OCCH Projects Receive Funding To Bolster Section 202 Senior Housing in Ohio

More than $6 million in equity has been allocated by the Ohio Equity Fund (OEF) Huntington Fund II to provide for the rehabilitation of affordable housing at seven separate properties scattered throughout the State of Ohio. Huntington National Bank CDC is the single investor in these projects which consist of a combined 468 units of Section 202 senior housing. The Catholic Diocese of Columbus, as the owner, will oversee the rehabilitation of the portfolio whose elderly residents qualify for Section 8 rental assistance. Partners in the project include the Diocese of Columbus, Fairfield Homes, BRC Properties, Red Capital Markets, Berkadia Commercial Mortgage LLC, Stonehenge Partners, Inc, Residential Capital  Corporation;  OEF Huntington Fund II LLC, the Ohio Housing Finance Agency, and Ohio Capital Corporation for Housing.

The Diocese of Columbus will bundle these properties into a single issuance of Multifamily Housing Bonds totaling $15.5 million, with 4% Low Income Housing Tax Credits. Financing includes a new FHA-insured Section 223(f) mortgage from the Department of Housing and Urban Development, and Tax Credit Exchange (TCE) and Financial Adjustment Factor ( FAF) funds from The Ohio Housing Finance Agency.

The rehabilitation will ensure long-term viability of these properties by updating residential units and improving handicapped accessibility. The properties are all multi-story brick buildings and provide on-site management, laundry facilities and community space for residents. The properties included in the portfolio are:

• Seton Square Dover I & II—Tuscarawas County, 90 units
• Seton Kenton—Hardin County, 50 units
• Seton Lancaster—Fairfield County, 33 units
• Seton Square Marion—Marion County, 102 units
• Seton Square East—Franklin d County, 100 units
• Seton Square Wellston, Jackson County, 48 units
• Seton Zanesville—Muskingum County, 45 units

Seton Property Locations: