Some recent additions include the Dayton Arcade, the Omega Senior Lofts and McBride Place. Department of Housing and Urban Development. Montgomery County has seen thousands of low-income units open since the late 1980s, according to the U.S. The agency has used the tax credit program to help fund the development of more than 100,000 affordable rental housing units since 1987.Ībout 30 projects in Montgomery County won LIHTC awards from the housing finance agency between 20, according to a study. Huffman’s office and other state lawmakers contacted by the Dayton Daily News did not immediately return a request for comment.īetween 20, the Ohio Housing Finance Agency allocated funding for about 40,525 LIHTC units, according to a study. He previously has said that property owners have been able to significantly deflate their property by “leaning” on federal subsidies. Huffman sponsored legislation several years ago that did not move forward but that would have required subsidized rental properties to be valued by income capacity based on market rents and not on their contracted rents. The additions were vetoed by the governor. Ohio Senate President Matt Huffman, R-Lima, last year inserted language into the state budget bill that would require county auditors to value subsidized rental properties based on market value rents and not on the actual rents received, according to the Columbus Dispatch. “Utilizing these two funding resources on the same project is not contradictory, but rather accomplishes two simultaneous goals of creating or preserving workforce and affordable housing while also preserving and revitalizing Ohio’s underutilized historic building stock,” he said.Ībout two dozen historic facility projects across the state that either are in development or that are working to close on tax credits could be at risk if this provision takes effect, some housing advocates said. Prohibitions on LIHTC projects using state historic tax credits would impact several of Model Group’s current projects and would have stopped many of its successful past projects from moving forward, Bradley said.
Model Group is one of the partners on the Dayton Arcade rehab project. Sections of the massive property have been converted into more than 100 apartments, the vast majority of which utilized low-income housing tax credits (LIHTC). The Dayton Arcade has received millions of dollars worth of state historic tax credits. “Many existing properties would be put into immediate financial jeopardy as they have been operating based on valuations calculated on actual income, which is the only fair way to value properties operating under long-term rent restriction agreements,” he said. “Whiplash” changes like this create an unfavorable business climate and flies in the face of long-range planning based on well-established law and policy, Bradley said. Lasserre Bradley III, president of development of Cincinnati-based the Model Group, said individuals and businesses need a stable and predictable environment to make long-term investment decisions. Property upkeep could suffer, and planned repairs could be shelved, she said. has developed affordable apartment communities for more than 30 years.īut in most cases property owners would not be able to pass on the higher tax burdens because of rent caps, and they likely would be forced to cut costs or close, she said. (these) sections puts our work and our residents at significant risk,” said Bete, who noted that St. He said the changes would dramatically reduce the availability of new housing units at a time when there already is a severe shortage of affordable and workhouse housing. In his letter, Bete said these “unvetted” provisions have not had any committee hearings and will put Ohio’s affordable and workforce housing properties in dire financial risk. Ohio House Democrats earlier this month also sent a letter making the same request. Only rent and utility bills in arrears as of Dec. A third would limit how $161 million in emergency rental and utility assistance can be used.
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