Ohio Housing Finance Agency Approves Financing for Six Housing Developments

Strategic Insights -

The Ohio Housing Finance Agency (OHFA) Board has approved financing for six housing developments across the state to create or preserve affordable housing units. The developments are set to provide a total of 601 units for families and older Ohioans in various counties. Central Brookside Place, St. George on the Commons, Northeast HUB 27, Southwest Centre City Senior Apartments, Hamilton Phase Three, and Middletown Phase Three are the six developments that have received Board approvals.

Key Takeaways:

  • The developments will receive a total of $113.15 million in funding from various programs, including Multifamily Lending Program loans, Multifamily Housing Revenue Bonds, and Housing Development Assistance Program funding.
  • The projects aim to create or preserve 601 affordable housing units across the state, including 53 units in Cleveland, 160 units in Hamilton, and 177 units in Middletown.
  • The developments will provide housing for families and older Ohioans, with Southwest Centre City Senior Apartments specifically targeting older adults.
  • Central Brookside Place will rehabilitate 31 units for families in Pataskala (Licking County), while St. George on the Commons will rehabilitate 80 units for families in Columbus (Franklin County).
  • Hamilton Phase Three and Middletown Phase Three will rehabilitate 160 and 177 units, respectively, in multiple buildings for families in their respective counties.
  • The OHFA Board approvals also included the issuance of up to $14 million, $13.75 million, and $28 million in Multifamily Housing Revenue Bonds for St. George on the Commons, Northeast HUB 27, and Hamilton Phase Three, respectively.
  • TCG Development Advisors and Butler Metropolitan Housing Authority are co-developers for Hamilton Phase Three and Middletown Phase Three, while Orca Housing, LLC and Community Preservation Partners, LLC are co-developers for St. George on the Commons.
  • Stocks Development Consulting is the development team for Central Brookside Place, and Model Property Development, LLC is the developer for Southwest Centre City Senior Apartments.
  • The OHFA is an Equal Opportunity Housing entity and offers loans on a fair and equal basis regardless of racial, ethnic, or socioeconomic factors.

Statistics:

  • Total funding: $113,150,000
  • Number of units: 601
  • Counties affected: Licking, Franklin, Cuyahoga, Montgomery, Butler (multiple developments)
  • Types of housing units: Families, older adults
  • Types of financing: Multifamily Lending Program loans, Multifamily Housing Revenue Bonds, Housing Development Assistance Program funding, and Low-Income Housing Tax Credits

Sources:

  • Ohio Housing Finance Agency
  • Central Brookside Place: LEADS with Stock Development Consulting
  • St. George on the Commons: Orca Housing, LLC and Community Preservation Partners, LLC
  • Northeast HUB 27: Pivotal Development LLC and Metro West Community Development
  • Southwest Centre City Senior Apartments: Model Property Development, LLC
  • Hamilton Phase Three: TCG Development Advisors and Butler Metropolitan Housing Authority
  • Middletown Phase Three: TCG Development Advisors and Butler Metropolitan Housing Authority
  • Ohio Housing Finance Agency (OHFA) Board Approval Meeting Minutes (Exact Date Not Provided)