The Ohio Housing Finance Agency board voted Friday to authorize a new round of financing that will preserve or create roughly 354 affordable apartments across four projects around the state. The approvals combine multifamily bond inducements, low-income housing tax-credit reservations, and targeted development loans, with the money aimed at both senior housing and family apartments. At the same meeting, OHFA also released the results of its 2026 Housing Development Gap Financing program for smaller projects.
The board authorized multifamily housing revenue bonds, housing development loans, and tax-credit allocations for North View Manor in Medina, Maple Tower in Cincinnati, St. Teresa Village in Silverton, and Blackstone Commons in Washington Court House, according to the Ohio Housing Finance Agency. The release notes that North View Manor was authorized for up to $4.5 million in bonds, Blackstone Commons received a $2.5 million housing development loan plus about $3.998 million in Housing Development Assistance Program funds and an $11,216,890 Ohio LIHTC allocation, and Maple Tower received authorization for up to $9.6 million in bonds and a 4% LIHTC reservation. St. Teresa Village was approved for a $2 million housing development loan and a bond inducement to rehab 50 senior units.
North View Manor Gears Up For Senior-Focused Rehab
North View Manor, which is owned and operated by the Medina Metropolitan Housing Authority, is slated for renovation that will modernize roughly 85 units for older residents, per Medina Metropolitan Housing Authority. The authority’s listings note that the property has been part of earlier OHFA funding rounds and is being co-developed with CHN Housing Partners. Residents and local advocates say preserving affordable senior apartments is key to keeping long-time residents in Medina County, rather than forcing them to chase cheaper rent in another town.
Rural Workforce Build And Cincinnati Rehab Land Fresh Support
Blackstone Commons, a 99-unit workforce proposal from Spire Development in Washington Court House, landed a mix of tax credits and gap support that will help bridge financing in a smaller market. Maple Tower’s authorization will back a 120-unit rehabilitation in Cincinnati, and National Church Residences’ St. Teresa Village in Silverton will receive bonds and a $2 million loan to update 50 senior apartments, according to Ohio Housing Finance Agency. The package shows OHFA leaning on a combination of bonds, LIHTC and targeted loans to preserve older buildings and catalyze new units where subsidy gaps exist.
Smaller Projects Find A Path Through HDGF
OHFA also announced invitations to submit final applications under the Housing Development Gap Financing program for several small projects, including Cascades Phase II Rental in Greene County, Felicity Apartments in Clermont County, and Holland Terrace in Pickaway County. The HDGF program targets developments that will construct or rehab between four and 24 units, giving smaller builders a way to compete for state funds and close financing gaps. Those invited must complete final applications and clear underwriting before any awards are closed, which means some proposals could still fall out before shovels hit the ground.
Why This Round Of Money Matters
Layered financing is increasingly necessary in Ohio because demand for affordable housing continues to outpace supply, particularly for low-income renters and seniors, a regional plan from the Federal Home Loan Bank of Cincinnati notes. The FHLB plan points to OHFA assessments that show a persistent gap between the number of affordable units and the number of low-income households, which helps explain why agencies are using bonds, tax credits, and gap loans together. For residents, the approvals offer a chance to stabilize existing communities, but the actual delivery of rehabs and new units will still depend on final closings and construction timelines.
Developers and housing authorities now move into the final underwriting and closing steps. If all goes to plan, the work should preserve and add affordable units across both urban neighborhoods and smaller Ohio towns over the next few years, which is a slow process, but one that tenants and local officials say they cannot afford to skip.
