OHIO HOUSING FINANCE AGENCY APPROVES MORE THAN $2 MILLION FOR THREE AFFORDABLE HOUSING PROJECTS

FOR IMMEDIATE RELEASE
February 18, 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 an Affordable Housing Loan for $1 million and more than $1 million in Housing Development Assistance Program (HDAP) Loans for three housing projects in Washington Court House, Akron and Ravenna. The funds will be used to construct 106 single-family homes for low- and moderate-income Ohioans.

“This highly-successful program is expanding the opportunities for eligible low- and moderate-income Ohioans to get into affordable housing,” said Johnson. “I encourage more developers to seek assistance to construct or rehabilitate affordable housing, to meet the demand throughout the state.”

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. Funds are provided through Ohio’s unclaimed funds program and OHFA Development loan reserves.

The HDAP is a financing program designed to provide limited monies to fill a funding gap in affordable housing project development. The program is funded with a combination of federal HOME and state Ohio Housing Trust Fund dollars. Awards are made for additional financing for housing credit projects and financing awarded for non-housing credit rental, preservation and homeownership development. Targeting for rental projects is for households at or below 50 percent of the Area Median Gross Income (AMGI) and for homeownership projects is at or below 80 percent of the AMGI.

The following projects receiving funding are:

Zachary’s Crossing, located in the City of Washington Court House (Fayette County), will receive a $1 million Equity Bridge Loan, at a 2 percent rate over a 10-year term, to construct 40 single-family homes. Fourteen units will be available at or below 50 percent of the AMGI while 26 homes will be available at 52 percent of the AMGI. The project will offer one-and two-story homes in 10 different floor plans. Each home will offer a range, refrigerator, garbage disposal, carpeting, central air conditioning, garages and a washer/dryer hookup as well as on-site management and a community room. Residents will have the opportunity to purchase their home at the end of the 15-year compliance period. The CAC of Fayette County will provide or facilitate a comprehensive homebuyer counseling program. The developer of the more the $5.5 million dollar project is Woda Development of Ohio L.L.C.

EANDC Homes, located in the City of Akron (Summit County), will receive a $450,000 HDAP loan, at a 2 percent rate over a 30-year term, to construct 36 single-family homes. The rental project will be built on in-fill lots and will offer all houses affordable at 46 percent of the AMGI. Eight of the houses will be set-aside for mobility and/or sensory impaired households. Each house will consist with central air conditioning, a refrigerator, stove, dishwasher and washer/dryer hook-up. Design features include two story-floor plans with full basements and ranch-style homes. All units will have either a one- or two-car attached garage. Residents will have the opportunity to purchase their home at the end of the 15-year compliance period. EANDC will conduct homeownership training for anyone interested in purchasing his or her home at the end of the 15-year compliance period. The developer of the more than $5.7 million project is NRP Holdings LLC.

Portage Housing III, located in the City of Ravenna, Ravenna Township, and the Village of Windham (Portage County) will receive a $560,000 HDAP loan, at a 2 percent rate over a 30-year term, to construct 30 single-family rental homes. All of the homes will be affordable to households at 48 percent of the AMGI. Six of the units will be set-aside for households with members affected by mobility and/or sensory impairments. Once complete, the project will offer one-and two-story style homes. Amenities in each home will include a range, refrigerator, waste disposal, central air-conditioning, washer/dryer hookup, basement, and a one- or two-car attached garage. At the end of the 15-year housing credit compliance period, qualifying residents will be offered the opportunity to purchase their home. Neighborhood Development Services Inc. will provide supportive services and a service coordinator for the residents of this community. The developer of this more than $4.1 million project is the Community and Economic Development Organization.

The Ohio Housing Finance Agency (OHFA) offers affordable housing opportunities for Ohioans, from rental assistance to homeownership. OHFA also provides access to financial resources for the development and management of safe, sanitary and affordable housing. The Agency's programs serve first-time homebuyers, renters, senior citizens and other populations with special needs who otherwise might not be able to afford quality housing. Controlled by a board appointed by the Governor, OHFA is a division of the Ohio Department of Development (ODOD). OHFA administers its programs through five offices: Finance; Administration; Homeownership Programs; Planning, Preservation and Development; and Housing Management. The Agency's continued success is a result of the solid partnerships it has established with investment banking firms, developers, private investors, lenders, Realtors, nonprofit organizations and homebuyers.