In the most recent state budget, the Ohio Legislature created two programs to help communities produce new housing units. Program details are still being finalized, but there are things you can do now to prepare for these tools.
- Single Family Housing Tax Credit. This program offers a tax credit to help finance the construction or rehab of moderately priced homes. Local governments, like municipalities and townships, must be the lead applicant and partner with a developer. The development team must build or rehab at least 5 homes per application (**minimum number of homes is still under consideration**). The tax credit will cover the gap between hard development costs and the home’s sales price. Homes are expected to be sold at a price attainable to households earning 80% to 120% area median income.
The Ohio Housing Finance Agency is administering this program and has released draft guidelines and regulations. Final rules are expected before the end of 2023.
- Welcome Home Ohio. In this program, Ohio’s county landbanks will apply for and receive grants or tax credits that help cover the costs of building or rehabbing rehab single family homes. Homes must sell for $180,000 or less to homeowners earning 80% (or less) of the area median income.
If you are a local government that wants housing or a nonprofit that knows how to develop homes, contact your county land bank so they are aware of your interest and understand the sites and skills you can offer. This program will be administered by the Ohio Department of Development, which is still drafting program guidelines and rules.