OHIO HOUSING FINANCE AGENCY APPROVES MORE THAN $4.1 MILLION FOR SEVEN AFFORDABLE HOUSING PROJECTS THROUGHOUT OHIO

FOR IMMEDIATE RELEASE
March 17, 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 more than $ 2.1 million in Housing Development Assistance Program (HDAP) Loans for five housing projects in Alliance, Mansfield, Lima, and Toledo and $2 million in Affordable Housing Loans for two housing projects in Ashtabula and Wintersville. The funds will be used to construct 241 single-family rental homes and 66 apartment units for low- and moderate-income Ohioans.

“This funding opens up affordable housing opportunities for hundreds of low- and moderate-income Ohioans and their families,” said Johnson. “It’s critical that we continue to provide financial assistance to meet the demand for affordable housing in communities throughout Ohio.”

The HDAP and the Affordable Housing Loan Program provides financial assistance to developers to help assist them in rehabilitating and developing affordable housing for low- and moderate-income Ohioans. Funding is available through federal and state dollars.

The following projects receiving funding are:

Alliance Homes II, located in the City of Alliance (Stark County), will receive a $450,000 HDAP Loan, at a 2 percent rate over a 30-year term, to construct 40 single-family rental homes. This scattered-site housing credit project will offer 24 units affordable to households at 52 percent of the AMGI and 16 units at 50 percent of the AMGI. Eight of the units will be set-aside for households with a mobility and/or sensory impaired family member. Rental homes will be offered for sale to qualifying residents at the end of the 15-year housing credit compliance period. Houses in this project will include ranch or two-story floor plans, attached one-car garages, and unfinished basements. Each house will also include a refrigerator, stove, dishwasher, central air-conditioning and washer/dryer hook-ups. Homeownership counseling and training will be provided by Rural
Opportunities Housing Corporation of Ohio (ROHCO) to any resident interested in purchasing their rental house at the end of the 15-year compliance period. ROHCO will also provide a minimum of $500 from unused
operating and replacement reserves to assist residents in the purchase of their house. Charter One Bank will provide comprehensive financial training to include credit counseling and establishing long-term goals. ROHCO will also provide a service coordinator for residents. The developer of this more than $6.3 million project is NRP Holdings LLC.

Mansfield Homes VI, located in the City of Mansfield (Richland County), will receive a $450,000 HDAP Loan, at a 2 percent rate over a 30-year term, to construct 40 single-family rental homes.

Ten of the units will be affordable to households at or below 49 percent of the AMGI. The remaining 30 units will be affordable to households at or below 50 percent of the AMGI. Eight of the rental homes will be targeted towards households with a mobility and/or sensory impairment. Rental homes will be offered for sale to qualifying residents at the end of the 15-year housing credit compliance period. Houses will either have three or four bedrooms, 1.5 or two baths, a range, refrigerator, dishwasher, carpet, basement, washer/dryer hook-ups and central air-conditioning. Eight of the homes will be ranch-style and will meet all ADA requirements to accommodate the special needs population. Central City Economic Development, Inc. will provide the supportive services for the project, and they will provide the service coordinator. The individual will link residents with home- and community based service providers. A homeownership program will also be provided to residents. The developer of the more than $6.2 million project is NRP Holdings LLC.

New Lima Homes, located in the City of Lima (Allen County), will receive a $450,000 HDAP Loan, at a 2 percent rate over a 30-year term, to construct 70 single-family rental homes. Twenty-five of the units will be affordable to households at or below 50 percent of the AMGI, 42 of the units will be affordable to households at or below 51 percent of the AMGI, and the remaining three units will be affordable to households at or below 44 percent of the AMGI. Six of the homes will meet all ADA requirements to accommodate the special needs population. Rental homes will be offered for sale to qualifying residents at the end of the 15-year housing credit compliance period. Houses will have four bedrooms, 2.5 baths, a fully-equipped kitchen, wall-to-wall carpet, basement, washer/dryer hook-ups, and one-car garages. Ten of the homes will be ranch-style. The Allen County Board of Mental Retardation and Developmental Disabilities will provide the supportive services to residents for the special-needs population. There is a local case management and community support services system that is already in place, therefore no service coordinator will be needed. The Lima/Allen Council on Community Affairs will provide the homeownership-counseling program. The developer of the more than $11.2 million project is MV Communities Ltd.

