Program to provide 1,732 units of affordable rental housing in 22 counties
COLUMBUS, OH – March 17, 2011 – (RealEstateRama) — The Ohio Housing Finance Agency (OHFA) today announced the 2011 Housing Tax Credit Program recipients who will each receive a portion of $23.8 million in federal housing tax credits for the construction, acquisition and rehabilitation of affordable housing units in Ohio. Funding was awarded to 33 developments that will serve families, seniors, and persons who are mentally ill or homeless in 22 of Ohio’s 88 counties.
“OHFA has worked closely with developers who share our goal of constructing, preserving and maintaining affordable housing for more than 25 years,” said Doug Garver, Executive Director for the Agency. “The Housing Tax Credit program has produced thousands of housing units across the state for low-to moderate-income Ohioans who may not otherwise afford decent housing. We look forward to partnering with the recently awarded developers as they increase the supply of safe, decent, affordable rental units in the great state of Ohio.”
Housing tax credits are federal income tax credits that are claimed over 11 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 1,500 affordable properties with more than 77,000 rental housing units in Ohio. Over 109 applicants sought funding through this year’s highly competitive process and requested $86.6 million in total credits.
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 2011 housing tax credits can be found online at www.ohiohome.org/lihtc/2011housingcreditresults.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 an active partner in the interagency team which coordinates the Save the Dream Ohio initiative designed to stop preventable foreclosures.
Email: aalston (at) ohiohome (dot) org