OHIO HOUSING FINANCE AGENCY APPROVES $14.75 MILLION FOR LOW INCOME HOUSING PROJECT IN CINCINNATI

FOR IMMEDIATE RELEASE
April 21, 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 the issuance of $14.75 million through the Multifamily Bond Program to purchase and renovate Uptown Towers, a low-income housing project in Cincinnati (Hamilton County).

“This funding will help with the acquisition and rehabilitation of Uptown Towers and improve living standards for its tenants,” said Johnson. “It’s critical that we continue to provide financial assistance to developers so they continue acquiring and rehabilitating affordable housing for citizens throughout the state.”

Uptown Towers will receive $14.75 million from the Multifamily Bond Program, at a 5.2 percent rate over a 40-year term. The Multifamily Bond Program provides lower-cost debt financing for the acquisition, construction or rehabilitation of affordable housing. The funding will be used to purchase and renovate the 348-unit apartment project, consisting of two, seventeen-story apartment buildings with ground floor retail space and one, four-story office building. The low-income HUD project is currently 100 percent occupied. The developer of this more than $24.9 million project is Mid-City Financial Corporation.

Additionally, the OHFA Board approved guidelines for the 2004 Housing Development Loan Program (HDLP) and the Housing Development Assistance Program (HDAP). The HDLP and HDAP provide financial assistance to developers to help assist them in rehabilitating and developing affordable housing for low- and moderate-income Ohioans. Funding for the HDLP program comes from unclaimed funds and resources for the HDAP program come from federal HOME dollars and the Ohio Housing Trust Fund.

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.