FOR IMMEDIATE RELEASE
Wednesday, May 16, 2018
Media Contact: Molly Moses
OHFA Allocates over $280 Million in Housing Tax Credits to Expand Affordable Housing
COLUMBUS - At its May 16, 2018, meeting, the Ohio Housing Finance Agency (OHFA) Board announced the recipients of the 2018 Housing Tax Credit (HTC) program awards, used to fund the construction, acquisition and rehabilitation of affordable housing communities throughout Ohio. Over $28 million in 10-year federal housing tax credits were awarded to 37 developments to create 2,122 apartments serving families, seniors and individuals with disabilities. The full list of awardees is as follows:
As America celebrates the 50th anniversary of the Fair Housing Act, OHFA is proud to recognize that fifteen of these developments are located in high-opportunity neighborhoods, and ten more are in economically growing communities.
"Ensuring low income Ohioans have access to healthy job markets and high-performing schools is critical to ending the intergenerational cycle of poverty," said OHFA's Executive Director Sean Thomas. "Today, we take another momentous step towards a truly equitable housing market that balances the diverse needs of our people."
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 2018 HTC recipients were chosen out of 73 applicants seeking more than $60 million in credits.
Property owners 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.
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.