Warren County developer gets $9M via state affordable housing program
Thursday, February 18, 2016
WARREN COUNTY —
A $26 million, 160-unit senior housing development in Warren County is expected to receive more than $9 million in subsidies through a state program that provides developers with millions of dollars a year in loans, tax credits and financing to boost the quantity and quality of affordable housing stock in Ohio.
The Ohio Housing Finance Agency (OHFA) has already awarded the developers of Hopkins Commons 10 years of income tax credits worth $6 million and $540,000 in loans. In March, the OHFA board is expected to add a $2.5 million loan to the project’s subsidies.
Hopkins Commons is one of 12 Miami Valley projects in the past five years that OHFA qualified for more than $60 million in tax credits, commonly sold to corporations to lower their income tax bills. The projects also qualified for $12.8 million in housing development loans and $2 million in other affordable housing development assistance, according to data provided by OHFA.
“Sometimes you have a bit of sticker shock,” said Bill Faith, executive director of the Coalition on Homelessness and Housing in Ohio. “We’re for the programs in general.”
During the past five years, the agency has backed projects in Dayton, Springfield, Troy, Hamilton, Germantown and Union through a variety of programs that assist developers building or upgrading affordable housing or willing to set aside some of the residences in their developments to people who would not otherwise be able to afford them.
Since 1986, the tax credits, provided through a federal government program, have financed more than 2.4 million affordable rental-housing units across the nation, according to the U.S. Office of the Comptroller of the Currency....(click here to continue reading article)
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