housing investment fund 
The Ohio Housing Finance Agency (OHFA) is pleased to announce the availability of funding through the Housing Investment Fund. The deadline for submitting letters of intent is 5 p.m. February 22, 2010. Further information regarding the letter of intent requirements is provided in the Housing Investment Fund Notice of Funding Availability (NOFA).
Applicants should check this page often for additional program updates, clarification notices, and lists of applicants and recipients.
Introduction
In September 2008, OHFA established the Housing Investment Fund (HIF), a fund to undertake housing initiatives and meet housing needs that are not met by other programs of the Agency. All activities sponsored by the HIF must be consistent with the OHFA Annual Plan. OHFA set the initial balance of the HIF at $8 million. OHFA reserves the right to discontinue the HIF should annual funding not be authorized by its board or not to allocate the entire balance of the fund if proposals of sufficient quality are not received. Approximately $4 million is available in the current funding cycle.
Eligibility Requirements
Eligible funding recipients include for-profit and nonprofit organizations, public housing authorities, and local governments.
Eligible uses of the fund include:
- Acquisition, holding, and disposition of residential real estate for affordable housing or comprehensive community development purpose
- Pre-development, construction, and/or permanent financing for rental or for-sale property development
- Capitalized operating subsidy for affordable rental housing
- Operating and/or match funds for Individual Development Accounts that are linked to homeownership projects in which OHFA is a partner
- Homeowner loans for refinance, new purchase, or renovation that are part of a comprehensive community redevelopment project and are offered through participating lenders or nonprofit partners
- Planning grants for comprehensive community redevelopment
- Demonstration projects for innovative approaches to homebuyer education and counseling to achieve or maintain homeownership (Funds will not be awarded to fund ongoing housing counseling programs)
- Matching funds for federal or private foundation housing grants or loans
- Other activities or projects that address an urgent affordable housing need
Minimum Funding Requirements
All proposals must meet the following minimum requirements:
- Activities and projects must primarily benefit households with incomes at or below 120% of the Area Median Gross Income (AMGI) for the appropriate county and household size. Reasonable affordability and compliance periods will be required.
- Proposals must be for housing needs and/or populations not addressed by other OHFA programs. For example, a request for additional gap financing for a new housing tax credit development or a project under development would not be eligible.
- All applicants must currently be in good standing with all OHFA programs.
Application Process
To be considered for funding, applicants must submit a Letter of Intent to the Agency by 5 p.m. February 22, 2010. OHFA staff will contact representatives for those proposals that rank highly after the initial screening process. At that time, applicants may be asked for additional information and documentation to support their proposal. Further information regarding the letter of intent requirements is provided in the Housing Investment Fund Notice of Funding Availability (NOFA).
