By: 1812Blockhouse Staff; Ohio Housing Finance Agency
Earlier this week, the Ohio Housing Finance Agency (OHFA) announced recipients for the 2020 Housing Tax Credit Program awards.
In total, 37 developments throughout the state will create or preserve 2,002 apartment for families, seniors, and individuals with disabilities. The projects were awarded $31 million in 10-year federal housing tax credits.
Of that amount, $800,000 in credits will be coming to Richland County.
OHFA reviewed 88 applications this year representing more than $76 million in requests. The review was based on policies and goals of the program, including affordability, geography, accessible design, supportive services, leveraged economic investment, and proximity to amenities and support services.
The Park Village Phase I Project in Shelby will renovate 80 units of senior housing at the complex, located at 65 Park Village. This will allow the rental assistance to continue for 48 of those units. The 100% affordable project consists of 72 one bedroom and eight two bedroom units in single story buildings.
Park Village is arranged in five quads with courtyards in the center, and all units have private patios. A common building includes community services, and the location is within walking distance of restaurants, a grocery store, pharmacies, discount stores, and parks.
The developer is Fairfield Homes, Inc., and the total project cost is $ 9,604,210.00.
Nearly half of Ohio’s renters experience housing cost burden, meaning they spend 30% or more of their income on rent and utilities. When housing costs are at least 30% of a household’s income, it limits Ohioans ability to afford other essential needs such as transportation, healthcare and food.
“Affordable housing development, preservation and rehabilitation is critically needed in our state, and we are proud to support these efforts by awarding these credits,” said Executive Director Sean Thomas.
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.