Ohio Budget Creates State LIHTC with $100 Million Annual Cap; Affordable Homeownership Credit
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.
State and federal incentives will be a topic at the Novogradac 2023 Housing Tax Credit and Bonds Conference, Sept. 28-29 in New Orleans.