Following the passage of The American Taxpayer Relief Act and the resulting extension of the 9 percent credit rate to allocations made before January 1, 2014, the Ohio Housing Finance Agency has announced that low-income housing tax credit applicants may use the 9% credit rate in its estimations for their 2013 housing tax credit amount. This will allow for an approximate 18% increase in the amount of credits available per project. OHFA also announced the gap financing resources that will be available to applicants in 2013:
- Housing Development Assistance Program: For projects with a state-certified Community Housing Development Organization (CHDO) that has a majority ownership interest. Funds are limited to up to $350,000 in Ohio Housing Trust Funds or $500,000 in federal HOME funds per project.
- Housing Development Loan Program: OHFA received a new allocation of funding for 2013. Up to $1 million in state Unclaimed Funds are available per project. Projects must follow the existing guidelines to qualify for funding.
- Recycled Tax Credit Assistance Program (R-TCAP): OHFA expects to receive over $70 million in repaid funds from the Tax Credit Assistance Program (TCAP) over the next five years. OHFA has drafted its R-TCAP Guidelines to govern the proposed use of the repaid funds. OHFA is currently collecting public comments on the Guidelines through February 1, 2013. Comments may be submitted to Sean Thomas at sthomas@ohiohome.org.
For more information on the 2013 Housing Credit program and gap financing programs, please visit OHFA’s Developer Resources site.
