Ohio Housing Finance Agency Approves Funding for Two Senior Housing Projects

The Ohio Housing Finance Agency (OHFA) Board approved $1.9 million in funding through the Housing Development Assistance Program (HDAP) to provide flexible, low-interest financing for affordable housing developments last week.

The Board also approved $2 million in funding through the Housing Development Loan (HDL) Program. The HDL program provides financial assistance for the development and rehabilitation of affordable housing and is funded through unclaimed funds from the Ohio Department of Commerce.

Two projects related to senior housing are receiving funding through the HDAP and HDL program.  Pontalba Apartments in The Plains received $500,000 from HDAP to construct a new facility that consists of two triplex buildings, with six one bedroom units.

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All units will be handicapped accessible and amenities will include ceiling fans, wrought iron windows and dishwashers. This property has a brick exterior, many energy-saving features and 50-year roof shingles.

In addition, the Sylvania Senior Residence received $850,000 HDAP and $2,000,000 from HDL to construct a new 51-unit development for seniors.  Sylvania Senior Residence is the first property to be awarded a Low Income Housing Tax Credit (LIHTC) allocation in the City of Sylvania.

The project will consist of a three-story building and five cottages with 12 units. Each unit will be built to Enterprise Green Community standards. The three-story building will house community spaces including a lobby, computer room, lounge, kitchenette and fitness room. The 12 cottage units will have an attached garage with extra storage space and a patio.

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