Rep. McNally Announces $2.2M in Federal LIHTC to Wick Lofts

COLUMBUS – State Rep. Lauren McNally (D-Youngstown) today announced that the Ohio Housing Finance Agency approved this year’s funding for the 9% low-income housing tax credit (LIHTC). Wick Lofts, a 63-unit general occupancy housing development in Youngstown, received $2,241,635 in Federal LIHTC. Wick Lofts will support residents between 30% and 70% of the Area Median Income.

“A person or family having stable housing and a community having affordable housing are both fundamental parts of regional and individual success. Housing, and supporting people on the brink of homelessness is an important job that federal, state, and local governments can collaborate on,” said Rep. McNally.

This year, 25 developments were supported by the LIHTC, creating or preserving 1,468 apartments for families, older Ohioans, and individuals at risk of homelessness. They were awarded more than $39.1 million. Recipients were selected based on the policies and goals of the program, including affordability, geography, accessible design, supportive services, leveraged economic investment, and proximity to amenities. OHFA has administered the Housing Tax Credit program to facilitate the creation and preservation of more than 160,000 units in the state since 1987.