OHFA Board Approves Financing for 11 Developments and Announces the 2024 9% Low-Income Housing Tax Credit Reservations

(COLUMBUS, Ohio) Today, the Ohio Housing Finance Agency (OHFA) Board approved financing from various programs for 11 housing developments to create or preserve affordable housing units throughout the state. Three of the projects approved received funding from the new Ohio Low-Income Housing Tax Credit Program.

Developments that received Board approval for funding are:

CENTRAL

Elevate 340: Fairfield Homes, Inc., received approval for a $2.25 million Housing Development Loan. The project will create 74 new units for families in Columbus (Franklin County).

Granville Woods Lofts: Woda Cooper Development received approval for a $2 million Housing Development Loan and $8,339,480 reservation of Ohio Low-Income Housing Tax Credits. The project will construct 58 new units for families in Columbus (Franklin County).

Marion Village Apartments: Wallick Development, LLC, received approval for a $1.75 million Housing Development Loan. The project will rehabilitate 50 units for families in Marion (Marion County).

Venture Place: Fairfield County ADAMH Board received approval for $2 million in Housing Development Assistance Program funding. The project will construct 24 new permanent supportive housing units in Lancaster (Fairfield County).

NORTHEAST

EDEN Expansion Phase III: Emerald Development and Economic Network, Inc., received approval for $944,465 in Housing Development Assistance Programs funding. The project will construct eight new units in Cleveland (Cuyahoga County).

Newton Family Apartments: Co-Developers, Woda Cooper Development, Inc., and Canton for All People, Inc., received approval for a $2 million Housing Development Loan and $9,872,080 reservation of Ohio Low-Income Housing Tax Credits. This project will construct 52 new units for families in Canton (Stark County).

NORTHWEST

Arlington Senior Housing: Co-Developers, National Church Residences and Area Office on Aging of Northwestern Ohio, Inc., received approval for a $1.75 million Housing Development Loan. The project will construct 52 new units for older Ohioans in Toledo (Lucas County).

Upton II: New Home Development Company, Inc., received approval for $1.25 million in Housing Development Assistance Programs funding. The project will construct 10 units of permanent supportive housing for individuals with mental illness in Defiance (Defiance County).

SOUTHWEST

Belmar Trail of Lebanon: Sieber Construction received approval for a $2.5 million Housing Development Loan and $4,399,510 reservation of Ohio Low-Income Housing Tax Credits. The project will construct 44 new units for older Ohioans in Lebanon (Warren County).

Cascades Phase I: Yellow Springs Home, Inc., received approval for $1,469,017 in Housing Development Assistance Programs funding. The project will construct eight new units for at-risk seniors and disabled Ohioans in Yellow Springs (Greene County).

Mulberry Springs: Co-developers, Buckeye Community Hope Foundation and Sheltered, Inc., received approval for a $2 million Housing Development Loan and Housing Development Assistance Funding in the amount of $4.8 million. This project will construct 30 one-bedroom units, and five duplex houses with 10-family units of permanent supportive housing for families in Springfield (Clark County).

The Board also announced the projects receiving conditional commitments for the 2024 9% Low-Income Housing Tax Credits (LIHTCs). The LIHTC program provides tax credits to developers to assist in the creation or rehabilitation of rental housing for low- to moderate-income Ohioans.

This year, 24 Ohio developments creating or preserving 1,514 apartments for families, seniors, and supportive housing were awarded reservations of more than $34.7 million in 9% federal Low-Income Housing Tax Credits.

Of the developments receiving tax credit reservations, 50% will create or preserve housing for Ohio families, 37.5% will create or preserve housing for older Ohioans, and 12.5% will create supportive housing for Ohioans.

OHFA reviewed 65 applications requesting more than $95.9 million in credits. Recipients were selected based on the policies and goals of the program, including affordability, financial feasibility, geography, neighborhood opportunity, building amenities, and proximity to local amenities.

Applicants receiving conditional commitments are (listed in alphabetical order):

·    Arrowhead Lofts (Lucas County)

·    Artem on Gay (Franklin County)

·    AspireCOLUMBUS (Franklin County)

·    Beaumont Greene (Athens County)

·    Berkshire Commons (Delaware County)

·    Blackburn Landing (Athens County)

·    Bowling Green Senior Housing (Wood County)

·    Brookside Place (Licking County)

·    Churchill Gateway II (Cuyahoga County)

·    Cleveland West Veterans Housing (Cuyahoga County)

·    Commons at Grant (Franklin County)

·    Divinity Landing (Summit County)

·    Emerald Glen (Franklin County)

·    Hamilton Place (Franklin County)

·    Hough Senior Independent Living (Cuyahoga County)

·    Knoll View Place (Franklin County)

·    Oskamp Flats (Hamilton County)

·    Roberts Run Landing (Belmont County)

·    Scioto Rise Place (Franklin County)

·    Senior Village at Valle Greene (Greene County)

·    Sheridan Manor Apartments (Lawrence County)

·    Stow Kent Gardens (Summit County)

·    Thornville Manor (Perry County)

·    Walton Senior Apartments (Cuyahoga County)

Developers and their investment partners claim tax credits over a 10-year period to offset the costs associated with construction or rehabilitation of an affordable 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 Housing Tax Credit program to facilitate the creation and preservation of more than 150,000 units in the state since 1987. For more information on the programs offered by the Ohio Housing Finance Agency, visit ohiohome.org.