OCCH Projects Receive Funding To Bolster Rural Affordable Housing Communities

More than $3 million in equity has been allocated to the Valhalla Investor, LLC to provide affordable housing through six separate properties scattered throughout the State of Ohio. The Valhalla Portfolio, acquired and managed by the Woda Group, LLC and Housing Services Alliance, and syndicated through Ohio Capital Corporation for Housing, consists of the rehabilitation of six properties in rural Ohio areas. The Woda Group bundled these properties into a single issuance of Multifamily Housing Bonds with 4% tax credits, totaling $8,805,000. The Sturges Group was the placement agent, and KeyBank purchased the bonds and is providing construction financing. Each property has been refinanced using the USDA Rural Development 515 program and will retain the allotted rental assistance each has been receiving. The Ohio Housing Finance Agency contributed more than $5 million in financing through the TCE program (Tax Credit Exchange) and FAF funds (Financial Adjustment Factor). The investors in the Valhalla Portfolio are Huntington National Bank CDC and Fifth Third CDC.

The Valhalla Portfolio includes family and senior housing units. The six projects to be rehabilitated are more than 15 years old and include a combined 188 one-, two-, and three-bedroom units. The rehabilitation will address exterior renovation, interior units, and health and safety issues. The Valhalla properties maintain an average occupancy arte of 92% and include on-site management, laundry facilities and community space. The rehabilitation of these units will ensure long-term viability.   Those properties included in the portfolio are:

• Frontier Run—Van Wert County, 16 units of family housing
• Jeremy Park—Ashtabula County, 36 units of senior housing
• Joshua Landings—Scioto County, 40 units of senior housing
• Mallory Meadows—Hardin County, 24 units of family housing
• Moccasin Run—Crawford County, 36 units of family housing
• Ursula Park—Clinton County, 36 units of family housing

Valhalla Property Locations: