The Ohio Housing Finance Agency recently awarded $6.7 million in funding for the construction or rehabilitation of four affordable apartment communities in Allen, Scioto, Licking and Clinton counties as part of the Tax Credit Exchange and Tax Credit Assistance Programs, created in the American Recovery and Reinvestment Act.
Each of the rental properties, originally funded through the Housing Tax Credit program, provides affordable units to residents who are unable to afford comparable living arrangements at market rents.
Through comprehensive renovation and modernization, Melford Village, Boston Commons and Concord Apartments will improve resident quality of life and allow the properties to develop a competitive advantage in the marketplace by offering amenities, services and overall living arrangements that fulfill the needs of low-income families.
The funding will provide necessary capital improvements and is intended to extend the economic and physical life of the buildings into the foreseeable future.
Blanchester Senior Apartments is a new construction housing credit development designed for seniors in Clinton County. It will be developed by LDC Housing Corporation and managed by the Clinton County Community Action Program.