News Release 
| FOR IMMEDIATE RELEASE April 17, 2007 |
Media Contact: Erin Biehl, ebiehl@ohiohome.org Phone: 614.387.2863 |
TESTIMONY IN U.S. HOUSE OF REPRESENTATIVES FOCUSES ON POSSIBLE FORECLOSURE CRISIS SOLUTIONS
The Ohio Housing Finance Agency's Doug Garver testifies on Ohio's escalating housing crisis
WASHINGTON D.C. — Today, Doug Garver, the executive director of the Ohio Housing Finance Agency (OHFA), joined a panel of housing industry professionals to address the issue of escalating mortgage foreclosures throughout the nation.
“We could be a piece of the solution and prevent many Ohio families from the turmoil that foreclosure brings,” said Doug Garver.
OHFA introduced the Opportunity Loan Refinance Program on April 2, 2007, to make 30-year, fixed-rate financing available. The program is modeled after the Agency's successful First-Time Homebuyer Program and will be funded by the issuance of taxable mortgage revenue bonds. The size of the bond issues will be determined by demand.
In his testimony, Garver said that the efforts of the Agency are “complemented by the newly-created Governor's Foreclosure Prevention Task Force.” This 25-member task force is made up of various stakeholders from federal, state and local governments, the lender community, and public advocacy groups. The task force plans to recommend additional options to address Ohio's home foreclosure crisis within the upcoming months.
In addition to Garver, the hearing panel consisted of David Berenbaum, Executive Vice President, National Community Reinvestment Coalition; Janis Bowdler, Senior Policy Analyst, National Council of La Raza; The Honorable John H. Dalton, President, Housing Policy Council, The Financial Services Roundtable; Michael Decker, Senior Managing Director, Research and Public Policy, Securities Industry and Financial Markets Association; and Kenneth D. Wade, CEO, NeighborWorks America.
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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