FOR IMMEDIATE RELEASE
Wednesday, October 19, 2022
Media Contact: Penny Martin
Ohio Housing Finance Agency Pilot Program to Build Affordable Housing in the City of Zanesville
COLUMBUS, OH - Today, the Ohio Housing Finance Agency (OHFA) Board approved $1.8 million for a pilot program that will build affordable, single-family homes in the city of Zanesville. Working with Zanesville Mayor Don Mason, the Zanesville Community Improvement Corporation (CIC), the Muskingum Economic Opportunity Action Group (MEOAG), The Community Bank and Park National Bank, the pilot program will build 10 single family homes (1,788 square feet) with an estimated cost of $175,500 per home.
"This new pilot project in Zanesville will provide affordable single-family homes in Zanesville which will add to the city's housing stock, and help families with home ownership," said Governor Mike DeWine.
The OHFA Board's conditional line of credit for the project 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 of Zanesville is contributing the cost of the land, site development, and water and sewer connections for the program.
"As our state continues to win on economic development projects, regional programs like this one will be helpful for families needing affordable housing so they can put down roots and prosper right here in Ohio," said Lt. Governor Jon Husted.
Construction of the homes will begin once the Zanesville CIC completes the pre-construction activities and receives final approval for the line of credit from the OHFA Board, which is expected in March 2023. Construction of the 10 homes must be completed by August 1, 2023.
Potential homebuyers will be required to participate in OHFA homebuyer loan programs, and meet the program eligibility requirements. The program's homebuyer estimated annual income is $58,900, which will qualify them for a government or conventional OHFA first-time homebuyer loan. Homebuyers also will be required to complete homebuyer counseling, a standard requirement for OHFA homebuyers. MEOAG will provide the homebuyer counseling and will work with the potential homebuyer to secure their home loan with one of the two participating lenders, Community Bank or Park National Bank. All homebuyers will be required to take ownership of their homes no later than August 15, 2023.
"This pilot program brings together state and local resources, nonprofit organizations and the private sector to create an innovative solution to address the need for affordable housing," said Shawn Smith, Executive Director of the Ohio Housing Finance Agency. "Housing and economic development go hand-in-hand. It's our desire that for every job that is created in Ohio, the Ohioan in that job has an affordable place to call home."
The city of Zanesville was selected for the pilot program based on the projected need of affordable, single-family homes, as well as city's commitment to provide vacant lots and needed infrastructure. According to Realtor.com the median listing home price in Zanesville was $189,900 with a median sale price of $182,000. The city's 2019 Housing Needs Assessment projected growth among households earning between $50,000 and $75,000 annually. Growth in these income levels will exceed the supply of affordable homes in the area.
The Ohio Housing Finance Agency is an Equal Opportunity Housing entity. Loans are available on a fair and equal basis regardless of race, color, religion, sex, familial status, national origin, military status, disability or ancestry. Please visit www.ohiohome.org for more information.