OHFA awards additional $2.3 million in housing tax credits

COLUMBUS, OH - October 22, 2008 - (RealEstateRama) —  The Ohio Housing Finance Agency (OHFA) Board today announced the recipients of approximately $2.3 million in housing tax credits through an amendment to the 2008 Qualified Allocation Plan (QAP). These tax credits are awarded to 37 of the developments that received credits in July, as well as two new developments that propose to build single-family lease purchase homes on vacant properties. OHFA was allocated the additional housing tax credits as part of the Housing and Economic Recovery Act (H.R. 3221) passed in late July.

“By receiving these additional credits, the developers can invest more in creating and preserving quality, affordable housing across Ohio,” said Doug Garver, Executive Director of the Agency. “In addition, we are pleased to be able to offer housing tax credits to the two previously unfunded proposals focused on redeveloping vacant properties in key areas of the state.”

OHFA also today is releasing the 2009 QAP. Each year the Agency is required to develop the QAP to help guide Ohio’s developers in applying for housing tax credits, including outlining the types of proposals that will be considered. The deadline for applications is March 19, and a total of approximately $24 million will be awarded in July 2009. The final 2009 QAP is located at www.ohiohome.org.

OHFA utilizes federal and state resources to provide housing opportunities for families and individuals through programs designed to create, preserve, and manage affordable housing throughout the State of Ohio. The Agency is a self-supporting quasi-public agency governed by an eleven-member board, nine of whom are appointed by the Governor and confirmed by the Senate. Two additional seats on the board, by statute, are reserved for the Director of Development and the Director of Commerce, or their designees, and both serve as ex officio voting members.

Media Contact:  Erin Biehl, ebiehl (at) ohiohome (dot) org
614.387.2863 (office) or 614.307.3772 (cell)