Affordable housing projects win federal tax credits

The Ohio Housing Finance Agency (OHFA) has awarded Walnut Hills Redevelopment and Tender Mercies, Inc. federal tax credits for the development of affordable housing.

The federal tax credits, distributed via the OHFA, are enacted every year for ten years. The housing credit can be deducted from the owner's federal taxable income.

Walnut Hills Redevelopment won $870,000 in tax credits for the rehabilitation of the Walnut Hills Apartments at 849 Beecher Street. The rehab of the 197 units will cost $3.8 million.

Tender Mercies, Inc. was awarded $308,000 in tax credits for their Harkavy Hall project at 24 W Twelfth Street. Details on that project are unavailable.

Two other local applicants, Over-the-Rhine Community Housing and Model Property Development, did not receive any funds in this round.

The OHFA awarded more than $18.75 million in tax credits to 34 developers.

There were 90 total applicants.

To read about the losing applicants:
BC: Model Property Development seeking federal funds for fourteen-building rehab (7/3/07)
BC: North Rhine project could lead to 54 affordable units (6/12/07)

Walnut Hills Preservation seeks tax credits for senior housing

Walnut Hills Redevelopment (WHR) has applied for federal tax credits to rehabilitate the Walnut Hills Apartments.

The federal tax credits, which are distributed in Ohio through the Ohio Housing Finance Agency (OHFA), are awarded each year for 10 years. The housing credit can be deducted from the owner's (in this case OTRCH) federal taxable income.

WHR plans to use the funds to rehab 197 low-income units at the complex at 849 Beecher Street.

The total project cost is $3.8 million.

On June 6, City Council passed a resolution supporting the application.

The OHFA is scheduled to announce the accepted applicants on August 1.

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