Ohio Housing Finance Agency Provides Option for Additional LIHTCs, Funding for 2019, 2020 Awardees Facing Funding Gap Due to Increased Supply Costs
The Ohio Housing Finance Agency published an addendum to its 2020-2021 qualified allocation plan that provides the possibility of additional low-income housing tax credit (LIHTC) and Housing Development Loan (HDL) funding for 2019 and 2020 9% LIHTC awardees who face a funding gap due to increases in construction costs related to increased material and supply costs. The awards will be granted on a first-come, first-served basis, with requests due by Dec. 31. Owners may request up to $100,000 in additional LIHTCs and up to $1 million in additional HDL funds. For each additional dollar of LIHTC awards, the development team’s award limit will be reduced by 1.5 times for the upcoming 2022 or 2023 9% LIHTC round.
The Novogradac Introduction to Low-Income Housing Tax Credits booklet provides an introduction to the LIHTC incentive.