Lead Sponsors: Representative Dani Isaacsohn and Representative Adam Mathews
Status: Third hearing in House Government Oversight (June 11, 2024)
Description: The bill establishes two new grant programs and changes two existing property tax credits and exemptions.
The first new grant program involves the Ohio Housing Finance Agency (OHFA) awarding grants to townships and municipalities that have at least three of 12 specified pro-housing policies. The grants may be used for certain specified purposes, including providing funds for low-income homeowners to make home repairs, supporting first-time home buyers, and providing capital for housing development.
The other new grant program involves OHFA providing funds to assist the creation of housing developments within 20 miles of a megaproject.
The bill also eliminates the eligibility for the existing 10% owner-occupied property tax credit for certain properties: those involving holding or leasing property improved with single, two-family, or three-family dwellings. The savings generated by this eligibility is reallocated to the fund used to award the grants described above.
Finally, the bill allows political subdivisions to grant exemptions to community reinvestment areas for up to 30 years if the residential development is within 20 miles of a megaproject.
CCAO Position: No position (as of August 2024)
Notes: The Ohio Municipal League and the Ohio Mayors Alliance both provided proponent testimony.