Ohio Housing Finance Agency 2010 Annual Report

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STATISTIC Ohio has been awarded $320 million for Restoring Stability: A Save the Dream Ohio Initiative (Ohio’s Hardest-Hit Fund) to help prevent home foreclosures. “OHFA can give another person the same opportunity that they’ve given me.” 20
Addressing Housing Issues through Partnerships Helping Struggling Homeowners Ohio has been awarded $320 million through the Housing Finance Agency (HFA) Innovation Fund for the Hardest-Hit Housing Markets (the Hardest-Hit Fund), an extension of the Troubled Asset Relief Program (TARP), administered by the U.S. Department of Treasury under the Emergency Economic Stabilization Act of 2008. Restoring Stability: A Save the Dream Ohio Initiative will help homeowners who have experienced a financial hardship and are struggling to make their monthly mortgage payments. OHFA worked with Governor Ted Strickland’s office, the Ohio Department of Commerce and Save the Dream Ohio partners to develop a comprehensive, statewide strategy. Preventing Foreclosures In addition to Ohio’s Hardest-Hit Funds, OHFA administered the National Foreclosure Mitigation Counseling Grant (NFMC) and oversaw 21 housing counseling agencies around the state. In FY10, OHFA was awarded $1.3 million to support foreclosure prevention counseling efforts and to ensure that local housing counselors could assist borrowers who are facing difficulties making their mortgage payments. The success of OHFA’s existing foreclosure prevention efforts are largely attributed to our partnerships with other state agencies through the Save the Dream Ohio (SDO) initiative. As an active partner in Ohio’s multi-agency foreclosure prevention effort, OHFA works to prevent foreclosures not only by administering NFMC funds, but through our in-house counseling department which handles a large volume of individual borrowers. Preserving Ohio’s Rental Housing Stock The Ohio Preservation Compact (OPC), a statewide partnership created to address the rising demand for affordable rental housing in the state of Ohio, is a consortium of OHFA, the Coalition on Homelessness and Housing in Ohio (COHHIO) and the Ohio Capital Corporation for Housing (OCCH). By providing predevelopment loans for existing properties through the Ohio Preservation Loan Fund, organizing a comprehensive database of affordable housing properties in the state, and partnering with HUD, USDA RD and the development community, OPC has identified properties most in need of rehabilitation and worked to evaluate the most efficient and cost-effective disposition for communities across the state. OPC’s collective goal is to preserve 14,000 affordable rental housing units over the next 10 years. 21
Page 1: 2010 ANNUAL REPORT Ohio Housing Fin
Page 4 and 5: A Letter from the Board Chairperson
Page 6 and 7: OHFA Board Members An 11-member Boa
Page 8: To us, it isn’t just a house. IT
Page 11 and 12: Expanding Ohio’s Homeownership Op
Page 14 and 15: Continuing Our Commitment to Ohio N
Page 16 and 17: July 2009 Awarded over $26 million
Page 18: To us, it isn’t just funding. IT
Page 24 and 25: Addressing Ohio’s Housing Needs R
Page 28: 57 East Main Street Columbus OH 432

Ohio Housing Finance Agency 2010 Annual Report

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