COLUMBUS, Ohio – Applications are being accepted for a new, $100 million program designed to support housing growth in rural communities across Ohio. 

The funding comes from the Residential Development Revolving Loan Fund Program, which provides approximately $100 million in loans to help municipalities fund the infrastructure needed to drive construction of more single-family homes. 

“As Ohio continues to experience substantial economic growth, the Residential Development Revolving Loan Fund will help prepare local communities for the increasing need for housing,” Gov. Mike DeWine said. “Through critical infrastructure investments, new homes can be built where opportunity is expanding.”

The program will provide low-interest loans to cover up to 50 percent of eligible infrastructure development, repair or upgrade costs, with support of up to $30,000 per single-family home included in the project served by the new or improved infrastructure. Loan funding may support the development, repair or upgrade of water, sewer, transportation, electric or gas infrastructure necessary for the construction of new single-family homes. 

“As we bring more jobs and opportunities to every region of Ohio, we need to make sure communities of all sizes are able to welcome more people and more families,” Lt. Gov. Jim Tressel said. “This program will allow smaller communities to make the investments necessary to build more single-family homes – helping further strengthen our state’s workforce.” 

Eligible applicants include counties, municipal corporations and townships located in counties with populations under 75,000, as determined by the most recent U.S. decennial census, and where the number of privately owned housing units authorized by building permits in the previous calendar year falls below the statewide county average for the same period. 

“With Ohio garnering the attention of some of the nation’s largest companies, it’s vital that efforts to grow the housing market not stop at city limits,” said Lydia Mihalik, director of the Ohio Department of Development. “The Residential Development Revolving Loan Fund will ensure our rural communities have the resources they need to attract the workforce that will fill those jobs and remain competitive in our thriving economy.” 

Applications will be reviewed on a rolling basis as long as funding remains available.

For more information and to apply, click HERE.