OHFA awards over $19M in tax credits for affordable housing in Ohio
Program to provide 1,439 units of affordable rental housing developments in 19 counties
COLUMBUS, OH – July 1, 2010 – (RealEstateRama) — The Ohio Housing Finance Agency (OHFA) today announced the 2010 Housing Tax Credit Program recipients who will each receive a portion $19.2 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 in 19 of Ohio’s counties.
“This program has been the largest driver of the production of new affordable housing in the state and nation over the past 10 years,” said Doug Garver, Executive Director for the Agency. “We are proud to award developers with tax credits so they may devote time and energy to constructing, preserving and maintaining over 1,400 quality, affordable housing units across the state for low-to moderate-income Ohioans for years to come.”
Over 80 developers sought funding to make senior communities, permanent supportive housing, developments requiring rehabilitation, and lease-purchase developments available for families, seniors, and persons who are mentally ill or homeless.
Housing tax credits are federal income tax credits that are claimed over 10 years by owners of eligible rental properties. The credits are awarded during an annual funding round in which proposals are selected based on the policies and goals of the program, including affordability, location and experience of the development team.
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 77,000 rental housing units in Ohio. Over 80 applicants sought funding through the highly competitive process earlier this year and requested $58.5 million in total.
For more information about recently funded projects and the Housing Tax Credit Program, please visit OHFA’s website at www.ohiohome.org.
A list of applicants receiving a reservation of 2010 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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