The Ohio single-family home tax credit deadline is just a few days away.

Ohio began accepting applications for a new single-family home tax credit program last month. Ohio’s single-family home tax credit provides $50 million annually over four years to boost affordable housing in the state. The last date to apply for credit is April 5.

Ohio Single-Family Home Tax Credit: What is it?

Governor Mike DeWine recently approved the Ohio single-family home tax credit in the state budget. This program leverages public-private partnerships to increase affordable single-family housing stock for the state’s growing workforce.

Applications for this program will be accepted by the Ohio Housing Finance Agency (OHFA) until April 5 at 4 p.m. The program provides $50 million annually for four years to close the financing gap to develop or substantially rehabilitate housing in the state. Projects starting after July 1 are eligible for the new credit.

Each eligible project can receive up to $50,000 in credits per home. Credit will be issued upon project completion. Eligible projects can claim the credit annually for 10 years at an annual amount equal to one-tenth of the total credits approved.

The deduction is the difference between the total development cost of the project and the market value of all homes included in the project.

Affordable housing is a major concern for state lawmakers, and they hope the single-family home tax credit will go a long way toward solving the problem.

A report last year from the Ohio Coalition on Homelessness and Housing (COHHIO) and the National Low-Income Housing Coalition (NLIHC) found that Ohio’s 448,000 extremely low-income households face a shortage of about 270,000 affordable, accessible rental units. That means there are only 40 affordable homes per 100 households.

Who can apply?

Project applications must include at least five single-family homes with built-up or blighted structures. Dwellings may be contiguous or “spread out,” and each dwelling must have at least two bedrooms and 1.5 bathrooms.

Additionally, each home must be sold to a qualified buyer who meets the program requirements. The buyer must use the home as his or her primary residence. Additionally, the sale price of the home must not exceed 30% of the buyer’s monthly income, and the price must be maintained for 10 years after the initial sale.

Visit the OHFA website or email (email protected) To get more information about the Ohio single-family home tax credit:

You can also attend a webinar co-hosted by the Ohio CDC Association and the Ohio Community Development Conference on the Ohio Single-Family Home Tax Credit. The webinar is scheduled for March 18, 2024 at 2:00 PM. To register for the webinar, visit this link.