FOR IMMEDIATE RELEASE
Wednesday, July 19, 2017
Media Contact: Molly Moses
OHFA Announces 2017 Housing Tax Credit Program Recipients, Awarding More Than $27 Million to Create Affordable Housing Options
COLUMBUS - At its July 19, 2017, meeting, the Ohio Housing Finance Agency (OHFA) Board announced the recipients of the 2017 Housing Tax Credit (HTC) program awards, used to fund the construction, acquisition and rehabilitation of affordable housing communities throughout Ohio. Over $27 million in federal housing tax credits was awarded to 34 developments to create 1,759 housing units serving families, seniors and individuals with disabilities:
*Art Works Lofts and Poindexter Village each received consideration for a Local Initiatives Award in 2016, meaning that OHFA committed to funding a second phase of each development in the 2017 Tax Credit Round.
Selected developers claim tax credits over a ten year period to help offset the costs associated with construction or rehabilitation of a housing 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.
"As safe and decent housing grows harder to find, and the resources for creating new affordable housing choices shrink, OHFA is incredibly proud to partner with these outstanding organizations to leverage private investments for the benefit of our state," said OHFA Executive Director Sean Thomas. "This vital program creates jobs, supports rising communities and invests in Ohio's infrastructure."
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 2017 HTC recipients were chosen out of 83 applicants seeking more than $67 million in credits.
OHFA has administered the HTC program to facilitate the creation and preservation of more than 115,000 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.