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Published: Saturday, 1/22/2005

State OKs $1.6 million loan for seniors housing

FOSTORIA - A state agency has approved more than $1.6 million in loans for a senior-citizen rental housing project for low and middle-income tenants in Fostoria.

The Ohio Housing Finance Agency this week agreed to provide a $1 million, 10-year equity bridge loan with a 2 percent rate to Woda Quail Meadow LLC, plus a $100,000 seed money loan for construction of a $6.2 million, 50-unit complex on Stearns Road.

The agency, which is part of the Ohio Department of Development, also approved a 40-year loan of $550,000 at 2 percent to the Seneca County Commission on Aging, which is a partner in the project.

Of the 50 units in the rental complex, 24 will be affordable to households that make 43 percent or less of the area median gross income, and the rest will be affordable to households at 48 percent of that level.

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