News Release 
| FOR IMMEDIATE RELEASE August 2, 2007 |
Media Contact: Erin Biehl, ebiehl@ohiohome.org Phone: 614.387.2863 |
OHIO HOUSING FINANCE AGENCY AWARDS MORE THAN $18.75 MILLION IN TAX CREDITS FOR AFFORDABLE HOUSING IN OHIO
Program to assist rental housing developments in 25 counties
COLUMBUS — The Ohio Housing Finance Agency (OHFA) today announced the recipients of more than $18.75 million in housing tax credits. The funds, awarded to 34 developments, will assist in the acquisition, construction and rehabilitation of affordable housing units throughout the State of Ohio.
“The Housing Credit Program is a critical tool for developers,” said Doug Garver, executive director for the Agency. “The credits allow these organizations to invest in the communities they serve by creating and preserving quality, affordable housing options for moderate- and low-income Ohio families.”
This year, 90 applicants sought funding through OHFA's Housing Credit Program. Among the properties receiving awards are senior communities, permanent supportive housing communities, developments needing rehabilitation and lease-purchase developments. They serve the elderly, homeless, mentally ill and other special needs persons.
Housing tax credits are federal income tax credits that are claimed over 10 years by owners of eligible rental properties. In exchange for the credits, owners must maintain affordable rents and limit occupancy to residents with low- to moderate-income levels for up to 30 years. The credits are awarded during an annual funding round in which projects are ranked based on objective criteria, such as rent affordability, location and owner experience. Since the program began in 1987, OHFA has used the Housing Credit Program to facilitate the development of over 65,000 affordable rental housing units in Ohio.
For more information about recently funded projects and the Housing Credit Program, please visit OHFA's web site at www.ohiohome.org.
View list of applicants receiving housing credit awards sorted by county
OHFA utilizes federal and state resources to provide housing opportunities for families and individuals through programs designed to create, preserve, and manage affordable housing throughout the State of Ohio. The Agency is a self-supporting quasi-public agency governed by an eleven-member board, nine of whom are appointed by the Governor and confirmed by the Senate. Two additional seats on the board, by statute, are reserved for the Director of Development and the Director of Commerce, or their designees, and both serve as ex officio voting members.
# # #
