COLUMBUS, OH – October 21, 2009 – (RealEstateRama) — Today, the Ohio Housing Finance Agency (OHFA) released the 2010 Qualified Allocation Plan (QAP) that guides the development of affordable housing throughout the state. Affordable housing developers now have the information they need to apply for the highly competitive funding that contributes to the availability of safe, quality housing for renters, seniors and other populations who need it most.
Housing Tax Credits are federal income tax credits claimed over a 10-year period on an investor’s income tax return. In exchange for the credits, owners of the rental properties 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 more than 77,000 rental housing units in Ohio. Applications are due on March 18, 2010 to be considered for the next round of Housing Tax Credits.
The final 2010 QAP is located at www.ohiohome.org/lihtc/documents.aspx.
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