The Ohio Housing Finance Agency (OHFA) recently approved $17.2 million in tax credit exchange funds to help develop more than 140 units of affordable housing.
OHFA officials also awarded about $900,000 from its Housing Development Assistance Program (HDAP) and $8 million from the Neighborhood Stabilization Program (NSP). Funding for HDAP comes from the federal HOME program and the Ohio Trust Fund (OHTF).
The exchange program was created as part of the American Recovery and Reinvestment Act to assist low-income housing tax credit projects that were stalled because of the reduced demand from investors.
Awards were approved for the following projects:
- Delphos Senior in Delphos received $4.5 million in exchange funds and $600,000 from HDAP/OHTF. The development will consist of eight one-story buildings with 32 two-bedroom units.
- Upper Sandusky Senior in Upper Sandusky received $3.8 million in exchange funds and $300,000 from HDAP/OHTF. The development will consist of six buildings with 24 two-bedroom units.
- Whittier Landing in Columbus received $2.9 million in NSP funds. The project is a scattered-site, lease-purchase tax credit development. As part of neighborhood revitalization effort, 22 new homes will be constructed and 18 existing homes will be rehabilitated.
- Doan Classroom in Cleveland received $5.1 million in NSP funds. The project involves the rehabilitation of a three-story building in the Glenville Strategic Investment Initiative area. The property previously received project-based Sec. 8 subsidies for 45 units and is in foreclosure with the Department of Housing and Urban Development.
- In addition, agency officials recently approved $4.6 million in exchange funds for Chestnut Hill, a 40-unit supportive-housing development in Toledo.