OHIO HOUSING FINANCE AGENCY APPROVES $5.55 MILLION FOR FOUR AFFORDABLE HOUSING PROJECTS

FOR IMMEDIATE RELEASE
April 20, 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 $550,000 in Housing Development Assistance Program (HDAP) Loans, $1 million in Construction Deposit Loans and $4 million in Equity Bridge Loans for four housing projects in Ohio. The funds will be used to rehabilitate or construct 145 units of multifamily rental housing and 33 single-family homes for low- and moderate-income Ohioans.

“This funding opens up many affordable housing opportunities for hundreds of low- and moderate-income Ohioans and their families around the state,” said Johnson, who also serves as Director of the ODOD. “It’s important that we continue to provide financial assistance 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:

Emeritus House, Cleveland (Cuyahoga County) – PWA Emeritus House LLC will receive a $1 million Equity Bridge Loan at a 2 percent rate over a 10-year term to rehabilitate 49 units of rental housing located at 4450 Cedar Avenue in Cleveland. All of the units will be affordable to those at 48 percent of the Area Median Gross Income (AMGI). The project will target those 55 years of age and older. Amenities will include new kitchen cabinets, appliances, HVAC, windows, carpet and an intercom system. The property also includes a day center, meeting room, kitchen, cafeteria, computer lab, management office, laundry facilities, gymnasium and fitness center. The project will offer an on-site manager and social service coordinator. Phillis Wheately Association, the developer of this more than $6.4 million project, will provide supportive services for residents of the property.

Fox Run, Greenville (Darke County) – Greenville Housing Partners, Ltd. will receive a $1 million Equity Bridge Loan at a 2 percent rate over a 30-year term to construct 60 units of rental housing to be located at Benden and Kitchenaid Way in Greenville. Twenty-one of the units will be affordable to households at or below 50 percent of the AMGI and 39 units will be affordable to households at or below 56 percent of the AMGI. All units will be occupied by households with a member age 55 or older. Unit amenities will include a range, refrigerator, waste disposal, window coverings, ceiling fans, air conditioning, utility room, one-car attached garage, and extra storage. The project will have an on-site rental/management office, garden area, community room and computer-learning center. Community Action Partnership, the developer of this more than $6.5 million project, will provide supportive services and a service coordinator to residents of the property.

Riverview Bluffs, New Richmond (Clermont County) – Central City Economic Development Council will receive a $550,000 HDAP Loan at a 2 percent rate over a 40-year term and Riverview Bluffs Associates, L.P. will receive a $1 million Equity Bridge Loan at a 2 percent rate over a 10-year term to construct 36 units of rental housing to be located at Old U.S. Route 52 and River Valley Boulevard in New Richmond. Eight of the units will be affordable to households at 40 percent of the AMGI, 27 units affordable to households at 42 percent AMGI and one unit affordable to households at 44 percent AMGI. The project will be restricted to a special needs population of persons age 55 and over. Unit amenities will include air conditioning, range, refrigerator, washer/dryer hook-ups, dishwasher and disposals. The project will also provide such amenities as on-site laundry, storage, a computer center and community space. Clermont Senior Services, Inc. will provide services for the special needs population. The developer of this more than $4.2 million project is MV Communities, Ltd.

Sunlight Homes, Dayton (Montgomery County) – Sunlight Homes LLC will receive a $1 million Construction Deposit Loan and a $ 1 million Equity Bridge Loan at a 2 percent rate over a nine-year term to construct 33 lease-purchase single family homes to be located at an area bounded by Oakridge Drive, Hoover, Sunlight and Whitmore Avenues in Dayton. The four-bedroom homes will be available for purchase at the end of the 15-year compliance period. All of the homes will be affordable to households at 44 percent of the AMGI. Ten percent of the homes will be reserved for households with a developmentally disabled member. The homes will feature garages, fully-equipped kitchens, wall-to-wall carpeting, washer and dryer hook-ups, central air-conditioning and energy-efficient appliances The Montgomery County MR/DD will provide services to the special needs population of developmentally-disabled households. The developer of this more than $5.4 million project is MV Communities Ltd.

The Ohio Housing Finance Agency (OHFA) offers affordable housing opportunities for Ohioans, from rental assistance to homeownership. OHFA provides access to financial resources for the development and management of affordable, safe and sanitary housing. The Agency’s programs serve first-time homebuyers, renters, senior citizens and other populations who otherwise might not be able to afford quality housing with special needs. Controlled by a board appointed by the Governor, OHFA is a division of the Ohio Department of Development (ODOD.