COLUMBUS, OH - The Ohio Housing Finance Agency (OHFA) Board approved more than $11.4 million for affordable housing properties in Dayton and Cincinnati yesterday. The housing funds were approved during the Board’s off-site meeting, held at The Commons at Third in Grandview, Ohio. A permanent supportive housing property for formerly homeless individuals, the Commons at Third was awarded $1,000,000 in Housing Tax Credits (HTCs) and $500,000 in Housing Development Assistance Program (HDAP) funds from OHFA to construct the community.
During the meeting, the Board approved $10.5 million in Multifamily Bonds for the new construction of Catherine Booth Residence in Cincinnati, Hamilton County. Multifamily Housing Bonds are tax-exempt revenue bonds designed to lower the costs of borrowing for housing developers. The program provides financial assistance for the development and rehabilitation of affordable housing.
Once construction is completed, Catherine Booth Residence will feature 96 one-bedroom units in a three-story building for seniors. Unit amenities will include a dishwasher, microwave and intercom. On-site services will include a community room, laundry facility, computer room with future services including a convenience store, game room and library.
In other news, the Board approved $900,000 in Housing Development Assistance Program (HDAP) funds for the new construction of Hoover Cottages in Dayton, Montgomery County. The HDAP funds are used 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).
A senior housing community, Hoover Cottages involves the new construction of 10 units of housing in five single-story cottage-style duplexes. The community will be located on the Hoover Campus, which consists of three affordable housing developments with 251 units of housing for seniors and one nine-unit market-rate development. Residents of Hoover Cottages will have access to the campus’ walking paths, outdoor seating areas, and common space that includes onsite management offices, multipurpose room, computer center, laundry room and hair salon.
The Board also received an update on the 2013 Housing Tax Credit program funding round. The Agency received 105 applications requesting a portion of the state’s $21 million available in Housing Tax Credits for this year. Of the 105 applications submitted to OHFA, 45 of the applications requested credits for the construction of senior housing communities and 55 of the applications requested credits for the construction of family housing communities. In total, the 105 applications requested Housing Tax Credit awards of more than $83 million. Results of the 2013 funding round will be announced June 12.
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.