The credits, part of the federal 2012 Housing Tax Credit program administered by the Ohio Housing Finance Agency (OHFA), will go to:
- Losantiville Apartments: $1.72 million for 100 units on scattered sites, to be developed and managed by the Model Group; and
- Oak Park Apartments: $856,785 for 71 units at 1402-1498 Wabash Avenue in Lincoln Heights, to be developed and managed by Nelson & Associates, Inc.
The Housing Tax Credit program is an annual tax incentive program designed to increase the supply of affordable rental housing by offsetting developers' costs of acquiring, rehabilitating, or constructing new residences to be occupied by low- to moderate-income individuals and families.
The amount of credits awarded depends on the total development cost to be financed. Developers sell the credits to investors to raise funds to help cover their costs, and the individual or corporate investors can subtract the amount of the credit from their federal income taxes.
In exchange for the credits, developers are required to maintain income and rent restrictions for 15 years.
"The newly awarded recipients stood out in this competitive funding process and reflect OHFA's shared commitment to continue providing affordable, quality, safe, decent housing for Ohio's families with low- to moderate-incomes," said Doug Garver, OHFA executive director, in a prepared release.
For 2012, more than $80 million in credits were sought by 102 applicants. Hamilton County projects not receiving tax credits in 2012 include the Avondale/North Avondale Redevelopment at 3639 Reading Road and 722-724 Gholson Avenue, Corinthian Commons at 1788 Tennessee Avenue in Paddock Hills, Courtyard Apartments at 7126 Hirsch Drive in Roselawn, Ironworks Apartments at 716 Main Street Downtown, Walnut Court Senior Apartments at 1020 Chapel Street in Walnut Hills, and Windsor by the Creek at 68 Shadybrook Drive in Hartwell.
Since 1987, OHFA has used the program to facilitate the development of more than 87,400 affordable rental housing units in the state.
Previous reading on BC:
OHFA issues RFP for study of affordable housing tax credits (3/13/12)
More than $3.4M awarded for Ohio affordable housing development, assistance (3/17/11)
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)
Two Cincinnati projects win federal tax credits (7/7/09)