spot_img

Ohio commits $30M for affordable housing

Date:

spot_img

(The Center Square) – Nearly $30 million in taxpayer-funded grants are going to 17 Ohio local organizations to grow access to affordable housing across the state.

The money is the first round of the state’s new Welcome Home Ohio program, which is expected to spend $100 million over two years to help landbanks buy, rehabilitate or build residential properties for income-eligible people.

Another $50 million in nonrefundable tax credits can be given to landbanks or developers for rehab and new construction projects when the property is sold.

“The need for safe and affordable housing is a national challenge that requires proactive solutions, meaningful investments, and strong collaboration across all levels of government,” Gov. Mike DeWine said. “This program represents an innovative and forward-thinking approach that addresses the barriers many Ohioans face when trying to buy a home.”

The first round of funding is expected to help create 263 owner-occupied, single-family homes. The 17 entities touch each state region, with five counties receiving funds in northeast Ohio. Two central Ohio counties received awards, along with four in southeast Ohio, three in southwest Ohio and two in the northwest part of the state.

“By investing in affordable housing across Ohio, we are allowing more Ohioans to enhance their quality of life while supporting economic growth in our state,” Lt. Gov. Jon Husted said. “We’ve created a program that will attract more businesses, create more jobs, and afford more Ohioans the opportunity to pursue homeownership.”

The General Assembly added the program to the state’s budget, which DeWine signed in late June. The Department of Development administers the program.

“You’re never really free until you’re financially free,” Ohio Senate President Matt Huffman, R-Lima, said. “Home ownership is the bedrock of community vitality and revitalization, it’s foundational to building financial stability and building a strong future for Ohio families. The Welcome Home program is a significant step forward.”

Read the Black Chronicle Black History Edition for Free! Click Below

Read the Black Chronicle Black History Edition for Free! Click Below

spot_img
spot_img

Subscribe

Share post:

Popular

More like this
Related

Everyday Economics: The countdown to rate cuts has begun, for real this time

After a blockbuster jobs report cast doubt over Federal...

Trump, Biden faceoff heats up

This 2024 election cycle has seen several major developments...