OHFA Closes Its First Multifamily Bond Transaction Under HFA Initiative

The Ohio Housing Finance Agency (OHFA) has issued $5.6 million of tax-exempt bonds on behalf of New Hampshire House Associates LLC. The proceeds of the bonds will be used to finance the acquisition and rehabilitation of a multifamily residential rental facility in Warren, Ohio.

‘OHFA's issuance of these bonds will not only provide needed improvements to this property, but it will also allow New Hampshire House Associates to offer quality, safe and affordable housing for low- to moderate-income renters for years to come,’ says Doug Garver, OHFA executive director.

This project is OHFA's first multifamily bond transaction under the Obama administration's "HFA Initiative" announced in October. OHFA was awarded $27 million for multifamily housing in the state as a result of the administration's plan to stabilize the housing market.

The Hampshire House Apartments project will preserve the 150-unit development located near downtown Warren, consisting of one- to four-bedroom garden- and townhouse-style apartments. Various renovations will include safety upgrades, such as lighting, fencing, playground structures, doors and stair rails, as well as energy-efficient equipment and a new computer center. Additionally, each individual apartment will include interior upgrades.

SOURCE: Ohio Housing Finance Agency


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