The Ohio Housing Finance Agency Board recently announced over $28.5 million in Low Income Housing Tax Credit awards for 2019, which are used to fund the construction, acquisition and rehabilitation of affordable housing communities throughout Ohio.
The state’s 10-year federal housing tax credits were awarded to 34 developments to create 2,198 apartments serving low-income families, seniors and individuals with disabilities throughout the state.
In addition, OHFA awarded $1.5 million in Ohio Housing Trust Fund awards and $6.75 million in federal HOME funds, both critical gap financing resources that help make these developments affordable to Ohioans with extremely low incomes.
“Nearly half of all renters pay more than a third of their income on housing,” said OHFA Acting Executive Director Holly Holtzen. “Today’s award announcement is an important step toward tackling the growing affordability problem for Ohio’s renter households.”
Housing tax credits are awarded in a competitive process based on the policies and goals of the program, including affordability, geography, supportive services and the experience of the development team. The 2019 LIHTC recipients were chosen from 92 applicants seeking more than $80 million in credits.
Property owners claim tax credits over a 10-year period to help 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 LIHTC program to facilitate the creation and preservation of more than 140,000 units in the state since 1987. For more information regarding OHFA or the LIHTC program, contact OHFA at 888.362.6432 or visit http://ohiohome.org.
Briggsdale II: Community Housing Network recently expanded Briggsdale Apartments, which more than doubled the 35-unit supportive housing development for formerly homeless Ohioans with disabilities in southwest Columbus. (Columbus Dispatch article)
The Ohio Housing Trust Fund provided $750,000 in essential gap funding for the Briggsdale Apartments, including $300,000 for the second phase expansion to house people struggling with homelessness, mental illness and/or addiction.
James McCary, a resident, said the program enabled him to recover from addiction on his own terms after many years of living on the streets. “I have kids and a family, and slowly and surely they’re coming back into my life,” he said during the opening event.
Hal Keller, president emeritus of the Ohio Capital Corporation for Housing, said the project was a great example of how the Housing Trust Fund has helped Ohio address chronic homelessness. He urged state policymakers to increase funding for the Housing Trust Fund in current budget negotiations.
Funding for the $9 million development was provided by: Affordable Housing Trust for Columbus and Franklin County, Alcohol, Drug and Mental Health Board of Franklin County, City of Columbus, Columbus Metropolitan Housing Authority, Community Shelter Board, Federal Home Loan Bank of Cincinnati, Huntington National Bank, Ohio Capital Corporation for Housing, Ohio Department of Mental Health and Addiction Services, Ohio Housing Finance Agency, and U.S. Department of Housing and Urban Development.
Dayton YWCA: Dayton YWCA Permanent Supportive Housing is a housing tax credit development that involves the substantial rehabilitation of a seven-story 1913 building located in Montgomery County. The project, which targets formerly homeless residents, also received a $350,000 grant from the Ohio Housing Trust Fund.
The renovation will create 52 efficiency units and 13 one-bedroom units. The project was awarded over $1 million LIHTC in 2014. HUD required the Dayton YWCA to convert their Section 8 Mod Rehab contract to a Section 8 HAP contract through the RAD process, according to OHFA. After completing the HUD required RAD 2 process, all units will have project-based subsidy under a Section 8 HAP contract.
Partners include Model Property Development, OCCH, KeyBank, the City of Dayton, Montgomery County, and the Federal Home Loan Bank of Cincinnati.
A nurse practitioner will be contracted through Samaritan Homeless Clinic to be on-site three times a week to provide medical support. The project is part of the Dayton YWCA’s larger renovation effort that is currently underway. (WDTN Dayton story)