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[2] Redevelopment and gentrification has displaced low income and homeless residents of Franklinton, the Short North, and other neighborhoods in Columbus. Redevelopments in 1997 displaced homeless residents of the Scioto Peninsula, and forced the closure of a shelter and relocation of another. The nonprofit Community Shelter Board established ...
The developers successfully obtained $5 million in historic tax credits and $20 million in low-income housing credits for the first phase. [13] Construction on phase one is set to begin early in 2018 and take 14–18 months to complete once all financing has been arranged.
The LIHTC provides funding for the development costs of low-income housing by allowing an investor (usually the partners of a partnership that owns the housing) to take a federal tax credit equal to a percentage (either 4% or 9%, for 10 years, depending on the credit type) of the cost incurred for development of the low-income units in a rental housing project.
At least 50% of funding must benefit low-income families rather than moderate-income. [36] Since the program's inception, the Trust has assisted more than 7,000 first-time homeowners with low-interest second mortgages, helped construct 15,000 units of affordable rental housing .
Ohio Works First (OWF) is the financial assistance portion of the state's Temporary Assistance to Needy Families (TANF) program, which provides cash benefits to eligible low-income families for up to 36 months. Federal law requires at least 50 percent of all able-bodied adults receiving benefits to participate in work activities at least 30 ...
In 1994, 11 banks agreed to lend the remaining $1.5 million ($3,100,000 in 2023 dollars) needed for the $2.8 million ($5,800,000 in 2023 dollars) renovation project. [3] [7] The restoration and renovation of the Body Block left it with 49 one- and two-bedroom apartments on the second and third floors, and retail space on the first floor. All ...
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