At the March 22 Board of Trustees Meeting, OHFA staff is recommending an award of approximately $1 million in additional 9% Tax Credits to those awarded in the 2nd Funding Period of 2022. Due to this being an unforeseeable event that could adversely impact those who applied for 9% Tax Credits in the First Funding Period of 2023, OHFA Staff will recommend that all 9% Tax Credit Applicants for the First Funding Period of 2023 be funded at the May 10, 2023 Board of Trustees Meeting, resulting in approximately $5.5 million in awards.
Approximately $1.2 million of the 2023 9% Tax Credit allocation was awarded at the November 16, 2022 Board of Trustees Meeting. This, in addition to the awards that will be recommended at the Board of Trustees Meetings in March and May, represents approximately $7.7 million of OHFA’s 2023 9% Tax Credit Allocation.
At this time, OHFA does not know what the 2023 total allocation of 9% credits will be but anticipates receiving a lower amount than what was received in 2022. Therefore, because so many credits have either already been awarded or will be recommended for an award before the application deadline for the 2nd Funding Period of 2023, we thought it would be pertinent to let the development community know that there will be fewer credits available for this funding period so they can plan accordingly.
If you have any questions, please contact Darrell Beavers, Housing Development Director at 405 419-8261 or email@example.com.