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Housing in Flood Plains
OPPORTUNITIES
Funding Mechanisms > Opportunities
Low-Income Housing Tax Credits (LIHTC):
LIHTC is a crucial funding mechanism administered by the Ohio Housing Finance Agency (OHFA). It provides tax incentives to developers and investors
who build or rehabilitate affordable rental housing for low-income households.
Developers apply for LIHTC through OHFA’s competitive application process, demonstrating project feasibility, community impact, and affordability.
who build or rehabilitate affordable rental housing for low-income households.
Developers apply for LIHTC through OHFA’s competitive application process, demonstrating project feasibility, community impact, and affordability.
Case studies
COLUMBUS, OHIO
Supportive Housing in Columbus, Ohio
50 one-bedroom units for individuals earning 30% or less of Area Median Income, developed
by Community Housing Network (CHN).
CHN plans to apply for tax credits
to support construction and operation.
by Community Housing Network (CHN).
CHN plans to apply for tax credits
to support construction and operation.
CARROLLTON, OHIO
Hemmings Crossing Senior Housing
Hemmings Crossing Senior Housing
42-unit affordable senior housing for residents 55+ in Carrollton.
$8.7 million in LIHTC, along with
private debt and USDA financing.
$8.7 million in LIHTC, along with
private debt and USDA financing.
MOUNT GILEAD, OHIO
The Reserve at Mout Gilead
The Reserve at Mout Gilead
47-unit senior housing project for residents 55+ in Mount Gilead.
$8.3 million from 9% LIHTC, OHFA, and private financing.
$8.3 million from 9% LIHTC, OHFA, and private financing.
ZANESVILLE, OHIO
Pearl House
Pearl House
34-unit recovery housing for individuals in drug and alcohol recovery.
$6.6 million in LIHTC equity, along with Project Based Vouchers and other loans.
$6.6 million in LIHTC equity, along with Project Based Vouchers and other loans.
BAINBRIDGE, OHIO
Bainbridge Manor
Bainbridge Manor
Renovation of 47-unit apartment complex in Bainbridge with behavioral health support services.
$6.6 million in LIHTC equity, along with Project Based Vouchers and other loans.
$6.6 million in LIHTC equity, along with Project Based Vouchers and other loans.
Federal and State Grants
LIHTC is aVarious federal and state grants support affordable housing development in Ohio. These funds may come from sources like the HOME Investment Partnerships Program, Community Development Block Grants (CDBG), and state appropriations aimed at housing development.
OHIO
Brownfield Remediation Program
Brownfield Remediation Program
$350M allocated for brownfield remediation and $150M for building demolition.
CLEVELAND OHIO SUBURBS
Flood Mitigation
Flood Mitigation
Elevating homes and implementing floodproofing.
FEMA, ODNR, CDBG funds
FEMA, ODNR, CDBG funds
CENTERVILLE, OHIO
Clean Ohio, NCA & TIF in Support of Mixed Use – Cornerstone of Centerville
Clean Ohio, NCA & TIF in Support of Mixed Use – Cornerstone of Centerville
A mixed-use development featuring 300 luxury apartments, 110-unit senior housing, and 60 owner-occupied units.
$1 million Clean Ohio grant, NCA, and 30-year TIF district.
$1 million Clean Ohio grant, NCA, and 30-year TIF district.
CHALLENGES
Costs
LIHTC is aVarious federal and state grants support affordable housing development in Ohio. These funds may come from sources like the HOME Investment Partnerships Program, Community Development Block Grants (CDBG), and state appropriations aimed at housing development.
OHIO
Brownfield Remediation Program
Brownfield Remediation Program
$350M allocated for brownfield remediation and
$150M for building demolition.
$150M for building demolition.
CLEVELAND OHIO SUBURBS
Flood Mitigation
Flood Mitigation
Elevating homes and implementing floodproofing.
FEMA, ODNR, CDBG funds
FEMA, ODNR, CDBG funds
CENTERVILLE, OHIO
Clean Ohio, NCA & TIF in Support of Mixed Use – Cornerstone of Centerville
Clean Ohio, NCA & TIF in Support of Mixed Use – Cornerstone of Centerville
A mixed-use development featuring 300 luxury apartments, 110-unit senior housing, and 60 owner-occupied units.
$1 million Clean Ohio grant, NCA, and 30-year TIF district.
$1 million Clean Ohio grant, NCA, and 30-year TIF district.