All Things Business

Shelby Project Receives Over Half Million Dollars In Tax Credits

2 Jun , 2021  


By 1812Blockhouse

The Ohio Housing Finance Agency Board has announced the recipients of the 2021 Housing Tax Credit program awards.

One of those recipients was a developer planning to invest money to renovate 48 units of senior residential living in Shelby.

This year, 36 Ohio developments creating or preserving 1,931 apartments for families, seniors and individuals at risk for homelessness were awarded more than $31.5 million in 10-year federal housing tax credits.

Every region of Ohio is represented among the awardees, including more than one-third in non-urban centers of the state with 607 units of affordable housing. Developments include 17 for families, 14 for seniors and five providing supportive services.

OHFA reviewed 82 applications requesting more than $73.5 million in credits. Recipients were selected based on the policies and goals of the program, including affordability, geography, accessible design, supportive services, leveraged economic investment and proximity to amenities.

“Every year we are excited to see the level of collaboration and creativity in our developer partners’ tax credit applications. Affordable housing is a critical need for many Ohioans and we are proud to support its continued expansion in our state,” said Interim Executive Director Shawn Smith.

Property owners claim tax credits over a 10-year period to help offset the costs associated with construction or rehabilitation of a 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 HTC program to facilitate the creation and preservation of more than 150,000 units in the state since 1987.

Park Village II in Shelby will renovate the remaining 48 units of the 128-unit USDA Rural Development senior housing community. This $6.25 million-plus investment will preserve existing USDA rental assistance and complete the community’s rehabilitation, providing residents with updated kitchens, bathrooms, and mechanics.

The residents in phase two will benefit from the upgrades to the community building completed in phase one which include a laundry facility, arts & craft area, lounge area, meeting room, activity room, fitness room, and a community kitchen. As part of phase two, the large greenspace along a grove will be improved to include an on-site, private outdoor fitness area including an all-purpose asphalt path with various fitness stations designed specifically for seniors. Upon completion the Park Village community will achieve Enterprise Green certification.

The developer is Fairfield Homes, Inc.

Image by Lorenzo Cafaro from Pixabay

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Source: Mansfield Daily Shield, Wikipedia; Photo: 1812Blockhouse

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