Proposed Swanton senior project receives tax credits

Staff Report

A senior housing project in Swanton was among those that received 2018 Housing Tax Credit program awards from the Ohio Housing Finance Agency. The proposed project, called Swan Creek Crossing, would be located on Munson Road, just north of the railroad tracks.

The awards are used to fund the construction, acquisition, and rehabilitation of affordable housing communities throughout Ohio. Over $28 million in 10-year federal housing tax credits were awarded to 37 developments to create 2,122 apartments serving families, seniors, and individuals with disabilities.

At last week’s Swanton Village Council meeting, village admininstrator Rosanna Hoelzle reported Spire Development, the developer of the proposed project, has indicated it would like to submit a site plan for review to the Swanton Planning Commission.

In their proposal for funding, developers said Swan Creek Crossing would be a 28-unit new construction, senior (55+) housing community in a “high” area of opportunity. They said despite being home to nearly 13,700 seniors, Fulton County only has 40 Housing Tax Credit units for seniors, so the project is much needed.

The project is to consist of one elevator-serviced building containing a mix of one-bedroom and two-bedroom units. Each unit will feature energy star appliances, washer/dryer hook-ups, large walk-in closets, and vinyl plank flooring, according to the proposal. The building’s common area will include a community room with kitchenette, fitness center, laundry room, lounge, library, mailroom, restrooms, leasing, and support staff office space.

Plans also feature a walking path, community garden, sitting areas, covered entryway portico, and ample on-site parking with site lighting.

Each year, Housing Tax Credit recipients are selected based on the policies and goals of the program, including affordability, location, and experience of the development team. The 2018 HTC recipients were chosen out of 73 applicants seeking more than $60 million in credits.

Property owners claim tax credits over a 10-year period to help offset the costs associated with construction or rehabilitation of a housing development. In exchange for the credits, owners must maintain rents that are affordable and limit occupancy to residents with low to moderate incomes for up to 30 years.

OHFA has administered the HTC program to facilitate the creation and preservation of more than 115,000 units in the state since 1987.

Staff Report