At the Ohio Housing Finance Agency (OHFA), we're dedicated to opening the doors to affordable places to call home for all Ohioans. We understand that having a safe, healthy place to call home has a positive impact on a person’s physical and mental health, job opportunities and long-term economic outcomes.
However, here in Ohio we're facing challenges in our housing market. Rents are increasing faster than incomes, causing Ohio renters to be cost-burdened and at risk of eviction. There’s a shortage of affordable rental units for low-income Ohioans, and more Ohioans are experiencing homelessness.
The work we do at OHFA directly addresses these challenges. Our Office of Multifamily Housing, Development Division administers state and federal funding to help finance the construction of new and the rehabilitation of current affordable housing throughout Ohio.
In the last fiscal year, the financing programs we administer helped construct 5,286 apartments and preserve 2,897. We continue to see high demand for our programs, which is encouraging as we work to address the housing shortage.
Once construction on an OHFA-financed property is complete, our Office of Multifamily Housing, Compliance Division makes sure the developer has met the program requirements and the apartments remain safe and affordable for the residents in the community.
There are bright spots in Ohio's housing market. In spite of increasing home prices, higher interest rates, and declining home sales, rates of homeownership in Ohio are rising. This suggests that first-time homebuyers are making up a larger share of sales in the current housing market. The gap in homeownership between white and Black Ohioans has narrowed slightly, driven largely by an increase in the number of Black homeowners. OHFA’s Office of Single Family Housing played a part in these gains through its down payment assistance and discounted mortgage rates.
Last fiscal year, we helped more than 6,000 Ohioans turn their dream of homeownership into a reality.
This is a glimpse of what we’re doing at OHFA to help address Ohio’s housing challenges. Over the next several weeks, we’ll share more about our programs and the people, working hard to make sure every Ohioan has a safe, affordable place to call home.
