Daily Court Reporter - News Hardest Hit Funds allows Ohio Housing Finance Agency to continue the fight against foreclosure and blight
Hardest Hit Funds allows Ohio Housing Finance Agency to continue the fight against foreclosure and blight
The Ohio Housing Finance Agency (OHFA) recently announced that several milestones have been met under the Hardest Hit Fund Save the Dream Ohio (SDO) programs.
The Neighborhood Initiative Program (NIP), a program designed to help prevent foreclosures and stabilize local property values exceeded 5,000 residential demolitions after experiencing strong first quarter performance. Under the program, vacant and blighted homes across the state were demolished and converted into improved lots for community use, expansion of existing residential yards and development. Twenty-nine percent of the $238 million of Hardest Hit Funds allocated to this initiative have been reimbursed to a portion of the thirty-seven participating county land banks.
Also, under the SDO programs, 469 homeowners have received assistance with reinstatement of current mortgages and ongoing payment assistance since re-introducing the program on September 26, 2016. To date, over 25,000 Ohio homeowners have been able to avoid foreclosure.
Director of Homeownership, James Durham shares, "Seeing the results of these initiatives and the positive impact both programs have on strengthening communities is truly rewarding. We appreciate the hard work and collaborative efforts of the participating county land banks and housing counseling agencies that ensure these funds are used appropriately across the state."
Over seventy percent of the $762 million of Hardest Hit Funds received from the U.S. Department of the Treasury for use in Ohio has been disbursed. Homeowners from all eighty-eight counties have received payment assistance and blight is being addressed in both large and small counties. Participating counties include, Lucas, Scioto, Cuyahoga, Williams, Licking and Montgomery.
For specific details of how HHF funds have been utilized in Ohio, please refer to http://treasury.gov/hhf.
About the Ohio Housing Finance Agency
The Ohio Housing Finance Agency (OHFA) facilitates the development, rehabilitation and financing of low- to moderate-income housing. The Agency's programs help first-time homebuyers, renters, senior citizens, and others find quality affordable housing that meets their needs. Formerly a division of the Ohio Department of Development, OHFA became an independent state agency on July 1, 2005 through Amended Substitute House Bill (HB) 431. OHFA funds competitive fixed-rate mortgage loans and provides financing for the development and rehabilitation of affordable rental housing through the Housing Tax Credit program, issuing tax-exempt mortgage revenue bonds, and other affordable housing programs.
Date Published: May 26, 2017