FOR IMMEDIATE RELEASE
Wednesday, May 18, 2016
Media Contact: Molly Moses
OHFA Board Approves Resolution to Create New Affordable Housing in Over-the-Rhine District
COLUMBUS – At its Wednesday, May 18, 2016 meeting, the Ohio Housing Finance Agency (OHFA) Board approved $649,999 in Housing Development Assistance Program (HDAP) and $2 million in Housing Development Loan (HDL) funds, creating new affordable housing units in an area of targeted revitalization, the Over-The-Rhine (OTR) Historic District. The Cincinnati Enquirer recently reported that market-rate housing prices have risen sharply in OTR, where the average home price has risen by almost $200,000 since 2010.
Currently, there are a total of 67 residential units within the Abington Race and Pleasant development, and many will be reconfigured into larger units. Upon completion, there will be a total of 50 residential units and will include commercial space within four of the buildings. A Service Coordinator will be provided to assist families to identify and coordinate needed services.
The Board approved up to $6.74 million for affordable housing initiatives throughout the state of Ohio, including:
- More than $1.65 million through the HDAP program to provide flexible, low-interest financing for affordable housing developments across the state. Funding for HDAP comes from the Ohio Housing Trust Fund (OHTF) and the federal HOME program.
- $4 million through the HDL program. The HDL provides financial assistance for the development and rehabilitation of affordable housing through unclaimed funds from the Ohio Department of Commerce.
- Multifamily Lending Program (MLP) funds of $1.1 million.
Developments receiving funding include:
Sawyer Manor and Trevitt Heights, Columbus, Franklin County, for the rehabilitation of 91 buildings with 253 units for families. Twenty-six units will be affordable to households at or below 35 percent AMGI, 76 units will be affordable to households at or below 50 percent AMGI and 151 units will be affordable to households at or below 60 percent AMGI. Supportive services will be provided by the Columbus Metropolitan Housing Authority.
HDAP: $1 million
HDAP Source: OHTF
HDL: $2 million
Developer: Columbus Metropolitan Housing Authority
Abington Race and Pleasant Apartments, Cincinnati, Hamilton County, for the acquisition and rehabilitation of five mixed use buildings. The buildings are estimated to have been built between 1870 and 1910. Five units will be affordable to and occupied by households at or below 35 percent of the AMGI. Twenty-five units will be at 50 percent of the AMGI, and the remaining 20 unit will be at 60 percent of the AMGI.
HDAP Source: OHTF
HDL: $2 million
Co-Developers: Model Property Development, LLC, and Cornerstone Corporation for Shared Equity
Whitehouse Square Townhomes, Whitehouse, Lucas County, for the new construction of 55 two, three and four-bedroom units in eight one and two-story buildings. The development is a vital component of the Whitehouse Square Economic Development Strategy & Master Plan, which comprises more than 200 acres, including a series of single family neighborhoods, for-sale multifamily condos, market rate apartments, affordable housing, assisted living, skilled nursing, public metro parks and a commercial town center.
MLP Loan Amount: $1.1 million
Developer: MV Residential Development LLC
For more information regarding HDAP or other affordable housing programs, 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.