FOR IMMEDIATE RELEASE
Wednesday, December 20, 2023
Media Contact: Penny Martin
Phone: 614.728.2911
Email: pmartin@ohiohome.org
OHFA Board Approves Financing for Five Developments to Create or Preserve Affordable Housing
COLUMBUS, OH - Today, the Ohio Housing Finance Agency (OHFA) Board approved financing from various programs for five housing developments to create or preserve affordable housing units throughout the state.
Developments that received approval for funding are:
NORTHEAST
Collinson Apartments: Renewal Housing Associates, LLC was approved for a $1.75 million Housing Development Loan for the rehabilitation of 100 units for older Ohioans in Akron (Summit County).
SOUTHWEST
Beechwood Villa: Orbach Affordable Housing Solutions LLC received approval for the issuance of up to $28 million in Multifamily Housing Revenue Bonds for the rehabilitation of 184 units for families in Union Township (Hamilton County).
Flats on Wolf Creek: St. Mary Development Corporation was approved for $4.5 million in Housing Development Assistance Program funds, and a $1.75 million Housing Development Loan. The project also received approval for an inducement resolution of Multifamily Housing Revenue Bonds not to exceed $10.7 million. This development will create 65 units for families in Trotwood (Montgomery County).
Franklin Commons: SP AHG Development LLC received approval for an inducement resolution of up to $15 million in Multifamily Housing Revenue Bonds for the rehabilitation of 114 units for families in Franklin (Warren County).
Geiger House for Veterans: Talbert Services, Inc. received approval for the issuance of up to $9 million in Multifamily Housing Revenue Bonds for the construction of 48 Permanent Supportive Housing units to serve veterans in Cincinnati (Hamilton County).
OHFA staff announced the results of the competitive scoring for the Bond Gap Financing program for projects that are also receiving 4% Low-Income Housing Tax Credits. OHFA uses three main resources as gap financing in the Bond Gap Financing program: the Ohio Housing Trust Fund (OHTF), National Housing Trust Fund (NHTF), and the HOME Investment Partnerships (HOME) program. While each of these resources includes program-specific requirements, OHFA determines which source(s) of funding will be reserved for all successful applications. The Board will approve each source of funding at a later date. The eight projects that received this initial reservation are:
CENTRAL
Sells Greene: $4.5 million in Bond Gap Financing was reserved for Woda Cooper Development, Inc. to develop 40 units for families in Lancaster (Fairfield County).
Terrace Gardens: $2.475 million in Bond Gap Financing was reserved for The Finch Group to rehab 99 units for older Ohioans in Newark (Licking County).
West Fork: $3.5 million in Bond Gap Financing was reserved for Kittle Property Group to develop of 216 units for families in Columbus (Franklin County).
NORTHEAST
Foster Senior Lofts: $4.5 million in Bond Gap Financing was reserved for Pivotal Development LLC to develop 46 units for older Ohioans in Elyria (Lorain County).
SOUTHEAST
PC Plumly Townhomes: $3 million in Bond Gap Financing was reserved for Provident Management, Inc. to rehab 31 units for families in Barnesville (Belmont County).
PC St. Clairsville Courtyard: $3 million in Bond Gap Financing was reserved for Provident Management, Inc. to rehab 24 units for families in St. Clairsville (Belmont County).
SOUTHWEST
Beechwood: $3 million in Bond Gap Financing was reserved for Cincinnati Metropolitan Housing Authority to rehab 146 units in Cincinnati (Hamilton County).
Center City Senior Apartments: $3.5 million in Bond Gap Financing was reserved for Model Property Development, LLC to develop 80 units for older Ohioans in Dayton (Montgomery County).
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.