Program to provide 2,918 rental housing units in 31 Ohio counties
COLUMBUS – May 20, 2014 – (RealEstateRama) — The Ohio Housing Finance Agency (OHFA) today announced the recipients of the 2014 Housing Tax Credit (HTC) program to fund the construction, acquisition and rehabilitation of affordable housing units in Ohio. More than $27 million in federal housing tax credits were awarded to 46 developments serving families, seniors and individuals with disabilities in 31 counties.
The tax credit recipients were selected based on the policies and goals of the program, including affordability, location and experience of the development team. More than 100 applicants sought funding through this year’s highly competitive process and requested more than $71 million in credits.
“The Housing Tax Credit program is the largest driver of the production of new affordable housing in the state and nation,” said OHFA Executive Director Doug Garver. “The unfortunate reality however, is the demand for affordable housing in Ohio far exceeds the resources available. The recipients of this year’s funding round will create viable and sustainable communities for families, seniors and persons at risk of homelessness that would not be available otherwise.”
Housing tax credits are federal income tax credits claimed by developers during a ten year period to help offset the costs associated with the construction or rehabilitation of a development. In exchange for the credits, owners must maintain affordable monthly rent and limit occupancy to residents with low- to moderate-incomes for up to 30 years.
OHFA has administered the program since 1987 to facilitate the creation and preservation of more than 1,200 active properties with more than 100,000 affordable rental housing units.
For more information on the housing tax credit program, visit OHFA’s website at www.ohiohome.org. A complete list of applicants receiving a reservation of housing tax credits can be found online at http://ohiohome.org/lihtc/2014HTC-recipients.pdf.
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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. OHFA is also the administrator of the state’s foreclosure prevention program, Save the Dream Ohio.
Media Contact: Arlyne Alston
Email: aalston (at) ohiohome (dot) org