COLUMBUS, OH – April 11, 2012 – (RealEstateRama) — The Ohio Housing Finance Agency (OHFA) today announced the recipients of the 2012 Housing Tax Credit (HTC) program, used to fund the construction, acquisition and rehabilitation of affordable housing communities across Ohio. More than $29 million in federal housing tax credits was awarded to 37 developments that will serve families, seniors and individuals with disabilities.
Chosen during an annual funding round, HTC award recipients are selected based on the policies and goals of the program, including affordability, location and experience of the development team. The 2012 HTC recipients were chosen out of 102 applicants seeking more than $80 million in credits. The credits requested exceeded the total housing credit funds available by more than $56 million.
“The newly awarded recipients stood out in this competitive funding process and reflect OHFA’s shared commitment to continue providing affordable, quality, safe, decent housing for Ohio’s families with low- to moderate-incomes,” said Doug Garver, Executive Director of the Agency.
A federal tax incentive program, the HTC program is the largest driver of the production of new affordable housing in the state and nation. Developers claim tax credits over a ten year period to help offset the costs associated with construction or rehabilitation of a development. OHFA has administered the HTC program to facilitate the creation and preservation of more than 1,200 active affordable properties with more than 87,000 affordable rental housing units in the state since 1987.
A list of applicants receiving a reservation of 2012 housing tax credits can be found online at http://www.ohiohome.org/lihtc/12awards.pdf. A complete breakdown of the 2012 applicants for tax credits can be found online at http://www.ohiohome.org/lihtc/2012housingcreditresults.pdf. For more information on HTC program, visit OHFA’s website at http://www.ohiohome.org/lihtc/default.aspx.
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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 an active partner in the interagency team which coordinates the Save the Dream Ohio Initiative designed to stop preventable foreclosures.