DAYTON — Twin Towers Crossing will receive $2.7 million in grants through the federal government’s economic stimulus program, the Ohio Housing Finance Agency said Tuesday, Sept. 15.

The grant will come through a tax-credit exchange program that was included in the American Recovery and Reinvestment Act, according to an OHFA news release.

St. Mary Development, East End Community Services and Oberer Residential Construction are collaborating on the $8.8 million project.

Plans call for 40 single-family homes to be built at different sites throughout Dayton’s Twin Towers neighborhood, which is bordered by U.S. Route 35 to the north, Wayne Avenue to the south and Wyoming Street to the east. The single-family homes will be constructed at multiple sites and will include a full basement, patio and detached garage, the release states.

The stimulus’ tax credit exchange is designed to fill in a funding gap created last year as private investors began pulling back from investing in tax credits, said Sean Thomas, director of OHFA’s office of planning, preservation and development. The project’s developers will receive the money through cost reimbursements, with funds becoming available next month, Thomas said.

Twin Towers is the region’s third affordable housing development to receive this funding.

OHFA also said affordable housing projects for seniors in Middletown and Eaton combined will receive more than $3 million the tax-credit exchange program.

Dublin House will receive $843,361 through a tax-credit exchange program created in the American Recovery and Reinvestment Act, OHFA said in a news release. The money will go toward rehabilitating 40 units at the Middletown development, the news release states.

Eaton Senior Village will get $2.4 million through the tax-credit exchange, OHFA said. The development has 44 one-story cottage-style units near Eaton.