West Side Real Estate News & Notes
Homestead Exemption tax reduction deadline is June 2
MEDINA COUNTY — Medina County Auditor Mike Kovack reminds the public that initial Homestead Exemption Program applications for the 2014 tax year are due no later than June 2.
The program is open to homeowners who turn 65 years of age or older as of Dec. 31 or who are totally and permanently disabled. The state legislature changed the law this year to re-introduce income limits on the program. You must reside in the home for which application is made.
The new law allows homeowners with household state adjusted income up to $30,500 to shield $25,000 worth of the market value of their home from local property taxes. For example, the owner of a $100,000 home who is eligible for the Homestead Exemption would be billed as if the home was worth $75,000. Depending on the taxing district, this can bring savings of up to $540 per year.
The application form is available at Kovack’s Office at the County Administration Building, 144 N. Broadway St. in Medina, or at the auditor’s website at www.medinacountyauditor.org under “Forms.” Applications must be returned to the office or postmarked by June 2.
For more information, call 330-725-9754.
Housing developers awarded Housing Tax Credit
COLUMBUS — The Ohio Housing Finance Agency (OHFA) recently announced recipients of the 2014 Housing Tax Credit (HTC) program to fund the construction, acquisition and rehabilitation of affordable housing units in Ohio. More than $27 million in federal housing tax credits were awarded to 46 developments serving families, seniors and individuals with disabilities in 31 counties, including the following local recipients:
- Spring Hill Apartments, Phase I, in Akron, developed by American Community Developers Inc.: $615,902 in credits reserved;
- Friendship Terrace, in Cuyahoga Falls, developed by Neighborhood Development Corp. of Akron: $400,281 in credits reserved;
- The Commons at Madaline Park II, in Akron, developed by Testa Enterprises: $754,606 in credits reserved; and
- Greensburgh Manor, in Green, developed by The Woda Group Inc.: $731,880 in credits reserved.
The tax credit recipients were selected based on the policies and goals of the program, including affordability, location and experience of the development team. More than 100 applicants sought funding through this year’s competitive process and requested more than $71 million in credits.
“The Housing Tax Credit program is the largest driver of the production of new affordable housing in the state and nation,” said OHFA Executive Director Doug Garver in a press release. “The unfortunate reality, however, is the demand for affordable housing in Ohio far exceeds the resources available. The recipients of this year’s funding round will create viable and sustainable communities for families, seniors and persons at risk of homelessness that would not be available otherwise.”
Housing tax credits are federal income tax credits claimed by developers during a 10-year period to help offset the costs associated with the construction or rehabilitation of a development. In exchange for the credits, owners must maintain affordable monthly rent and limit occupancy to residents with low- to moderate-incomes for up to 30 years.
For more information on the housing tax credit program, visit www.ohiohome.org.
Stephanie Kist contributed to these reports.
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