Two Hamilton County projects have been awarded tax credits, leading to the development of an additional 171 units of affordable housing.

The credits, part of the federal 2012 Housing Tax Credit program administered by the --> --> -->, 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 in Lincoln Heights, to be developed and managed by Nelson & Associates, Inc.

The awards are part of more than $29 million in housing tax credits awarded to 37 developments throughout the state.

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 , Corinthian Commons at in Paddock Hills, Courtyard Apartments at in Roselawn, Ironworks Apartments at Downtown, Walnut Court Senior Apartments at in Walnut Hills, and Windsor by the Creek at 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)