The Ohio Housing Finance Agency (OHFA) Board approved $750,000 in funding through the Housing Development Assistance Program (HDAP) as well as several OHFA program initiatives.
The affordable housing community receiving HDAP funding is as follows:
Lamplighter Senior Village in Grove City, Franklin County - $750,000 in HDAP
Lamplighter Senior Village involves the new construction of a 50-unit senior community in Grove City, Franklin County. The development will consist of two two-story buildings, three one-story cottage buildings and a community building. The property will be in close proximity to public transportation and shopping.
The Board also approved several OHFA programs, which include:
2012-2013 HDAP Multifamily Bond Gap Financing Guidelines
The 2012-2013 HDAP Multifamily Bond Gap Financing Guidelines provide developers with information on applying for gap financing for Multifamily Bond projects. At least $3 million in funding will be available in this round.
2013 HDAP Housing Credit Gap Financing Guidelines
The 2013 Housing Credit Gap Financing Guidelines apply to developments funded through the Housing Tax Credit program in 2012 and 2013.
2012 Housing Investment Fund
The Board also approved funding for the 2012 Housing Investment Fund, which encourages housing initiatives which meet housing needs not currently met by other OHFA programs. There is $1.6 million available for the 2012 funding round. The Notice of Funding Availability (NOFA) will be released by OHFA on Aug. 20.
In other news, the Board approved the 2013 Annual Plan, which addresses the state's affordable housing needs. Developed with input from stakeholders across the state, the 2013 Annual Plan is a strategic guide that highlights current affordable housing issues in Ohio including homeownership, multifamily housing and property management.
HDAP is used to provide flexible, low-interest financing for affordable housing developments. Funding for the program comes from the federal HOME program and the Ohio Housing Trust Fund (OHTF).