHFA,” said Bob Connell, director of debt management. “This partnership with Ohio MHAs continues to improve housing for Ohio families.”
The bonds are Financial Security Assurance insured and rated AAA by Standard and Poor's. Citi was the underwriter for the bond issue and RBC Capital Markets served as financial advisor to OHFA. Peck, Shaffer and Williams served as bond counsel, Thompson Hine as issuer's counsel, and Hawkins, Delafield and Wood as underwriter's counsel.
“OHFA is committed to providing the best resources for the affordable housing industry,” said Doug Garver, executive director for the Agency. “We are constantly searching for the most innovative programs and solutions to offer our partners and customers.”
OHFA serves as the state's affordable housing entity and works to strengthen communities by providing affordable housing to all Ohio residents. Last year, the Agency issued over $1.3 billion in bonds in support of loans to low- and moderate-income first-time homebuyers.
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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