OHFA Board Approves Financing for Six Housing Developments

(COLUMBUS, Ohio) Today, the Ohio Housing Finance Agency (OHFA) Board approved financing from various programs to support six housing developments to create or preserve affordable housing units throughout the state. The developments that received Board approvals for funding are:

NORTHEAST

EDEN Expansion Phase III: Emerald Development and Economic Network, Inc. received approval for $600,000 in Housing Development Assistance Program (HDAP) funding. The development, which previously received HDAP) funding, will create eight new units for families in Cleveland (Cuyahoga County).

Homestead Crossing: Wallick Development, LLC received approval authorizing the issuance of up to $21.5 million in Multifamily Housing Revenue Bonds. The development, which also received a 4% Low-Income Housing Tax Credit (LIHTC) reservation and an Ohio LIHTC allocation, will create 120 new units for families in Youngstown (Mahoning County).

Olympia Building: Co-developers, Olympia Foundation, Inc. and Lowenstein Development, LLC, received approval for $868,000 in HDAP funding. The development, which previously received a HDAP allocation, will create 20 units for families in Cleveland (Cuyahoga County).

Park Village Apartments Preservation: The Famicos Foundation received approval of a $1.75 million Housing Development Loan (HDL) and $1,350,305 in HDAP funding. The development, which also received a 9% LIHTC allocation, involves the rehabilitation of 75 units for families in Cleveland (Cuyahoga County).

Villa St. Rose of Kirby Manor: National Church Residences received approval of a $2 million HDL and approval authorizing the issuance of up to $13.5 million in Multifamily Housing Revenue Bonds. The development, which also received a 4% LIHTC allocation, involves the rehabilitation of 147 units for older Ohioans in Cleveland (Cuyahoga County).

SOUTHWEST

Blackstone Commons: Spire Development, Inc. received approval authorizing the issuance of up to $15 million in Multifamily Housing Revenue Bonds. The development, which also received a 4% LIHTC reservation, an Ohio LIHTC allocation, and HDAP, will create 99 new units for families in Washington Court House (Fayette County).