Commissioners approve $43 million tax-exempt bonds for Western Horizon affordable housing project
Get AI-powered insights, summaries, and transcripts
Subscribe
Summary
The board authorized $43 million in tax-exempt revenue bonds to acquire and renovate three properties into the Western Horizon affordable housing development (353 units), with commissioners noting federal tax credits help finance the work and reduce burden on taxpayers.
The Lorain County Board of Commissioners voted Jan. 27 to approve issuance of tax-exempt revenue bonds totaling $43,000,000 for the Lorain County Metropolitan Housing Authority to acquire, renovate and equip three properties that will be operated collectively as the Western Horizon development.
Clerk materials describe the project as comprising 353 residential rental units at three addresses cited by staff. A commissioner explained that the financing structure relies on federal low-income housing tax credits, which bring private capital into projects that otherwise would be difficult to fund and help bridge financing gaps. "What tax credits do is...they sell these tax credits off...to help, fund the project," the commissioner said, adding the credits reduce the burden on local taxpayers.
The motion to approve the bonds was moved and seconded and approved by recorded voice votes.
Why it matters: If constructed and operated as described, the project would add hundreds of affordable rental units to the county’s housing stock. The county’s role in approving bond issuance facilitates the financing structure but does not itself commit county operating funds to the project.
What’s next: County staff will proceed with the financing steps and coordination with the housing authority and project partners; the transcript did not specify a construction schedule or timeline.