FOR IMMEDIATE RELEASE
Wednesday, July 17, 2024
Media Contact: Penny Martin
Phone: 614.728.2911
Email: pmartin@ohiohome.org
OHFA Board Approves Financing for Seven Housing Developments
COLUMBUS, OH - Today, the Ohio Housing Finance Agency (OHFA) Board approved financing from various programs for seven housing developments. Six of the developments will create or preserve affordable rental housing units throughout the state. One development will receive funding from the new Single Family Tax Credit Program to construct new single-family workforce housing.
Developments that received Board approval for funding are:
Northeast
Cedar Redevelopment IV: Co-developers Pennrose and Cleveland MHA received authorization to issue up to $12 million in Multifamily Housing Bonds. This development was previously approved for Housing Development Assistance Program and Housing Development Loan funding in September 2023. The Development will construct 50 units for families in Cleveland (Cuyahoga County).
Nelson Court Rehabilitation Phase II: Emerald Development & Economic Network, Inc., received approval for $487,000 in Housing Development Assistance Program funds. The development will rehabilitate four units and construct one new unit for individuals and families facing homelessness, mental illness and/or substance use disorders, and other barriers to housing stability in Lakewood (Cuyahoga County).
Wickliffe Senior Housing: Co-developers Sunset Development & Investment, LLC and Stock Development Co., LLC, received approval for a $1.75 million Housing Development Loan. The development will construct 54 new units for older Ohioans in Wickliffe (Lake County).
Northwest
The Grand & The Glen: Co-developers Pivotal Development LLC and Pathway, Inc., received authorization to issue up to $15 million in Multifamily Housing Bonds. This development received approval for a Housing Development Loan and Ohio Low-Income Housing Tax Credits in June 2024. The development will construct 70 new units for families in Toledo (Lucas County).
Southeast
PC Plumly Townhomes: Co-developers Provident Management, Inc., and PLAT Communities, LLC., received approval for a $2 million Housing Development Loan and $3 million in Housing Development Assistance Program funds. The development will rehabilitate 31 units for families in Barnesville (Belmont County).
Southwest
Kinship Family Housing: Co-developers Model Property Development, LLC., and Dayton Children's Hospital received approval for a $2 million Housing Development Loan and authorization to issue up to $8 million in Multifamily Housing Bonds. The development will construct 26 units for families in Dayton (Montgomery County).
The Board also approved one project for funding from the new Single Family Tax Credit Program, which will help develop additional single-family housing across the state.
Avondale Development Corporation received approval for $241,035 in Single Family Tax Credits for the Bogart-Glenwood Townhomes project. This development includes 12 newly constructed, townhomes in the Avondale neighborhood in Cincinnati (Hamilton County). For more information on programs offered by the Ohio Housing Finance Agency, visit ohiohome.org.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.