OHFA Board Approves Financing for Three Housing Developments and 2025 Ohio LIHTC Program Results

FOR IMMEDIATE RELEASE

Thursday, December 19, 2024

Media Contact:  Penny Martin

Phone: 614.728.2911

Email: [email protected]

OHFA Board Approves Financing for Three Housing Developments and 2025 Ohio LIHTC Program Results

COLUMBUS, OH – Today, the Ohio Housing Finance Agency (OHFA) Board approved financing from various programs to support three housing developments. It also announced that four applicants will be asked to submit final applications for the 4% Low-Income Housing Tax Credit (LIHTC) with Bond Gap Financing program and that 15 applicants will be asked to submit final applications for the state fiscal year 2025 Ohio LIHTC program.

Developments that received Board approvals for funding are:

Central

Carol Crossing: Co-developers Woda Cooper Development, Inc., and Housing Service Alliance, Inc., received approval for a $1.75 million Housing Development Loan and $300,000 in Housing Development Assistance Program funding. The development previously received a reservation of 2023 federal 9% Low-Income Housing Tax Credits. The development will construct 42 new units for families in Zanesville (Muskingum County).

Northeast

Churchill Gateway II: NRP Holdings, LLC received approval for a $1.75 million Housing Development Loan. The development previously received a reservation of 2024 9% Low-Income Housing Tax Credits. The development will construct 70 new units for families in Cleveland (Cuyahoga County).

Southeast

Beaumont Greene: Co-developers Provident Management Inc., and PLAT Communities LLC received approval for a $1.75 million Housing Development Loan. The development previously received a reservation of 2024 federal 9% Low-Income Housing Tax Credit program. The development will rehabilitate 40 units for older Ohioans in Canaan Township (Athens County).

Southwest

At Main: Co-developers County Corp and Oberer Residential Construction, Ltd received approval for a $1.5 million Housing Development Loan, $4,836,600 in Housing Development Assistance Program funding, and authorization for up to $15 million in OHFA-issued Multifamily Housing Bonds. The development will construct 63 new units for families in Trotwood (Montgomery County).

4% Low-Income Housing Tax Credit (LIHTC) with Bond Gap Financing program and the 2025 Ohio LIHTC program.

OHFA also announced the results of the 4% Low-Income Housing Tax Credit (LIHTC) with Bond Gap Financing program and the 2025 Ohio LIHTC program. The 4% LIHTC with Bond Gap Financing program will utilize $11.1 million of HOME Investment Partnership and National Housing Trust Funds to support the projects. There are four developments that will be invited to submit a final application for 2024 4% LIHTC with Bond Gap Financing funding. Those developments are:

• Briarwood Place (Wintersville, Jefferson County), Woda Cooper Development, Inc.
• North View Manor (Medina, Medina County), CHN Housing Partners
• Arthur Place (Delaware, Delaware County), Buckeye Community Hope Foundation
• Palmer Gardens (Toledo, Lucas County), EREG Housing Preservation, LLC

For the 2025 Ohio LIHTC, $112.5 million in tax credits are available for allocation and $14.605 million of Ohio Housing Trust Funds will be utilized as bond gap financing for rural projects seeking Ohio LIHTC. In the 2025 Ohio LIHTC program, 15 projects will be invited to submit a final application. Those developments are:

Appalachian Set Aside (two awards)

Community Impact Strategic Initiative (two awards)

Refugee Settlement Agency Partnership (one award)

Transformative Economic Development (one award)

Rural Pool

Metropolitan Pool

• Kinsey Lofts (Cincinnati, Hamilton County), Kingsley Consulting LLC dba Kingsley +Co
• Midtown Lofts (Cleveland, Cuyahoga County), NRP Holdings, LLC
• Residences at Ascend (Akron, Summit County), Testa Enterprises, Inc.
• Belmar Hill of Mt. Washington (Cincinnati, Hamilton County), Sieber Construction, Inc.
• HUB 27 (Cleveland, Cuyahoga County), Pivotal Development, LLC
• The Heights (Akron, Summit County), DFP Development, LLC
• Clover Glen II (Columbus, Franklin County), National Church Residences

For more information on 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.