OHFA Board Approves Financing for 13 Developments

FOR IMMEDIATE RELEASE

Wednesday, June 26, 2024
Media Contact: Penny Martin
Phone: 614.728.2911
Email: [email protected]

Including Two Projects from the New Single Family Tax Credit Program

COLUMBUS, OH - Today, the Ohio Housing Finance Agency (OHFA) Board approved financing from various programs for 11 housing developments to create or preserve affordable housing units throughout the state. Six of the 11 projects approved received funding from the new Ohio Low-Income Housing Tax Credit Program. Two projects will receive funding from the new Single Family Tax Credit Program.

Developments that received Board approval for funding are:

Central

Bretton Woods II: National Church Residences received approval for $6,348,260 in Ohio Low-Income Housing Tax Credits. The project will construct 60 new units for older Ohioans in Columbus (Franklin County).

Nelson Park Apartments: Co-Developers, Renewal Development Associates, LLC and The Orlean Company received approval for $3 million in Housing Development Assistance Program funding. The project will rehabilitate 140 units, a portion of which will serve individuals who are homeless or at risk of homelessness in Columbus (Franklin County).

Sells Greene: Co-Developers, Woda Cooper Development, Inc. and Parallel Housing, Inc. received approval of a $2.5 million Housing Development Loan and $4.5 million in Housing Development Assistance Program funding. The project will construct 40 new units for families in Lancaster (Fairfield County).

Terrace Gardens: Co-Developers, The Finch Group dba TFG Housing Resources and Licking County Action for Housing received approval of a $2.5 million Housing Development Loan, $2.475 million in Housing Development Assistance Program funding, and authorization to issue up to $19 million in Multifamily Housing Bonds. The project will rehabilitate 99 units for individuals in Newark (Licking County).

The Reserve at Hunter Trace: Fairfield Homes, Inc., received approval for a $2 million Housing Development Loan and $12.5 million in Ohio Low-Income Housing Tax Credits. The project will construct 95 new units for older Ohioans in Lancaster (Fairfield County).

West Fork: Kittle Property Group, Inc., received approval for $3.5 million in Housing Development Assistance Program funding. The project will construct 216 units for families in Columbus (Franklin County).

Northeast

Parkside Homes East: CHN Housing Partners received approval for a $2 million Housing Development Loan, $10 million in Ohio Low-Income Housing Tax Credits. The project will construct 55 new single-family, lease-to-purchase homes for families in Cleveland (Cuyahoga County).

Watterson Lake: Co-Developers, Bridging the Gap Development, LLC and Western Reserve Revitalization and Management Company, Inc., received approval for a $2.5 million Housing Development Loan and $10 million in Ohio Low-Income Housing Tax Credits. The project will construct 136 new units for families in Cleveland (Cuyahoga County).

Northwest

The Grand & The Glen: Co-Developers, Pivotal Development LLC and Pathway, Inc., received approval for a $2 million Housing Development Loan and $5,400,000 in Ohio Low-Income Housing Tax Credits. The project will construct 70 new units for families in Toledo (Lucas County).

Southwest

Lebanon Apartments: New Housing Ohio, Inc., received approval for $2 million in Housing Development Assistance Program funding. The project will construct 20 new units for Ohioans facing homelessness, disabilities, and mental illness in Lebanon (Warren County).

Lincoln & Gilbert Family II: Pennrose, LLC, received approval for a $2 million Housing Development Loan, and $3,736,600 in Ohio Low-Income Housing Tax Credits. The project will construct 36 new units for families in Cincinnati (Hamilton County).

The Board also approved two projects for funding from the new Single Family Tax Credit Program, which will help develop additional single-family housing across the state.

Homeport in partnership with the city of Columbus received approval for $1.2 million in Single Family Tax Credits for the American Addition project. This project includes the development of 24 newly constructed fully detached residential units in the American Addition neighborhood in Columbus (Franklin County).

Neighborhood Development Services received approval for $350,000 in Single Family Tax Credits for the Portage County Homes 2024 project. This project includes the development of seven newly constructed fully detached residential units. Three of the dwellings will be located in the city of Ravenna and four of the dwellings will be located in the village of Windham (Portage County).

For more information on the programs offered by the Ohio Housing Finance Agency, visit ohiohome.org.

The Ohio Housing Finance Agency is an Equal Opportunity Housing entity. Loans are available on a fair and equal basis regardless of race, color, religion, sex, familial status, national origin, military status, disability or ancestry. Please visit www.ohiohome.org for more information.

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