A conversation with state and local partners about what is happening at the State level and how it impacts Housing Our Future’s goals in southwest Ohio.
Panelists for today’s webinar: Ohio State Senator Louis W. Blessing, III, Ohio State Representative Dani Isaacsohn, Alison Goebel, Executive Director of the Greater Ohio Policy Center, and Katie Eagan, Vice President for Government Affairs at the Cincinnati USA Regional Chamber. Our panel will be hosted by David Thompson, President of Affordable Housing at the Model Group and a member of the Housing Our Future Steering Committee
Welcome Home Ohio
The state has designated $100 million for affordable housing initiatives by land banks and electing subdivisions. They can apply to purchase housing for renovation or develop new housing. In addition, county land banks, electing subdivision and eligible developers can apply for grants or nonrefundable tax credits toward new construction or renovation. A single housing project can be eligible for both programs.
Additional details are as follows:
- Eligible applicants are land banks or electing subdivisions
- Eligible developers can be nonprofits, for profit housing developers with a nonprofit partner, or community improvement corporations
- Owner-occupant applicants must be at or below 80% AMI
- 5 year owner occupancy restriction
- 20 year affordability period
- Owner must complete a financial literacy program
- Properties cannot be sold for more than $180,000
- Properties must be more than 1,000 sq. ft.
Source: Ohio Land Bank Association
Ohio Homeownership Tax Credit
COLUMBUS, Ohio–July 7, 2023–A new homeownership tax credit included in budget legislation signed this week in Ohio will provide up to $50 million in tax credits annually. Gov. Mike DeWine signed H.B. 33, which included both the homeownership credit and created a low-income housing tax credit (LIHTC) for Ohio. The homeownership credit, which covers the gap between the development costs and the state’s estimate of the value of the finished home, shares some similarities to the proposed Neighborhood Homes Tax Credit (NHTC). A Notes from Novogradac blog post provides what’s known about the homeownership tax credit and addresses unanswered questions.
Source: Novogradac
Ohio State Low Income Housing Tax Credit (LIHTC)
Ohio budget legislation signed this week by Gov. Mike DeWine creates a state low-income housing tax credit (LIHTC) and a tax credit to promote single-family affordable homeownership. H.B. 33 provides a state LIHTC with a cap of $100 million annually for affordable properties placed in service on or after July 1, 2023. The homeownership credit will cover the gap between the development budget and the state’s estimate of the appraised value of the finished home. There is a statewide cap of $50 million per year. Both credits have a sunset date of June 30, 2027.
Source: Novogradac
Embracing Growth: Principles for Regional Housing
Housing and Migration Indicators
Cincinnati USA Regional Chamber
Economic Vibrancy Comparison/Report: Housing
REDI Cincinnati
Regional Housing Legal Services
The bipartisan Whole-Home Repairs Program has just been established by the PA state legislature. The key elements of the policy were passed through the fiscal code and its funding will begin with an allocation from the American Rescue Plan.
BROWN, COLLEAGUES INTRODUCE BILL TO CRACK DOWN ON BIG CORPORATE INVESTORS THAT BUY UP LOCAL HOMES, DRIVE UP HOUSING PRICES
Legislation Would Restrict Tax Breaks for Private Equity Firms and Other Large Outside Investors that Buy Up Thousands of Homes in Local Communities