The Ohio Housing Finance Agency just announced the 2018 Low Income Housing Tax Credit (LIHTC) awards totaling more than $28 million for construction, acquisition and rehabilitation of 2,122 units serving low-income families, seniors and individuals with disabilities.
The 37 developments that received LIHTC funding were selected from among 73 applicants seeking more than $60 million in credits. OHFA noted that 15 of the funded projects are located in high-opportunity neighborhoods, and ten more are in economically growing communities.
Under the federal LIHTC program, property owners claim tax credits over a 10-year period to help offset the costs associated with construction or rehabilitation of low-income housing. In exchange, owners must maintain rents that are affordable to residents with low- to moderate- incomes for up to 30 years.
For more information on the 2018 LIHTC awards, visit OHFA’s website.
In other developments, several innovative affordable housing projects moved forward in Ohio:
CMHA Breaks Ground on Poindexter Place Phase IIB
Columbus Metropolitan Housing Authority recently broke ground on the $37 million third and final phase of a mixed-income, multi-generational transformation plan for Poindexter Village on the Near East Side of Columbus.
Phase IIB of the transformation plan will include 53 Low Income Housing Tax Credit Units that will be available for tenants earning from 30% to 60% of area median income. There will also be 34 market-rate units, with a mix of walk-up buildings and townhomes.
The Ohio Housing Trust Fund provided $300,000 of funding for this project through OHFA’s Housing Development Assistance Program.
Woda Group opens Nelsonville School Commons
The Woda Group in partnership with the Nelsonville High School Restoration Foundation and Hockings Athens Perry Community Action recently opened a newly restored $9.6 million affordable housing project in Nelsonville.
This project renovated two historic school buildings built in the 1900s and turned them into one connected complex that holds 33 units of affordable housing. These units will provide housing for a combination of seniors and working families all living at or below 60% of area median income. This project was partially funded with Low Income Housing Tax Credits.
NRP Group opens Tiffin Pointe
NRP Group recently opened a new $9 million, 52-unit affordable housing development in Tiffin. This development includes three, three-story buildings at the former site of a dilapidated mobile home park. All 52 units will provide affordable housing for families.
Tiffin Pointe is the first major housing project to be developed in Tiffin in a decade. This development focuses on area workforce and will be in walking distance of employment, retail and community resources for residents. Tiffin Pointe was partially funded through low income housing tax credits.