FOR IMMEDIATE RELEASE
Wednesday, May 15, 2019
Media Contact: Dorcas Jones
Affordable Housing Expanded through $280 Million in Housing Tax Credits
COLUMBUS, OH - The Ohio Housing Finance Agency (OHFA) Board today announced the recipients of the 2019 Housing Tax Credit (HTC) program awards, which are 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 34 developments to create 2,198 apartments serving families, seniors and individuals with disabilities. The full list of awardees is as follows:
As attention toward the nation's housing affordability crisis continues to grow, OHFA is proud to finance the rehabilitation and new construction of nearly 2,200 units of critically needed affordable housing across the state of Ohio. In addition to the $28.5 million in housing credits, OHFA also awarded $1.5 million in Ohio Housing Trust Funds and $6.75 million in federal HOME funds, both critical gap financing resources that serve the most vulnerable Ohioans. Today's announcement was made at OHFA's monthly board meeting.
"Nearly half of all renters pay more than a third of their income on housing," said OHFA's Acting Executive Director Holly Holtzen. "Today's award announcement is an important step toward tackling the growing affordability problem for Ohio's renter households."
Every year, HTC recipients are selected based on the policies and goals of the program, including affordability, geography, supportive services and the experience of the development team. The 2019 HTC recipients were chosen from 92 applicants seeking more than $80 million in credits.
Property owners claim tax credits over a 10-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 a minimum of 30 years.
OHFA has administered the HTC program to facilitate the creation and preservation of more than 140,000 units in the state since 1987. For more information regarding OHFA or the HTC program, contact OHFA at 888.362.6432 or visit https://ohiohome.org.