FOR IMMEDIATE RELEASE
Wednesday, May 20, 2020
Media Contact: Dorcas Jones
$31 million in Housing Tax Credits Expand Affordable Housing in Ohio
COLUMBUS, OH - The Ohio Housing Finance Agency Board today announced the recipients of the 2020 Housing Tax Credit program awards.
This year, 37 developments throughout Ohio creating or preserving 2,002 apartments for families, seniors and individuals with disabilities were awarded more than $31 million in 10-year federal housing tax credits.
The full list of awardees is as follows:
OHFA reviewed 88 applications requesting more than $76 million in credits. Recipients were selected based on the policies and goals of the program, including affordability, geography, accessible design, supportive services, leveraged economic investment and proximity to amenities.
Nearly half of Ohio's renters experience housing cost burden, meaning they spend 30% or more of their income on rent and utilities. When housing costs are at least 30% of a household's income, it limits Ohioans ability to afford other essential needs such as transportation, healthcare and food.
"Affordable housing development, preservation and rehabilitation is critically needed in our state, and we are proud to support these efforts by awarding these credits," said Executive Director Sean Thomas.
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 HTC program to facilitate the creation and preservation of more than 150,000 units in the state since 1987.