Ohio Housing Finance Agency Awards $23.8 Million in Tax Credits
Ohio Housing Finance Agency (OHFA) announced the 2011 housing tax credit program recipients who will receive a portion of the $23.8 million in federal housing tax credits for the construction, acquisition, and rehabilitation of affordable housing units in the state. Funding was awarded to 33 developments that will serve families, seniors, and persons who are mentally ill or homeless in 22 of Ohio’s 88 counties.
“The housing tax credit program has produced thousands of housing units across the state for Ohioans who may not otherwise afford decent housing,” said Doug Garver, executive director of the agency.
In Ohio, the federal tax credits are claimed over 11 years by owners of eligible rental properties. Since the program began in 1987, OHFA has used the program to facilitate the development of more than 1,500 affordable properties with more than 77,000 rental housing units. More than 109 applicants sought funding through this year’s competitive process and requested $86.6 million in tax credits.