GOVERNOR SIGNS BILL MAKING OHIO HOUSING FINANCE AGENCY INDEPENDENT

FOR IMMEDIATE RELEASE
February 1, 2005

Columbus, OH -- Governor Bob Taft today signed Amended Substitute House Bill (HB) 431, making the Ohio Housing Finance Agency (OHFA) an independent entity, effective July 1, 2005. Established in 1983 by the Ohio Legislature, OHFA is currently a division of the Ohio Department of Development (ODOD). HB 431 was sponsored by State Representative Michelle G. Schneider (R-Cincinnati).

“As an independent agency, OHFA will be able to better serve the changing needs of Ohioans,” said Governor Bob Taft. “OHFA will now have the opportunity to institute cost-saving measures and achieve efficiencies, allowing it to grow to better serve the long-term affordable housing needs of Ohioans.”

OHFA, working together with public and private partners, helps thousands of Ohioans become homeowners and helps create decent, affordable rental opportunities for hundreds of thousands more Ohioans.

OHFA will continue to be administered by a board of directors consisting of nine members appointed by the Governor with the advice and consent of the Ohio Senate, and the directors of the departments of Commerce and Development. With independence, the Board will be more autonomous and will not only review and approve programmatic design, but administrative policy as well. Annual financial audits will continue to be performed by the Auditor of State. Douglas Garver, former assistant director of ODOD, will continue to serve as executive director of OHFA.

With OHFA’s independence, the agency will continue to enhance many of its important programs, such as its new “My Ohio Mortgage” conventional loan product, which offers potential homebuyers a low down payment and flexible terms, and targets buyers such as teachers, police officers, firefighters and health care workers. OHFA will also continue to offer its other primary programs including: the Mortgage Revenue Bond program; the Ohio Housing Trust Fund; federal low-income housing tax credits to produce and preserve affordable rental housing; multi-family bonds and loan programs; and rental assistance for tenants through the Section 8 program. For more information, visit OHFA’s Web site at: www.HomebuyerOhio.com or call 1-888-643-2636.