OHIO HOUSING FINANCE AGENCY APPROVES $3.45 MILLION FOR THREE AFFORDABLE HOUSING PROJECTS

FOR IMMEDIATE RELEASE
March 16, 2005

Columbus, OH -- Lieutenant Governor Bruce Johnson today announced that the Ohio Housing Finance Agency (OHFA), a division of the Ohio Department of Development (ODOD), approved more than $1.35 million in Housing Development Assistance Program (HDAP) Loans, $2 million in Equity Bridge Loans, and a $100,000 Seed Money Loan for three housing projects in Ohio. The funds will be used to construct 130 units of multifamily rental housing for low- and moderate-income Ohioans.

“The State’s assistance will provide low- and moderate-income Ohioans and their families quality, affordable housing that they otherwise may not have access to,” said Johnson, who also serves as director of the ODOD. “It’s critical that we continue to provide financial resources to meet the demand for affordable housing in communities throughout Ohio.”

The Housing Development Assistance Program provides financial assistance to developers, helping them in rehabilitating and developing affordable housing for low- and moderate-income Ohioans. Funding for it is available through federal HOME and state Housing Trust Fund dollars. The Housing Development Loan Program provides Direct Loans, Equity Bridge Loans, Construction Deposit Loans, and Seed Money Loans to lower development costs of low- and moderate-income housing. Funds are provided through Ohio’s unclaimed funds program.

The recipients for funding are:

Gables at Countryside Lane II, Cadiz (Harrison County) – East Central Ohio Housing Network (ECOHN) will receive a $550,000 HDAP Loan at a two percent rate over a 40-year term and Gables at Countryside Lane II, LLC will receive a $1 million Equity Bridge Loan at a two percent rate over a 10-year term to construct 24 units of multifamily rental housing to be located at 600 Countryside Lane in Cadiz. Five units will be affordable to households at or below 40 percent of the Area Median Gross Income (AMGI), three units will be affordable at or below 43 percent of the AMGI, and the remaining 16 units will be affordable at or below 46 percent of the AMGI. All units will be restricted to residents 55 years of age and older. Amenities in each unit will include a range, refrigerator, dishwasher, waste disposal, laundry room with washer/dryer hookup, a one-car attached garage, and a covered front porch. Residents will have access to a community building, which will include a community room with banquet seating, a kitchen, a patio with grill and outdoor seating, a social room, laundry room and manager’s office. In addition, the project will include a computer training room and a supportive service office. ECOHN will provide the service coordinator, who will link residents to the needed services. The developers of this more than $3.1 million project are East Central Ohio Housing Network, Inc. and Woda Development LLC.

Russell’s Place, Barnesville (Belmont County) – East Central Ohio Housing Network (ECOHN) will receive a $550,000 HDAP Loan at a two percent rate over a 40-year term, a $100,000 Seed Money Loan at zero percent rate over a one-year term and a $1 million Equity Bridge Loan at a two percent rate over a 10-year term to construct 32 units of multifamily rental housing to be located on Morgantown Avenue in Barnesville. Ten of the units will be affordable to households at or below 49 percent of the AMGI, 14 units will be affordable at or below 50 percent of the AMGI, and the remaining eight units will be affordable at or below 55 percent of the AMGI. All units will be restricted to residents 55 years of age and older. Amenities in each unit will include a range, refrigerator, waste disposal, air conditioning, ceiling fans, window coverings, washer/dryer hookup and extra storage. The project will also include a community building, which will consist of a kitchen, activity room, on-site management office, computer room, lounge areas, laundry room and open recreational area. ECOHN will provide a service coordinator, who will link residents to needed services. The developer of this more than $3.6 million project is Woda Development of Ohio, LLC.

Toledo Elderly II, Toledo (Lucas County) – Neighborhood Properties Inc. will receive a $250,000 HDAP Loan at a two percent rate over a 30-year term to construct 74 units of multifamily housing to be located at 4855 Angola Road. Units will be constructed for residents 55 years and older. A minimum of four units will be reserved for households with a severe and persistent mental illness. The unit mix consists of 70 two-bedroom units and four one-bedroom units. The buildings will be clustered in one development. Sixty-nine units will be affordable to households at 48 percent AMGI, one unit to a household at 47 percent AMGI, and four units to households at 45 percent AMGI. Project amenities will include central air, new kitchen appliances, dishwasher, washer/dryer hookup, and at least 20 universal design features. The project will feature on-site management and a community room, and is near essential residential services. Neighborhood Properties, Inc. will provide supportive services. A supportive services coordinator and 24-hour crisis intervention will be provided. The developer of this more than $9.1 million project is NRP Holdings LLC.

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 ODOD. OHFA administers its programs through five offices: Administration; Finance; Homeownership Programs; Planning, Preservation and Development; and Program Compliance. 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.