Explanation
BACKGROUND: The Ohio Housing Finance Agency (OHFA) operates the Low Income Housing Tax Credit Program (LIHTC). This program is designed to increase the supply of quality affordable rental housing. These federal income tax credits provide the private housing development community the incentives to develop affordable housing by offsetting building acquisition, new construction or substantial rehabilitation costs.
LIHTC is a competitive review process based on the applicant meeting selected criteria. Some of the criteria are public benefit, location and organizational capacity. A resolution of support from Columbus City Council would provide the applicant with fifteen (15) competitive points. The LIHTC applications are due to OHFA on March 16, 2006.
Emergency action is requested for this resolution in order to comply with the time line for the OHFA applications.
FISCAL IMPACT: No funding is required for this legislation.
Title
To support the application of Northside Development Corporation (Marigold Hill Apartments) for Low Income Housing Tax Credits; and to declare an emergency.
Body
WHEREAS, The Ohio Housing Finance Agency (OHFA) is requesting applications for the Low Income Housing Tax Credit Program (LIHTC) from developers to create affordable housing in areas of high need and for special populations having the highest need; and
WHEREAS, the allocation plan offers competitive points for local government support in the form of a City Council resolution; and
WHEREAS, Northside Development Corporation (Marigold Hill Apartments) is proposing the rehabilitation of rental housing units throughout the City of Columbus; and
WHEREAS, the project will contain a total of one hundred fifty (150) units; and
WHEREAS, thirty-two (32) of the project's units will be 1 bedroom, one hundred (100) of the project's units will be 2 bedroom, eighteen (18) will be 3 bedroom; and
WHEREAS, the project meets the categor...
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