Thursday, March 17, 2011

More than $3.4M awarded for Ohio affordable housing development, assistance

Three affordable housing projects in Cincinnati have been promised more than $2.5 million in funding through the Ohio Housing Finance Agency's (OHFA) 2011 Housing Tax Credit Program.

Awarded annually through a scoring process based upon such factors as project affordability, project location, and developer experience, the housing tax credits are federal income credits that are claimed over 11 years by owners of eligible rental properties.

A total of $23.8 million was awarded to 33 projects in 22 Ohio counties for the construction, acquisition and rehabilitation of affordable housing units. The funding will result in the creation of 1,732 additional units.

The City projects promised funding are:

Over 109 applicants sought funding through this year's process, requesting $86.6 million in total credits.

Since the program began in 1987, the Housing Tax Credit Program has resulted in the redevelopment of more than 1,500 properties with more than 77,000 affordable rental housing units.

Housing grants awarded

The Ohio State Controlling Board has approved funding for two local non-profits through the 2010 Housing Assistance Grant Program, part of more than $6 million disbursed to 27 Ohio organizations.

People Working Cooperatively, Inc. will receive $800,000, while the Over-the-Rhine Housing Network will receive $68,900.

Administered by the Ohio Department of Development's (ODOD) Office of Housing and Community Partnerships and funded through the Ohio Housing Trust Fund, the program seeks to improve the housing conditions for thousands of low-income families through emergency home repair, accessibility modifications, down payment assistance, and homebuyer counseling.

ODOD estimates that the grants will leverage more than $3.9 million in other public and private investments, repair 2,250 homes, and provide down payment assistance to 485 households.

Funding for 2011 has yet to be determined. Applications for the 2011 funding cycle are due by August 31.

Previous reading on BC:
OHFA awards $2M in affordable housing tax credits to Anna Louise Inn, North Rhine (7/5/10)
$1.76M HOME loan to aid St. Paul Village rehab (6/23/10)
Wrecking Cincinnati, 11/16/09 (11/16/09)
Two Cincinnati projects win federal tax credits (7/7/09)
ODOD awards $3.3 million to Hamilton County for low-income, homeless housing assistance (11/24/08)