News Release 
| FOR IMMEDIATE RELEASE Tuesday, July 6, 2010 |
Media Contact: Arlyne Alston Email: aalston@ohiohome.org Phone: 614.387.2863 |
OHFA CLOSES SECOND MULTIFAMILY BOND TRANSACTION UNDER OBAMA ADMINISTRATION'S TREASURY/GSE HFA INITIATIVE
$5.9 M in Tax Exempt Bonds Issued On Behalf Of LPA Associates Limited Partnership
COLUMBUS – The Ohio Housing Finance Agency (OHFA) recently issued $5.9 million of tax exempt bonds on behalf of LPA Associates Limited Partnership. The proceeds of the bonds will be used to finance the acquisition and rehabilitation of a multifamily residential rental facility in Cleveland, Ohio.
"OHFA's issuance of these bonds will allow LPA Associates to provide needed improvements to this property and maintain safe, quality and affordable housing for low-to moderate-income renters for many years," said Doug Garver, OHFA Executive Director.
This property is OHFA's second multifamily bond transaction under the Treasury/Government Sponsored Enterprise (GSE) HFA Initiative announced October 19, 2009. OHFA was awarded $27 million for multifamily housing in the state as a result of the Obama Administration's comprehensive plan to stabilize the U.S. housing market.
The Livingston Park Apartments project will preserve a 195 unit development located in Cleveland, consisting of one-and two-bedroom apartments. Renovations will include new roofs, windows, boilers, air conditioning, and security features such as fencing and camera monitoring systems. Additionally, each individual apartment will include interior upgrades.
OHFA utilizes federal and state resources to provide housing opportunities for families and individuals through programs designed to create, preserve, and manage affordable housing throughout the State of Ohio. The Agency is a self-supporting quasi-public agency governed by an eleven-member board, nine of whom are appointed by the Governor and confirmed by the Senate. Two additional seats on the board, by statute, are reserved for the Director of Development and the Director of Commerce, or their designees, and both serve as ex officio voting members.
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