Details Announced for $150M Welcome Home Ohio Program
COLUMBUS, Ohio – Official program guidelines were released Tuesday for the new $150 million Welcome Home Ohio program, which was developed to improve access to affordable housing across the state.
“Housing needs are present all across Ohio,” Gov. Mike DeWine said. “Through this program, we have the opportunity to support new investments in housing construction that will help cultivate vibrant neighborhoods and stimulate economic vitality.”
The program will provide $100 million in grants over the course of the biennium for land banks to purchase, rehabilitate or build qualifying residential properties for income-eligible Ohioans. Additionally, $50 million in nonrefundable tax credits will be made available to land banks and eligible developers over the biennium for qualifying rehabs and new construction once a property is sold.
“By ensuring all current and future Ohioans have access to affordable housing, we are not only meeting the basic needs of our residents but also laying the foundation for sustainable economic development,” Lt. Gov. Jon Husted said. “As companies continue to invest in Ohio, we will need the housing stock to support that growth and prepare our communities for the opportunities those businesses bring.”
The program was created in partnership with the Ohio General Assembly in the biennium budget bill, House Bill 33. The Ohio Department of Development will administer the program and will begin accepting applications for both the grants and tax credit on Jan 9, 2024.
“Ensuring Ohioans have a home they can afford brings our families stability and allows them to have a place where they can stay healthy, raise their children, continue working and live their best lives,” said Lydia Mihalik, director of the Ohio Department of Development. “Our ultimate goal is to increase the affordable housing stock across Ohio so that more residents can realize the dream of homeownership.”
The application period for the grants will close at 11:59 p.m. Feb. 9, 2024, with rolling applications accepted from Feb. 12 to May 31, as funds are available. Tax credit applications will be accepted on a rolling basis until funds are expended.
Ohio Department of Development staff members will host a webinar at 1:30 p.m. Dec. 18 to present the guidelines in detail and allow interested parties to ask questions.
Pictured at top: Construction workers build a new home in Houston on March 15, 2021. (AP Photo | David J. Phillip, File)
Published by The Business Journal, Youngstown, Ohio.