OHFA Annual Plan - Ohio Housing Finance Agency

distributed on or about January 15, 2009 with applications due on or about February 27,2009. Funds will be allocated by April 1, 2009, the projected start date for the program. Theprojected end date is March 30, 2013.The NSP funds will supplement current initiatives underway in cities and non-metro areasthroughout the State of Ohio that in many cases are under-funded and generally underresourced.Foreclosure Prevention: The State of Ohio has taken steps to increase resources available toprevent future foreclosures within cities. The Ohio Foreclosure Prevention Task Force, FinalReport published September 10, 2007 presented seven recommendations to decrease thenumber of future foreclosure fillings. The recommendations included:• Encourage borrowers to get help early• Expand Housing Counseling and Intervention Services• Work with Lenders and Servicers to Maximize Alternatives to Foreclosure• Provide Options for Homeowners to Refinance or Restructure Their Mortgages• Improve Ohio’s Foreclosure Process• Strengthen Protections for Homeowners• Help Communities Recover from the Aftermath of ForeclosuresWe encourage the State of Ohio to continue to actively work towards achieving eachrecommendation and providing local jurisdictions with Best Practices for implementation. Weapplaud the implementation of programs such as “Save the Dream” that directly respond tothe need for foreclosure prevention.Energy and Mobilization: The issue of vacant housing has spurred the interest of numerousgroups, organizations, lawmakers, jurisdictions and the media. Great efforts are takingplace by ReBuild Ohio, Greater Ohio, cities, counties, CDCs and CHDOs, and the OhioGeneral Assembly. The State of Ohio should garner this energy to create comprehensivestrategies to addressing vacant property.Resource Inventory:Programs that address vacant housing needs:1) Neighborhood Stabilization Program: As described above, Ohio will receive $258 millionfor selected entitlement and the State of Ohio Program. Funds are distributed by the USDepartment of Housing and Urban Development as part of a short term stimulus packageapproved by Congress and the President.This resource will give a major boost to efforts to demolish, renovate and rebuild devastatedcommunities throughout the state. Funding must be committed within 18 months and spentwithin three years.2) The Ohio Housing Finance Agency provides financing for rehabilitation of vacant housingthrough the Housing Credit Program, Housing Development Assistance Program andHousing Development Gap Financing. While vacant homes comprise a minority of the fundedprojects, OHFA has increased incentives over the last few years to encourage projectsfocusing on rehabilitation of existing apartments and homes.3) The Ohio Community Development Finance Fund has a $1 million loan pool for acquisitionand holding costs (LANDLOC) from the Ohio Housing Trust Fund. Nonprofit CDCs and CHDOscan apply for funding at this time.99