The Ohio Housing Finance Agency (OHFA) announced that it has allocated $27.8 million in low-income housing tax credits (LIHTCs) to 37 housing developers.
The LIHTCs were awarded to 46 developments, with 2,918 affordable rental units, serving families, seniors, and special-needs individuals in 31 counties.
More than 100 developers applied for tax credits in this year’s funding round, requesting more than $71 million.
“The housing tax credit program is the largest driver of the production of new affordable housing in the state and nation,” said OHFA Executive Director Doug Garver. “The unfortunate reality, however, is the demand for affordable housing in Ohio far exceeds the resources available.”
For a complete list of developers receiving LIHTCs in the 2014 funding round, visit http://ohiohome.org/lihtc/2014HTC-recipients.pdf.
The OHFA board also approved $3 million through the Recycled Tax Credit Assistance Program (R-TCAP), which is derived from repaid funds through the American Recovery and Reinvestment Act’s Tax Credit Assistance Program, and $5.8 million through the Housing Development Assistance Program (HDAP), which provides low-interest financing for developments. HDAP funding comes from the federal HOME program and the Ohio Housing Trust Fund.
Housing communities receiving HDAP and R-TCAP funding include:
- Faith Village and Marysville Meadows Apartments: $1 million in HDAP and $1.5 million in R-TCAP funds for the acquisition and rehabilitation of Faith Village I and II and Marysville Meadows Apartments in Columbus and Marysville. Combined, the communities offer 246 two- and three-bedroom units for families.
- Hoover Cottages II: $2.1 million in HDAP funds for the new construction of six cottage-style duplexes with 12 units for seniors in Dayton.
- Thomaston Woods: $1 million in HDAP and $1.5 million in R-TCAP funds for the acquisition and rehabilitation of 16 buildings with 100 units for families in Batavia Township, Clermont County.
- Walnut Court Senior Apartments: $1.75 million in HDAP and $1.5 million in R-TCAP funds for the acquisition and rehabilitation of 30 units for seniors in Cincinnati.