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Salem Senior Housing Project Gets $5.7 Million State Loan
COLUMBUS, Ohio -- A $5.7 million rental housing project in Salem will receive a 10-year loan from the Ohio Housing Finance Agency, state officials announced yesterday. Salem Senior Housing LLC will receive a $1 million equity bridge loan at a 2% interest rate to construct Salem Senior Housing. Seven one-story buildings will be constructed for a total of 48 two-bedroom units. All units will be affordable to those aged 55 and older. Twenty percent of the units will be reserved for those with sensory and mobility impairment. Amenities in each unit include air-conditioning, range, refrigerator, stove, microwave, and washer/dryer hook-ups. Rural Opportunities Housing Corporation of Ohio will provide management services. The loan for the Salem project was among $7 million in equity bridge loans for eight rental housing projects in Ohio announced yesterday by Bruce Johnson, director of the Ohio Department of Development. OHFA's Housing Development Loan Program provides direct loans, equity bridge loans and construction deposit loan financing to lower development costs of low- and moderate-income housing. Funds are provided through Ohio's unclaimed funds program."