Akron, Ohio – East Akron Neighborhood Development Corporation (EANDC) was awarded $10 Million dollars in Low-Income Housing Tax Credits by the Ohio Finance Housing Agency (OHFA). EANDC’s President/CEO issued the following statement:
I am excited to announce that today OHFA awarded $10 million in Low-Income Housing Tax Credits to EANDC’s I Promise Housing development.
This award will enable us to develop I PROMISE Housing, which is the product of a partnership between East Akron Neighborhood Development Corporation (EANDC) and the LeBron James Family Foundation (LJFF). This development will be a national model for linking housing policy to school reform. I PROMISE Housing expands the LeBron James Family Foundation strategy to address housing instability among families and children. The development will be the construction of 50 units of affordable housing featuring two-bedroom, three-bedroom, and four-bedroom apartments for an estimated cost of $13,000,000. LJFF will extend its provision of wraparound supports to the I PROMISE Housing development.
The Low-Income Housing Tax Credit (LIHTC) program is a tax incentive program designed to increase the supply of quality, affordable rental housing by helping developers offset the costs of rental housing developments for individuals with low- to moderate-income. This program has been the largest driver of the production of new affordable housing in the state and nation over the past several years. Since 1987, OHFA has used the HTC program to facilitate the development of over 100,000 affordable rental housing units in Ohio.
You are invited to celebrate this major success with us by sharing this information with your families and friends via social media and email. Visit our Official Facebook page for a post you can easily share.
For more information on our proposal, please visit https://ohiohome.org/ppd/funding.aspx
For the official press release from the Ohio Finance Housing Agency, please visit https://ohiohome.org/news/releases/2020/taxcreditawards.aspx