The new #FHAct50 Building Opportunity Fund through the Ohio Housing Finance Agency has the potential to transform urban neighborhoods into diverse, prosperous, mixed-income communities. FHAct50—named in honor of the 50th anniversary of the Fair Housing Act—will build stable neighborhoods that find strength in the diversity of its residents’ incomes, experiences and cultures. By creating spaces that reflect Ohio’s wealth of backgrounds and skills, all residents can pursue more enriched lives and better prepare themselves for the global marketplace.
Participating cities (Cleveland, Columbus, and Cincinnati) must create a Target Area Plan through a public process. OHFA is providing administrative support to ensure the city has sufficient resources for authentic community engagement. The selection of individual units must be conducted in accordance with this Target Area Plan and must be open for public inspection. The Target Area Plan must create or otherwise empower a committee that is responsible for advising and consulting on TAP implementation and serves as a single point of community contact to partners and potential funders regarding the TAP. The committee must include, but is not limited to, low-income neighborhood residents. Each development financed with tax credits must include a local nonprofit in the ownership entity
Cities will not receive any funds directly. Instead, they receive authority to supplant OHFA’s competitive scoring requirements for those contained in their local Target Area Plan. The equity value of housing tax credits can fluctuate with market conditions and investor demand; however, this program could generate as much as $30 million in equity for each selected neighborhood.