The Ohio Housing Finance Agency (OHFA) recently issued $5.9 million of tax-exempt bonds on behalf of LPA Associates Limited Partnership.
The bond proceeds will be used to finance the acquisition and rehabilitation of a multifamily rental property in Cleveland.
This property is OHFA's second multifamily bond transaction under the Treasury Department and government-sponsored enterprises’ housing finance authority initiative announced last year. OHFA was awarded $27 million for multifamily housing in the state as a result of the Obama administration's 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.