A second more expansive local economic development initiative would develop for-sale housing with New Market Tax Credits that has been demonstrated in Ohio. Examples include the Columbus Housing Partnership that weathered the recession in 2008, and previous projects by Vintage Development Group and Zaremba, Inc., in Cleveland. By providing a construction loan to a business located in a qualifying low-income census tract, tax credits can be used to finance the development of for-sale housing (Anderson, 2008). Because of the necessity of having a large project to raise capital using tax credits, the focus would need to expand beyond the approximately 200 two- to four-unit homes in Woodlawn to include homes in additional communities. There would also need to be a qualifying developer located in Woodlawn with sufficient capacity to take on the construction loan, which presents an easy tie in with the expansion of local Section 3 business concerns. This would present a systematic way to leverage large amounts of capital at discounted rates and capture the economic development impacts for the benefit of residents.<\/p>\n","protected":false},"excerpt":{"rendered":"
A second more expansive local economic development initiative would develop for-sale housing with New Market Tax Credits that has been demonstrated in Ohio. Examples include the Columbus Housing Partnership that weathered the recession in 2008, and previous projects by Vintage … Continue reading