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Board approves consent for up to $43 million in tax‑exempt bonds for 353‑unit Western Horizon affordable housing
Summary
The board gave Code §147(f) consent so the Lorain Metropolitan Housing Authority can issue up to $43 million in tax‑exempt revenue bonds to finance acquisition and renovation of three properties in Lorain as the Western Horizon affordable housing development (353 units). Commissioners emphasized the bonds will not pledge county taxing power.
The Lorain County Board of Commissioners on Jan. 27 approved a resolution (Res. 26‑64) giving its consent as the "applicable elected representative" under Internal Revenue Code §147(f) to the Lorain Metropolitan Housing Authority's proposed issuance of tax‑exempt revenue bonds in a maximum aggregate principal amount of $43,000,000. The bonds will finance a loan to Western Horizon, LLC for acquisition, renovation and equipping of three properties in Lorain to be operated as affordable rental housing totaling 353 units.
Commissioner Marty Gallagher described the financing structure and federal tax credits that help bridge funding gaps for affordable housing projects, saying federal tax credits "are applied to bridge the gap of funding these projects for low and moderate income and does not burden taxpayers." The resolution states the bonds will be special, limited obligations of the authority and will not constitute a debt or pledge of the faith and credit or taxing power of the authority or Lorain County. The public hearing required under Code §147(f) had been held by the authority on Jan. 6, 2026, and the board's action was limited to the statutory consent required for issuance.
The resolution notes the addresses involved (2153 Lorain Drive; 2218 W. 24th St.; 2310 W. 20th St., Lorain) and the board's approval was recorded by roll call as unanimous.
