Affordable Housing Bolstered by Stimulus Funding
OHFA is in the process of allocating funds from the Tax Credit Exchange (TCE) and the Tax Credit Assistance Program (TCAP). To date, we have awarded more than $32 million through the TCE and TCAP, both of which were created in the American Recovery and Reinvestment Act (ARRA). This funding is helping affordable housing developments raise the capital needed to open their doors to residents. Developments awarded Housing Tax Credits in 2007, 2008 or 2009 were eligible to request the additional dollars.
The Agency was proud to join the United States Department of Treasury and other stakeholders in the groundbreaking ceremony of North Central Village, the first TCE recipient in Ohio. North Central Village will utilize $3.3 million in TCE dollars to provide 74 units for senior residents in Columbus.
Distribution of the outstanding fiscal support to the remaining initiatives continues, and we are excited to see how these funds will impact the revitalization and strengthening of neighborhoods in Ohio.