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OHFA Closes First Multifamily Bond Transaction Under HFA Initiative

The ""Ohio Housing Finance Agency"":http://www.ohiohome.org/default.aspx(OHFA) announced Friday that it recently issued $5.6 million of tax-exempt bonds on behalf of New Hampshire House Associates, LLC. The proceeds of these bonds will be used to finance the acquisition and rehabilitation of a multifamily residential rental facility in Warren, Ohio.

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This project is OHFA's first multifamily transaction under the Treasury/government-sponsored enterprise HFA initiative, which was announced October 19, 2009. OHFA was awarded $27 million for multifamily housing in the state as a result of the administration's comprehensive plan to stabilize the U.S. 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. In addition, each individual apartment will include interior upgrades.

""OHFA's issuance of these bonds will not only provide needed improvements to this property, 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,"" said Doug Garver, OHFA executive director.

About Author: Brittany Dunn

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