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 17, 2005.
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 Fairfield Homes, Inc. (Canterbury 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, Fairfield Homes, Inc. (Canterbury Apartments) is proposing the rehabilitation of housing units at 618 Canterbury in the City of Columbus; and
WHEREAS, the project will contain a total of forty-six (46) units; and
WHEREAS, thirty (30) of the project's units will be affordable to low income persons at forty-six percent (46%) or less of Area Median Gross Income (AMGI); and
WHEREAS, sixteen (16) of the project's units will be affordable to low incom...
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