April 2016 Press Release

  • April 2016 Press Release

FOR IMMEDIATE RELEASE

Wednesday, April 20, 2016
Media Contact:  Molly Moses
Email: mmoses@ohiohome.org
Phone: 614.728.2911


OHFA Board Approves Resolution to Rehabilitate 500 Units of Affordable Family Housing in the Dayton Area

COLUMBUS – At its April 20, 2016, Board Meeting, the Ohio Housing Finance Agency (OHFA) Board approved up to $18 million in funds to rehabilitate 500 units of affordable housing families located in Dayton. The development went through a Mark to Market Restructuring in 2011 which resulted in a new 20-year Housing Assistance Payments (HAP) Contract and approximately $7.0 million in renovations, including HVAC, electrical system and plumbing upgrades, in addition to exterior work. The Ohio Housing Finance Agency held a public hearing on February 3 concerning issuance by OHFA of multifamily housing bonds for the purpose of financing the acquisition, rehabilitation and equipping of the aforementioned multifamily residential development. No comments opposing the project were received at that time.

The Board approved up to $25.7 million for affordable housing initiatives throughout the state of Ohio, including:

  • Up to $18 million through the Multifamily Bond Program. Proceeds from the issuance of federal tax-exempt bonds provide low-interest financing for affordable rental housing developments.
  • More than $4.2 million through the Housing Development Assistance Program (HDAP) to provide flexible, low-interest financing for affordable housing developments across the state. Funding for HDAP comes from the Ohio Housing Trust Fund (OHTF) and the federal HOME program.
  • More than $3.5 million through the Housing Development Loan (HDL) program. The HDL provides financial assistance for the development and rehabilitation of affordable housing through unclaimed funds from the Ohio Department of Commerce.

Developments receiving funding include:

Northland Village Apartments, Dayton, Montgomery County, for the acquisition and renovation of 79 two-story buildings and four three-story buildings for families. The additional scope of work will complete the renovations. The property will receive new roofs, new vinyl siding and shutters, gutters and downspouts, new entrance canopies, new entrance doors, locks, new interior door knobs, new cabinets and countertops, new range hoods and new refrigerators.

Multifamily Bonds: Up to $18 million
Developer: Knoxville Northland Developers, LLC

Portage Trail Village, Cuyahoga Falls, Summit County, for the acquisition and rehabilitation of 112 units of senior housing. Twelve units will be affordable to and occupied by households at or below 35% AMGI, 34 units will at or below 50% AMGI, and 66 units will be at or below 60% AMGI.

HDAP: $1,000,000
HDAP Source: OHTF
Developer: National Church Residences

SEM Manor, Anderson Township, Hamilton County, for the acquisition and rehabilitation of one three-story building for seniors. Fifteen units will be affordable to and occupied by households at or below 35% of the AMGI, 43 units will be affordable to and occupied by households at or below 50% of the AMGI, and the remaining 82 units will be at 60% of the AMGI.

HDAP: $1,000,000
HDAP Source: OHTF
HDL: $2 million
Developer: Sieber Construction

Vansant Commons, Piketon, Pike County, for the rehabilitation of two separate properties: Vansant Commons Apartments with 50 units and Moore Meadow Apartments with 47 units. Six units will be affordable to households at or below 30% AMGI, 31 units will be affordable to households at or below 50% AMGI and 60 units will be affordable to households at or below 60% AMGI.

HDAP: $1 million
HDAP Source: OHTF
HDL: $1.5 million
Developer: Pike Metropolitan Housing Authority

Wayne Hills, Portsmouth, Scioto County, for the rehabilitation of 27 buildings with 243 units of public housing for families. Wayne Hills is the first public housing established by the Portsmouth Metropolitan Housing Authority Administration. Thirteen units will be affordable to and occupied by households at or below 35% AMGI, 86 units at 50% AMGI and 144 units at 60% AMGI.

HDAP: $1.2 million
HDAP Source: OHTF
Developer: PIRHL Developers


For more information regarding Multifamily Bonds or other affordable housing programs, please contact OHFA at 888-362-6432.


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About the Ohio Housing Finance Agency
OHFA is a self-supporting quasi-public agency governed by an eleven member board. The Agency uses federal and state resources to provide housing opportunities for families and individuals through programs designed to develop, preserve and sustain affordable housing throughout the state of Ohio.