FOR IMMEDIATE RELEASE
Thursday, May 18, 2023
Media Contact: Penny Martin
OHFA Awards More Than $29 Million in Tax Credits to Build or Preserve Affordable Housing Across Ohio
COLUMBUS, OH - The Ohio Housing Finance Agency (OHFA) announced projects receiving conditional commitments for the 2023 Low-Income Housing Tax Credits (LIHTCs) at the Board meeting yesterday. The LIHTC program provides tax credits to developers to assist in the creation or rehabilitation of rental housing for low- to moderate-income Ohioans.
This year, 29 Ohio developments creating or preserving 1,361 apartments for families, seniors, and individuals at risk for homelessness were awarded more than $29.9 million in 10-year federal Low-Income Housing Tax Credits.
"The investments we announced today will create new housing opportunities in 21 counties and help address our housing shortage," said Executive Director Shawn Smith. "OHFA is working to ensure Ohioans have access to safe, affordable places to call home."
Of the developments receiving tax credit reservations, 41% will create or preserve housing for Ohio families, 45% will create or preserve housing for older Ohioans, and 21% will create or preserve supportive housing for Ohioans. There will be 211 units created in the rural counties.
OHFA reviewed 69 applications requesting more than $70.4 million in credits. Recipients were selected based on the policies and goals of the program, including affordability, geography, accessible design, supportive services, leveraged economic investment and proximity to amenities.
Applicants receiving conditional commitments are (listed in alphabetical order):
- 65 Nickel (Summit County)
- Arlington Senior Housing (Lucas County)
- Carol Crossing (Muskingum County)
- Channing Street Redevelopment (Delaware County)
- CJ McLin Senior Apartments (Montgomery County)
- Collinson Apartments (Summit County)
- Defiance Ridge Apartments (Defiance County)
- Edgemont Colony Apartments (Williams County)
- Emerald Senior (Cuyahoga County)
- Hebron Senior Apartments (Licking County)
- Hope Homes I (Cuyahoga County)
- Juniper Crossing (Franklin County)
- Niles Senior Housing (Trumbull County)
- Noble Station (Cuyahoga County)
- Northside Villas (Wayne County)
- Parkway Lofts (Stark County)
- Puritas Senior Apartments (Cuyahoga County)
- Renew Miami Chapel Phase 1 (Montgomery County)
- Ridgeville Farms (Lorain County)
- Roberts Station (Stark County)
- Rockdell Villas (Greene County)
- Spaeth and Kelly Hall (Hamilton County)
- Sunrise Neighborhood Living (Lorain County)
- The Depot on Detroit (Cuyahoga County)
- The Pointe at Walker Mill (Mahoning County)
- The Reserve at Mount Gilead II (Morrow County)
- Village at Town Center II (Summit County)
- Warner and Swasey II (Cuyahoga County)
- Wickliffe Senior (Lake County)
Two applications within the Preserved Affordability Pool not listed above were referred by the OHFA Board to staff for further review.
Developers and their investment partners claim tax credits over a 10-year period to 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 Housing Tax Credit program to facilitate the creation and preservation of more than 150,000 units in the state since 1987.
The Ohio Housing Finance Agency is an Equal Opportunity Housing entity. Loans are available on a fair and equal basis regardless of race, color, religion, sex, familial status, national origin, military status, disability or ancestry. Please visit www.ohiohome.org for more information.