Oakwood Homes III, located in the City of Toledo (Lucas County), will receive a $360,000 HDAP Loan, at a 2 percent rate over a 30-year term, to rehabilitate one single-family home and construct 15 single-family rental homes. All of the homes will be affordable to households at 41 percent of the AMGI. Ten percent of the homes will be set-aside for households that include a member with severe and persistent mental illness. Rental homes will be offered for sale to qualifying residents at the end of the 15-year housing credit compliance period. All homes will be two-story, and include amenities, such as a range, refrigerator, dishwasher, waste disposal, central air-conditioning, washer/dryer hook-up, security system and a garage. Fifty percent of the homes will include a basement. Catholic Charities Diocese of Toledo will provide supportive services and a service coordinator for the project. Lucas County Mental Health Board supports the project and has committed to provide services to individuals with severe and persistent mental illness. The developer of the more than $2.3
million project is Toledo Central City Neighborhoods CDC.

Oakwood Homes IV, located in the City of Toledo (Lucas County), will receive a $450,000 HDAP Loan, at a 2 percent rate over a 30-year term, to construct 35 single-family rental homes. All of the homes will be affordable to households at 41 percent of the AMGI. Ten percent of the homes will be set-aside for households that include a member with severe and persistent mental illness. Rental homes will be offered for sale to qualifying residents at the end of the 15-year housing credit compliance period. All homes will be one or two-story, and include amenities, such as a range, refrigerator, dishwasher, waste disposal, central air-conditioning, washer/dryer hook-up, security system and a garage. Fifty percent of the homes will include a basement.

Catholic Charities Diocese of Toledo will provide supportive services and a service coordinator for the project. Lucas County Mental Health Board supports the project and has committed to provide services to individuals with severe and persistent mental illness. The developer of the more than $5.3 million project is Toledo Central City Neighborhoods CDC.

Ashtabula Homes II, located in the City of Ashtabula (Ashtabula County), will receive a $1 million Equity Bridge Loan, at a 2 percent rate over a 10-year term, to construct 40 single-family rental homes. This housing credit rental project will offer 30 units at 48 percent of AMGI, and the remaining 10 at 46 percent of the AMGI. Eight of the units will be set-aside for mobility and/or sensory impaired households. Rental homes will be offered for sale to qualifying residents at the end of the 15-year housing credit compliance period. All homes will include a refrigerator, stove, dishwasher, central air conditioning, washer/dryer hook-ups and attached garages. Floor plans include one- and two-story designs, and all two-story units will include basements. Neighborhood Development Services Inc. will provide a supportive services coordinator. Community Economic Development Corporation will provide homeownership training to any resident interested in purchasing rental house at the end of 15-year compliance period. Huntington Bank will also provide credit counseling and help to assist residents in pursuit of homeownership. The developer of the more than $6.6 million project is NRP Holdings LLC.

Meridian Greene, located in the City of Wintersville (Jefferson County), will receive a $1 million Equity Bridge Loan, at a 2 percent rate over a 10-year term, to construct a 66 rental housing units for households 55 years of age and older. Fifteen of the units will be affordable to households at 52 percent of the AMGI, 43 units at 47 percent of the AMGI, and eight units at 42 percent of the AMGI. The project consists of five separate buildings. The largest building will consist of 50 units, a 770 square foot community room/activity center, dining room, elevator, a common laundry, extra storage spaces, and an on-site rental office. Four other buildings will house the remaining 16 units, all of which will be ground level, garden-style apartments. All of the units will feature a range, refrigerator, central air, mini-blinds and washer/dryer hook-ups. Jefferson County CAC will provide a service coordinator for 20 hours a month. The Area Agency of Aging-Region 9 will assist the coordinator. The developer of this more than $6.7 million project is Woda Development of Ohio, LLC.

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 fiver 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.