Housing Tax Credits to support financing of more than 2,500 units statewide
COLUMBUS – June 18, 2015 – (RealEstateRama) — The Ohio Housing Finance Agency (OHFA) Board today announced the recipients of the 2015 Housing Tax Credit (HTC) program awards, used to fund the construction, acquisition and rehabilitation of affordable housing communities in Ohio. More than $30 million in federal housing tax credits was awarded to 40 developments that will serve families, seniors and individuals with disabilities in rural, suburban and urban areas.
Each year, HTC recipients are selected based on the policies and goals of the program, including affordability, location and experience of the development team. The 2015 HTC recipients were chosen out of 103 applicants seeking approximately $77 million in credits.
“The Housing Tax Credit program is the largest affordable rental housing production vehicle, both in Ohio and nationally,” said Doug Garver, OHFA executive director. “The program is a valuable resource that leverages private sector participation, creates jobs, and produces quality affordable housing for Ohioans who need help the most and improves communities.”
Selected developers claim tax credits over a ten year period to help offset the costs associated with construction or rehabilitation of a development. In exchange for the credits, owners must maintain rents that are affordable and limit occupancy to residents with low- to moderate- incomes for up to 30 years. OHFA has administered the HTC program to facilitate the creation and preservation of 3,628 active affordable properties in 2014 and more than 104,500 affordable rental housing units in the state since 1987.
The Board also approved OHFA’s first-ever two-year Qualified Allocation Plan (QAP). The 2016-17 QAP helps to further public-private partnership and is developed in collaboration with partners and stakeholders who share OHFA’s vested interest in advancing housing policy that addresses the needs of Ohioans. The QAP focuses on four key themes:
- Funding a diverse array of developments while achieving a balanced distribution of resources
- Promoting the highest, best and most efficient use of the Housing Tax Credit resource
- Leveraging and contributing to economic development throughout the state
- Expanding the range of housing choices for Ohioans and furthering compliance with the Fair Housing Act
Finally, the Board approved $840,000 in Capital Funding to End Homelessness Initiative (CFEHI) funds for the following development:
Neighborhood Properties Modernization Phase II, Toledo and Oregon, Lucas County, for the rehabilitation of two apartment complexes that will preserve 34 units of permanent supportive housing for individuals with a severe and persistent mental illness. In addition to preserving the PSH units, the owner will work with a coordinated intake system. Neighborhood Properties, Inc. uses the housing first model, which is a best practice and targets those who have been homeless for the longest periods of time and those who are most vulnerable. Rehabilitation of these units will make them more energy efficient and affordable.
CFEHI Funding: $840,000
Developer: Neighborhood Properties, Inc.
These funds are a one-time boost to local Continuum of Care to assist with their strategies to end homelessness in Ohio. The CFEHI is in addition to programming that OHFA already provides annually to finance permanent supportive housing.
The Board also recognized the departure of a long-standing member this morning. John Lynch served on the OHFA Board for nine years. During his tenure, Mr. Lynch was an invaluable part of both the Board and the Single Family, Finance and Annual Plan committees. The OHFA Board recognized Mr. Martin’s service with a commemorative plaque.
For more information regarding OHFA affordable housing programs, please contact OHFA at 888-362-6432.
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About the Ohio Housing Finance Agency
OHFA is a self-supporting quasi-public agency governed by an eleven member board. The Agency uses federal and state resources to provide housing opportunities for families and individuals through programs designed to develop, preserve and sustain affordable housing throughout the state of Ohio.
Media Contact: Arlyne Alston
Email: aalston (at) ohiohome (dot) org