In Other Developments…

The Ohio Housing Finance Agency recently announced the 2017 awards for the Low Income Housing Tax Credit program.

Funding totaling over $27 million in tax credits was awarded for preservation and construction of 34 developments with 1,759 units. OHFA received 85 applications requesting nearly $70 million for 2017 LIHTC awards.

The tax credit awards include the following categories:

  • $4.3 million for new family units
  • $5.8 million for new senior units
  • $4.3 million for new non-urban units
  • $3.4 million for preservation of HUD units
  • $2.6 million for preservation of rural units

One area of focus for OHFA’s LIHTC awards was permanent supportive housing. COHHIO has long advocated for the PSH pool in the state’s Qualified Allocation Plan as an important tool to fight homelessness because supportive housing helps people overcome substantial barriers to achieve housing stability.

The 2017 LIHTC awards include the following four PSH projects, all of which also received $300,000 in gap financing from the Ohio Housing Trust Fund:

Cleveland’s Brooklyn Centre neighborhood will soon welcome the eleventh project from a partnership between the Cleveland Housing Network and Emerald Development & Economic Network under Cuyahoga County’s Housing First Initiative. EDEN will operate and maintain the new building for housing formerly homeless and low-to-moderate-income households for 30 years. The Emerald Alliance XI project will bring 71 PSH units to the neighborhood with the support of $1,049,500 in tax credits. FrontLine Service will provide on-site services and link residents to services and amenities in the community.

Over-the-Rhine Community Housing continues to advance affordable housing and community revitalization efforts in Cincinnati with The 821 Flats project. After demolishing a vacant, non-historical YMCA building, OTRCH will build 57 PSH units for individuals with mental illness who are emerging from homelessness. The project was awarded $912,000 in tax credits. Tender Mercies, Inc. will co-develop the project with OTRCH and will be the owner and property manager. Residents will be supported with housing subsidies that ensure they won’t pay over 30 percent of their income to rent. Residents will soon occupy 53 efficiency and 4 one-bedroom units. Tender Mercies and Greater Cincinnati Behavioral Health Services will provide on-site case management and health services.

Model Property Development received $524,500 in tax credits to develop The Grove Street project, with 30 PSH units located in Middletown. Hope House Mission, Inc. will be the owner and service provider, and will serve co-developer for the project targeted towards chronically homeless individuals.

Miami Valley Housing Opportunities Inc. is partnering with the Oberer Companies to renovate MVHO’s PSH building located on the Dayton Veteran’s Administration Medical Center Campus. The General Franklin originally opened in 1902 and MVHO has managed and maintained the building since 2002. Now the building is in need of a major renovation to ensure it can continue operating as PSH housing for decades to come. The project was awarded $625,146 in tax credits to help finance the renovation of 38 units and creation of four additional units, which will be funded with the assistance of Veterans Housing Assistance Funds.

2017-08-25T14:14:22+00:00