OHFA awards over $26 million in tax credits for affordable housing in Ohio

Program to assist rental housing developments in 18 counties

COLUMBUS, OH - July 2, 2009 - (RealEstateRama) — The Ohio Housing Finance Agency (OHFA) today announced the 2009 Housing Tax Credit Program recipients who will each receive a portion of more han $26 million in housing tax credits for the acquisition, development and rehabilitation of affordable housing units in Ohio. Funding was awarded to 27 developments in various target and geographic pools and to an additional 12 applicants through the maximizing outcomes pool.

“Developers utilize these credits to raise capital for building acquisition, new construction or substantial rehabilitation costs of affordable housing,” said Doug Garver, Executive Director for the Agency. “The units created will ensure the continued availability of affordable housing to the individuals and families who need it most.”

Over 120 applicants sought funding through the highly competitive process to make available senior communities, permanent supportive housing, developments requiring rehabilitation, and lease-purchase developments. Families, seniors and other special needs persons including Ohio residents who are mentally ill or homeless will benefit through affordable housing opportunities in 18 counties across the state.

Housing tax credits are federal income tax credits that are claimed over 10 years by owners of eligible rental properties. In exchange for the credits, owners must maintain affordable monthly rent and limit occupancy to residents with low- to moderate-income levels for up to 30 years. The credits are awarded during an annual funding round in which projects are ranked based on selective criteria including rent affordability, location and owner experience. Since the program began in 1987, OHFA has used the Housing Tax Credit Program to facilitate the development of over 14,000 affordable properties with more than 75,000 rental housing units in Ohio.

For more information about recently funded projects and the Housing Tax Credit Program, please visit OHFA’s web site at www.ohiohome.org.

A list of applicants receiving a reservation of housing tax credits can be found here.

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.

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

 

 

 

 

 

USGBC - U.S. Green Building Council

HUD - U.S. Department of Housing and Urban Development

NAR - National Association of REALTOR

RealtyTrac

FHFA - Federal Housing Finance Agency

Freddie Mac

MBA - Mortgage Bankers Association