Two large states, New York and Ohio, have announced their latest low-income housing tax credit (LIHTC) reservations.
The New York State Division of Housing and Community Renewal reserved more than $48 million in LIHTCs and other funds to help build or rehabilitate 2,165 affordable housing units. Forty applicants received the funds.
Gov. David Paterson said the awards will create nearly 2,000 construction jobs statewide.
The projects receiving the awards will also be eligible for additional funding from the American Recovery and Reinvestment Act. New York is eligible for about $250 million in Tax Credit Assistance Program stimulus funds, which will help fill funding gaps.
The Ohio Housing Finance Agency announced more than $26 million in LIHTC reservations to 27 developments in various target and geographic pools Funds were also reserved to 12 applicants in the “maximizing outcomes” pool, who were selected because they meet program policies and goals that were not achieved in the target and geographic pools.