Monday, July 5, 2010

OHFA awards $2M in affordable housing tax credits to Anna Louise Inn, North Rhine

Two local affordable housing projects have won tax credits through the --> --> --> (OHFA) 2010 Housing Tax Credit Program, the nonprofit announced on Friday.

Over-the-Rhine Community Housing (OTRCH) was awarded $1 million in tax credits for its North Rhine Heights project, which will go toward the acquisition and rehabilitation of 65 units of scattered-site affordable housing for families. The Model Group will serve as the developer.

The Anna Louise Inn and Cincinnati Union Bethel also received $1 million in tax credits for the acquisition and rehabilitation of 85 units of permanent supportive housing for homeless women. Cincinnati Union Bethel and OTRCH will develop the properties.

The Talbert House and the St. Leger Place Apartments finished out of the running in this year's round of tax credits, although St. Leger Place is fourth on the waiting list if additional credits become available later this year.

Awarded annually, the federal income tax credits can be claimed over a ten-year period by owners of eligible rental properties.

Overall, $19.2 million was awarded to 27 projects in 19 Ohio counties, providing 1,439 new units of affordable rental housing. Over 80 developers sought funding to create senior communities, permanent supportive housing, developments requiring rehabilitation, and lease-purchase projects for families, seniors, and persons who are mentally ill or homeless.

Since 1987, OHFA has used the program to facilitate the development of over 1,400 affordable properties with more than 77,000 rental housing units in Ohio.

"This program has been the largest driver of the production of new affordable housing in the state and nation over the past 10 years," Doug Garver, OHFA executive director, said in a media release. "We are proud to award developers with tax credits so they may devote time and energy to constructing, preserving and maintaining over 1,400 quality, affordable housing units across the state for low-to moderate-income Ohioans for years to come."

Previous reading on BC:
OHFA launches affordable housing office (12/8/09)
Two Cincinnati projects win federal tax credits (7/7/09)
$10.2M St. Leger Place rental project seeks tax credits (3/10/09)
Affordable housing projects win federal tax credits (8/9/07)
North Rhine Project could lead to 54 affordable units (6/12/07)



Newer Post Older Post Home