News Release 
| FOR IMMEDIATE RELEASE Thursday, September 29, 2011 |
Media Contact: Arlyne Alston Email: aalston@ohiohome.org Phone: 614.387.2863 |
OHFA Board Approves More Than $5.5 Million for Affordable Housing Developments Across the State
COLUMBUS — The Ohio Housing Finance Agency (OHFA) Board today approved more than $1.7 million through the Housing Development Assistance Program (HDAP) to provide flexible, low-interest financing for affordable housing developments. Funding for HDAP comes from the federal HOME program and the Ohio Housing Trust Fund (OHTF).
Projects receiving funding through HDAP include:
• Haddon Hall Apartments in Cincinnati, Hamilton County – $1,500,000 in HDAP
Haddon Hall Apartments involves the acquisition and rehabilitation of a historic four-story building for seniors located in Cincinnati, Hamilton County. The 114-unit development was originally constructed in 1910 as a high-end apartment complex. In 1982, the building underwent a substantial rehabilitation and was converted to senior housing. Rehabilitation for each unit will include replacement of carpet and vinyl flooring, all cabinets and countertops, replacement of tubs and showers in bathrooms as well as installation of blocking and grab bars.
• Saint Luke's Manor Phase II in Cleveland, Cuyahoga County – $210,812 in HDAP
Saint Luke's Manor Phase II is the second phase of the historic renovation of the former Saint Luke's Hospital located in Cleveland, Cuyahoga County. The first phase of the project is currently undergoing the construction of 72 units of senior housing. Phase II involves the construction of 65 units as well as a 55-car parking lot to the west of the building. Units will have access to amenities including a computer lab, supportive service space and fitness room.
The Board also approved $165,000 through the Housing Investment Fund (HIF), to provide bridge funding for Opportunity House located in Garfield Heights, Cuyahoga County. The 13-unit property is for unaccompanied homeless disabled male youth aging out of foster care, unaccompanied former foster care male youth under age 24 who are chronically homeless, and other homeless and disabled males under the age of 24. Opportunity House opened in August 2010 due to an urgent unmet need to house this population. Since its opening, the property has been supported solely by private funds and donations. The HIF grant will be used to meet the operating expenses of the property for one year until additional funds are received through the local Continuum of Care. OHFA established the HIF in September 2008 to undertake housing initiatives and meet housing needs that are not met by other Agency programs.
The Board also authorized the issuance of up to $3.7 million in Multifamily Bonds for the construction of Dimmitt Woods in Batavia, Clermont County. This development will consist of a newly constructed, two-story, 40-unit building for seniors. All units will have fully equipped kitchens, central HVAC and washer/dryer hookups. Multifamily Housing Bonds are tax-exempt revenue bonds that provide financial assistance for the development and rehabilitation of affordable housing by lowering the cost of borrowing for housing developers.
In other news, the Board approved the 2012 Annual Plan, which identifies the state's housing needs, outlines the Agency’s goals and reports its progress toward addressing Ohio's critical housing issues. The final draft of the plan is available online at http://www.ohiohome.org/annualplan2012draft.pdf.
For further information regarding the properties awarded funding please contact OHFA at 888-362-6432.
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About the Ohio Housing Finance Agency
OHFA is a self-supporting quasi-public agency governed by an eleven-member board. The Agency uses federal and state resources to provide housing opportunities for families and individuals through programs designed to develop, preserve and sustain affordable housing throughout the State of Ohio. OHFA is also an active partner in the interagency team which coordinates the Save the Dream Ohio initiative designed to stop preventable foreclosures.
