OHIO HOUSING FINANCE AGENCY APPROVES $700,000 FOR TWO AFFORDABLE HOUSING PROJECTS

FOR IMMEDIATE RELEASE
January 22, 2004

Columbus, OH -- State Development Director Bruce Johnson today announced that the Ohio Housing Finance Agency (OHFA), within the Ohio Department of Development (ODOD), approved $700,000 in Housing Development Assistance Program (HDAP) Loans for two housing projects in Dayton and Youngstown. The funds will be used to construct 100 single-family homes for low- and moderate-income Ohioans.

“I am encouraged by efforts being made to provide more housing to eligible low- and moderate-income Ohioans,” said Johnson. “Providing this financial assistance also will hopefully encourage more developers to construct and rehabilitate affordable housing throughout the state where it’s most needed.”

The following projects receiving funding are:

Dayton Homes II, located in the City of Dayton (Montgomery County), will receive a $250,000 HDAP loan, at a 2 percent interest rate at a 30-year term, to construct 60 single-family rental homes. All of the units will be affordable at 41 percent of the Area Median Gross Income (AMGI). Twelve of the homes will be set-aside for households with mobility and/or sensory impairments. At the end of the 15-year housing credit compliance period, qualifying residents will be offered the opportunity to purchase their home. The sites are located near essential residential services. Once complete, the ranch and two-story style homes will be offered in three different floor plans. The amenities in each home will include a range, refrigerator, dishwasher, central air-conditioning, washer/dryer hook-up, one-car garage and basement. The developer of the more than $9 million project is NRP Holdings LLC. Ecumenical Neighborhood Development Corp. (ENDC) and the Access Center for Independent Living, Inc. will provide supportive services for the special needs population.

Youngstown Jubilee Homes V, located in the City of Youngstown (Mahoning County), will receive a $450,000 HDAP loan, at a 2 percent interest rate at a 30-year term, to construct 40 single-family homes. This scattered-site housing credit project will offer 18 units affordable to households at 58 percent of the AMGI, six at 53 percent of the AMGI and the remaining 16 at 50 percent of the AMGI. Eight units will be set-aside for households with a mobility and/or sensory impaired family member. The rental houses will be offered for sale to qualifying residents at the end of the 15-year housing credit compliance period. Houses in this project will come equipped with a refrigerator, stove, dishwasher, garbage disposal, central air-conditioning, washer/dryer hook-ups and a one-car garage. The four-bedroom units will have unfinished basements. Tenants will be responsible for all utility expenses. Each house will be built on quarter acre infill lots centrally located in close proximity of downtown Youngstown. All essential public services, such as police, fire, medical facilities, and public transportation are available. The developer of the more than $6 million project is NRP Holdings LLC. C.H.O.I.C.E, Inc. will provide homeownership counseling and training to any resident interested in purchasing
their rental house at the end of the 15-year compliance period. In addition, C.H.O.I.C.E will provide a minimum of $500 from unused operating and replacement reserves to assist residents in the purchase of their house. Support services for the special needs population will be provided by C.H.O.I.C.E.

OHFA’s Affordable Housing Loan Program provides Equity Bridge and Construction Deposit Loan financing. The Program is used to lower development costs of low- and moderate-income housing. The Seed Money Loan Program provides financing for the acquisition and predevelopment costs associated with the production of affordable housing. Funds are provided through Ohio’s unclaimed funds program and OHFA Development loan reserves. The Housing Development Assistance Program is used to fill financing gaps and allows developers to provide lower rents. Funds are provided through the federal HOME Investments Partnerships program. The Multifamily Bond Program provides lower-cost debt financing for the acquisition, construction or rehabilitation of affordable housing.