(Plain Press, August 2017) Three local development projects were among the recipients of Housing Tax Credit Awards announced by the Ohio Housing Finance Agency on July 19th.
The Cleveland Housing Network received $1,049,500 in Housing Tax Credits and $300,000 in Housing Development Assistance Funds for the $12.8 million Emerald Alliance XI development which will create 71 units of permanent supportive housing for formerly homeless individuals on the site of the former Brooklyn YMCA just South of Denison at 3881Pearl Road.
The Cleveland Housing Network also received $505,000 toward a $5.8-million-dollar effort to build 22 single family homes on vacant lots in the International Village area within walking distance of the International Newcomers Academy at Thomas Jefferson School in the Stockyard neighborhood.
The Snavely Property Company received $993,403 in Housing Tax Credits toward a $10.8 million-dollar Forest City Square Apartment project. Plans call for the creation of 38 units of housing in the Forest City Bank Building at W. 25th and Detroit Avenue.
The Ohio Housing Finance Agency website explains the conditions for recipients of the Housing Tax Credit: “Selected developers claim tax credits over a ten-year period to help offset the costs associated with construction or rehabilitation of a housing development. In exchange for the credits, owners must maintain rents that are affordable and limit occupancy to residents with low-to-moderate incomes for up to 30 years.”
The Ohio Housing Finance Agency Website says, “Housing Tax Credit recipients are selected based on the policies and goals of the program, including affordability, location and experience of the development team.”