News Release 
| FOR IMMEDIATE RELEASE September 6, 2007 |
Media Contact: Erin Biehl, ebiehl@ohiohome.org Phone: 614.387.2863 |
THE OHIO HOUSING FINANCE AGENCY ANNOUNCES MORE HOUSING TAX CREDIT AWARDS
Five properties were awarded $3.79 million in tax credits
COLUMBUS — The Ohio Housing Finance Agency (OHFA) today announced the Maximizing Outcomes Pool Awards for the 2007 Housing Credit Program. Applicants who did not receive credits in the target or geographic pools were considered for an award. An additional $3.79 million in credits were awarded.
The award recipients are:
Cascade Village East-West
Cascade Village East-West, located in central Akron, was awarded $941,000 in credits and plans to construct 65 new multifamily units. The property is also using HOPE VI financing from the U.S. Department of Housing and Urban Development. This award enables OHFA to meet the preferred level of family apartment development indicated in the Maximizing Outcomes Pool criteria. Community Builders, Inc. and Ohio Multi-County Development Corporation are general partners on this property.
Defiance Crossing Lease Purchase Housing
Defiance Crossing Lease Purchase Housing, located in Defiance County, was awarded $581,448 in credits and plans to construct 38 single family homes. Residents will have the opportunity to purchase the homes after 15 years. Defiance County did not receive credits in the initial allocation round and was subsequently reconsidered for the Maximizing Outcomes Pool. Northwestern Ohio Community Action Commission will provide support services for the residents. Stock Development Company, LLC is the developer.
Forest Edge
Forest Edge, located in Hancock County, was awarded $561,928 in credits and plans to construct 36 single family homes. Residents will have the opportunity to purchase the homes after 15 years. Hancock County did not receive credits in the initial allocation round and was subsequently reconsidered for the Maximizing Outcomes Pool. HHWP CAC will provide support services for the residents. Woda Development of Ohio is the developer.
Washington Homes
Washington Homes, located in Akron, was awarded $812,357 in credits and plans to construct 40 single family homes. Residents will have the opportunity to purchase the homes after 15 years. The property is located in the city of Akron, which did not receive credits in the initial allocation round and was subsequently reconsidered for the Maximizing Outcomes Pool. East Akron Neighborhood Development Corp. will provide support services for the residents. NRP Group LLC is the developer.
Valleyview Phase II
Valleyview Phase II, located in Cuyahoga County, was awarded $900,857 in credits and plans to construct 87 new multifamily units. The property is also using HOPE VI financing from the U.S. Department of Housing and Urban Development. McCormack Baron Salazar, Inc. and Western Reserve Revitalization and Management Company are the general partners on the property.
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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