Monday, November 9, 2009

OHFA announces $1.2M for Forest Square senior infill

The Ohio Housing Finance Agency (OHFA) has announced that a 21-unit senior housing infill project in Avondale has been awarded more than $1.2 million in federal economic stimulus funding.

Forest Square, to be built by the Model Group at 430-436 Rockdale Avenue and 3511 Harvey Avenue, will receive $1 million in American Recovery and Reinvestment Act of 2009 (ARRA) Tax Credit Assistance Program (TCAP) funding and $248,566 through the ARRA Tax Credit Exchange (TCE) program.

OHFA has been given $83 million through TCAP to award low-interest loans and grants to developers for construction costs. TCE allows OHFA to convert federal housing tax credits into grant dollars.

Seventeen Ohio communities received more than $19 million in the current round of funding, which will result in the creation of more than 750 new affordable housing units.

Forest Square, which will consist of 21 affordable two-bedroom apartments, was awarded $775,000 in U.S. Department of Housing and Urban Development HOME funding in August.

Rendering courtesy of City Studios Architecture.

Previous reading on BC:
Funding for Avondale senior infill project approved (8/17/09)
Transfer of federal HOME funding could bring senior infill to Avondale (7/28/09)