Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Developers, council and mayor discuss keeping LIHTC projects local; council moves forward on Welcome Home Ohio funding
Summary
Developer David Funk presented options for keeping Low-Income Housing Tax Credit (LIHTC) projects and their economic benefits in Athens County. Council discussed creating a local partnership model and later introduced an ordinance to accept $2,024,000 in Welcome Home Ohio funds to build roughly eight owner-occupied units.
David Funk, an Athens native and founder of Capstone Property Management, told the Planning and Development Committee on Jan. 13 that Low-Income Housing Tax Credit (LIHTC) projects have generated large developer fees and construction revenue in Athens County but that most of the economic benefit has not circulated locally.
Funk said LIHTC projects can be lucrative for experienced developers because tax credits are syndicated into equity; he cited a recent senior project with $19 million in total cost, a roughly $3 million developer fee and per-unit costs around $376,000. He told council that Athens County’s Appalachian set-aside makes the county a frequent target for out-of-area LIHTC developers and that the usual scoring systems tend to concentrate projects in a narrow…
Already have an account? Log in
Subscribe to keep reading
Unlock the rest of this article — and every article on Citizen Portal.
- Unlimited articles
- AI-powered breakdowns of topics, speakers, decisions, and budgets
- Instant alerts when your location has a new meeting
- Follow topics and more locations
- 1,000 AI Insights / month, plus AI Chat
