COLUMBUS — The Ohio Housing Finance Agency (OHFA) today announced the recipients of approximately $23 million in housing tax credits through the 2008 Housing Tax Credit Program. The tax credits, awarded to 29 developments, will assist in the acquisition, development and rehabilitation of affordable housing units throughout the state of Ohio. OHFA chose 10 applicants in nine counties to receive tax credits through the Maximizing Outcomes Pool. These projects did not receive credits in the target or geographic pools.
“The Housing Tax Credit Program is a critical funding source for developers of affordable housing,” said Doug Garver, Executive Director for the Agency. “By receiving these credits, they can invest in developing and preserving quality, affordable housing across Ohio.”
This year, more than 150 applicants sought funding through OHFA’s Housing Tax Credit Program. Among the properties receiving awards are senior communities, permanent supportive housing communities, developments needing rehabilitation and lease-purchase developments. They serve the elderly, homeless, mentally ill and other special needs persons.
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 rents 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 objective criteria, such as 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 65,000 affordable 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.
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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.