FOR IMMEDIATE RELEASE
Wednesday, June 15, 2016
Media Contact: Molly Moses
OHFA Announces 2016 Housing Tax Credit Program Recipients, Awarding More Than $30 Million to Create Affordable Housing Options
COLUMBUS – At its June 15, 2016, meeting, the Ohio Housing Finance Agency (OHFA) Board announced the recipients of the 2016 Housing Tax Credit (HTC) program awards, used to fund the construction, acquisition and rehabilitation of affordable housing communities in Ohio. More than $30 million in federal housing tax credits was awarded to 40 developments that will serve families, seniors and individuals with disabilities in rural, suburban and urban areas. Selected developers claim tax credits over a ten year period to help offset the costs associated with construction or rehabilitation of a development. In exchange for the credits, owners must maintain rents that are affordable and limit occupancy to residents with low- to moderate- incomes for up to 30 years.
"The Housing Tax Credit program doesn't only create quality affordable housing options for Ohioans," said OHFA Executive Director Doug Garver. "It's also a valuable resource that leverages private sector participation, creates jobs and improves communities. It is the largest affordable rental housing production vehicle, both in Ohio and nationally."
Each year, HTC recipients are selected based on the policies and goals of the program, including affordability, location and experience of the development team. The 2016 HTC recipients were chosen out of 93 applicants seeking more than $71 million in credits.
OHFA has administered the HTC program to facilitate the creation and preservation of 4,480 affordable housing units in Fiscal Year 2015 and more than 114,000 units in the state since 1987.
For more information regarding OHFA or the HTC program, please contact OHFA at 888-362-6432 or visit http://ohiohome.org.
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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.