FOR IMMEDIATE RELEASE
January 24, 2005

STATE CONTROLLING BOARD APPROVES $1.5 MILLION IN OHIO HOUSING TRUST FUND DOLLARS FOR HOUSING ASSISTANCE

COLUMBUS — Lieutenant Governor Bruce Johnson today announced that the State Controlling Board has approved $1.5 million in Ohio Housing Trust Fund (OHTF) dollars that will be used to help Ohio's low- and moderate-income families and individuals obtain housing and housing assistance.

“This funding provides hundreds of low- and moderate-income Ohioans and their families affordable, quality housing,” said Johnson, who also serves as Director of the Ohio Department of Development. “The Ohio Housing Trust Fund continues to have positive impacts on Ohioans seeking housing assistance.”

The OHTF, created in Ohio House Bill 339, provides housing and housing assistance to Ohio's low- and moderate-income families and individuals. Nonprofits, private developers, lenders, and certain local units of government are eligible to participate in the OHTF programs. The OHTF is funded with recordation fees collected at the county level and remitted to the state treasury.

The Community Builders Inc. (Summit County) will receive $250,000 from the OHTF in the form of a cash flow loan at a 2 percent rate over a 30-year term to develop Elizabeth Park North, a new construction multifamily rental housing credit development to be located in the City of Akron. The project will consist of 97 units in 32 two-story buildings. The project will feature 20 units affordable to households at 25 percent of the area median gross income (AMGI), 22 units will be affordable to households at 35 percent of the AMGI, six units will be affordable to households at 50 percent of the AMGI, and 49 units will be affordable to market rate households. Twenty percent of the units will be set aside for the special needs population of extremely low-income households.

Glenville Development Corporation (Cuyahoga County) will receive $250,000 from the OHTF in the form of a cash flow loan at a 2 percent rate over a 30-year term to develop Glenbrooke Homes III, a scattered site housing credit rental project to be located in the City of Cleveland. The project will consist of 60 new construction single-family homes. The project will feature three units affordable to households at 30 percent of the AMGI, nine units will be affordable to households at 42 percent of the AMGI, 16 units will be affordable to households at 47 percent of the AMGI, and 32 units will be affordable to households at 48 percent of the AMGI. Twelve of the units will serve the special needs population of households with family members with serious and persistent mental illness. Residents will be offered a lease purchase plan at the end of the compliance period.

New Sunrise Properties, Inc. (Lorain County) will receive $550,000 from the OHTF in the form of a cash flow loan at a 2 percent rate over a 30-year term to develop New Riverbend Homes, a housing credit lease purchase rental project to be located in the City of Elyria. The project will consist of 60 single-family units on scattered sites. The project will feature 14 units affordable to households at 45 percent of the AMGI, six units will be affordable to households at 41 percent of the AMGI, and 40 units will be affordable to households at 48 percent of the AMGI. Ten percent of the units will be reserved for households with severe and persistent mental illness.

East Akron Neighborhood Development Corporation (Stark County) will receive $250,000 from the OHTF in the form of a cash flow loan at a 2 percent rate over a 30-year term to develop Massillon Homes, a single-family housing project to be located in the City of Massillon. The project will consist of 50 single-family homes on scattered sites. The project will feature 15 units affordable to households at 50 percent of the AMGI, 30 units will be affordable to households at 53 percent of the AMGI, and two units will be affordable to households at 49 percent of the AMGI. Five percent of the units will be reserved for households with severe and persistent mental illness. Three units will receive rental subsidy through the U.S. Housing and Urban Development Shelter Plus Care Assistance Program for the homeless and mentally disabled and will be affordable to households at 28 percent of the AMGI.

Habitat for Humanity of Ohio, a nonprofit organization, will receive $200,000 from the OHTF Special Projects Program to assist 19 Habitat affiliates located in participating jurisdictions and not eligible to participate in the Community Housing Improvement Program. A total of 19 families consisting of approximately 51 persons will benefit from the program. The participating families must have incomes at or below 65 percent of the AMGI and will help build a home. The local affiliates will be encouraged to seek additional funding partners for the project.

MediaMike Hogan at 614.644.1931
Contacts:  Bill Teets at 614.466.2382