OHFA 2022 Fourth Quarter Agency at a Glance
OHFA UPDATE - PAGE 2 - 2022 FOURTH QUARTER PILOT PROGRAM TO BUILD SINGLE-FAMILY HOMES IN ZANESVILLE LATINA DUFFY COMMUNICATIONS AND MARKETING SPECIALIST In October, the Ohio Housing Finance Agency (OHFA) Board approved $1.8 million for a pilot program to build affordable, single-family homes in Zanesville. Working with Mayor Don Mason, the Zanesville Community Improvement Corporation (CIC), the Muskingum Economic Opportunity Action Group (MEOAG), Community Bank, and Park National Bank, the program will build 10 single-family homes in the city of Zanesville. Each home will be approximately 1,788-square-feet and cost approximately $175,500. OHFA’s conditional line of credit will allow the Zanesville CIC to develop architecture plans, execute site preparation (environmental review), select a builder or manufactured homes retailer to construct the homes, and market the new homes to potential buyers. The city is contributing the cost of the land, site development, and water and sewer connections. Once the Zanesville CIC completes pre-construction activities and receives final approval for the OHFA line of credit, construction should begin. The goal is to start construction in March 2023 and have the homes completed by August 2023. After meeting eligibility requirements, potential homebuyers will be required to participate in OHFA homebuyer loan programs. The program’s homebuyer estimated annual income is $58,900, which qualifies for a government or conventional OHFA first-time homebuyer loan. OHFA requires homebuyers to complete MEOAG’s homebuyer counseling. MEOAG will also work with potential homebuyers to secure their home loans with one of two participating lenders, Community Bank or Park National Bank. All homebuyers must take ownership of their homes by August 15, 2023. Zanesville was selected for the pilot program based on the projected need of affordable, single-family homes as well as the city’s commitment to provide vacant lots and needed infrastructure. According to Realtor.com, Zanesville’s median listing home price is $189,900 with a median sale price of $182,000. The city’s 2019 Housing Needs Assessment projected growth among households earning $50,000–$75,000 annually, which will exceed the supply of affordable homes in the area.