Housing Tax Credit Program

  • Housing Tax Credit Program

The HTC program is a tax incentive program designed to increase the supply of quality, affordable rental housing by helping developers offset the costs of rental housing developments for individuals with low- to moderate-income. This program has been the largest driver of the production of new affordable housing in the state and nation over the past several years. Since 1987, OHFA has used the HTC Program to facilitate the development of over 100,000 affordable rental housing units in Ohio.


2017 Qualified Allocation Plan


Available Funding:

Competitive (9 percent) Housing Tax Credit Program:

Developers constructing or rehabilitating affordable housing statewide can apply for an allocation of 9 percent housing tax credits. Due to the demand for 9 percent credits, OHFA typically funds only 25-30% of all applications submitted. In addition, because of the cost of applying for the program and the extensive compliance requirements, the program is best suited for rental housing developments with 25 or more units. OHFA strongly encourages all applicants to seek experienced legal and accounting counsel in order to comply with all program requirements found in the most current Qualified Allocation Plan below.

Non-Competitive (4 percent) Housing Tax Credit Program:

Developers constructing or rehabilitating affordable housing statewide can apply for an allocation of 4 percent housing tax credits. The Internal Revenue Code (IRC) requires that developments awarded 4 percent housing tax credits must utilize multifamily bonds financing for more than 50 percent of the total project cost. OHFA strongly encourages all applicants to seek experienced legal and accounting counsel in order to comply with all program requirements found in the most current Qualified Allocation Plan below.


HUD Subsidy Layering Review

In 2010, the Ohio Housing Finance Agency (OHFA) received approval to complete Subsidy Layering Reviews (SLR) on behalf of the Department of Housing & Urban Development (HUD) for newly constructed or rehabilitated projects that will receive a new Section 8 Project-Based Voucher Housing Assistance Payments Contract (assistance provided under Section 8(o)(13) of the U.S. Housing Act of 1937 (42 U.S.C. 1437f)) and an allocation or award of Housing Tax Credits. OHFA will only perform a SLR for a project that meets these criteria.


Related Programs and Funding:


Applications and Forms:

All standard documents will be required by OHFA when applying for resources.

Competitive Workbooks:
Guides:

Contact Information:

Questions and correspondence regarding the Housing Tax Credit program may be directed to:

Karen Banyai
Planning, Preservation and Development
Ohio Housing Finance Agency
57 East Main Street
Columbus, Ohio 43215
614.752.4185
kbanyai@ohiohome.org