OHFA AWARDS MORE THAN $950,000 IN ADDITIONAL FEDERAL FUNDING TO AFFORDABLE HOUSING DEVELOPMENTS
Nearly $1 million of Federal Housing Tax Credits were awarded by the Ohio Housing Finance Agency to nine developments as part of allocations from the Housing and Economic Recovery Act.
COLUMBUS, OH – May 1, 2009 – (RealEstateRama) — The Ohio Housing Finance Agency (OHFA) today awarded nine affordable housing developments additional federal Housing Tax Credits through a provision included in the Housing and Economic Recovery Act (HERA). Passed in July 2008, the HERA provided OHFA with the ability to award extra tax credits for properties that received funding in 2008 and are ready to begin construction this year.
The developments receiving the HERA Housing Tax Credits are:
• Ardmore Crossing (Scioto, Ross County) – $40,583
• Edison Place (Niles, Trumbull County) – $190,000
• Elim Estates (Columbus, Franklin County) – $122,064
• Fairway Crossing (Tiffin, Seneca County) – $147,510
• Forest Edge (Rawson, Hancock County) – $9,321
• Maplewood Village (Streetsboro, Portage County) – $121,130
• Rainbow Place (Cleveland, Cuyahoga County) – $38,610
• Rising at Phoenix (Dayton, Montgomery County) – $125,958
• Trail West (Newark, Licking County) – $199,923
Each of these developments received Housing Tax Credits and other funding from OHFA previously but were unable to begin construction due to lack of funds from investors. The amount of investor funds for credits has dropped by half over the past year. In order to take advantage of the additional Housing Tax Credits, these seven developments must close with their tax credit investors and construction lenders and be ready to begin construction by July 1, 2009. The Agency was given the authority to award more than $1.4 million additional credits in 2009 with $995,099 allocated at this time.
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.
