Tax Credit Programs & RAD
Tax Credit Initiatives
Low Income Housing Tax Credits (LIHTC) are quickly becoming the future of new affordable housing development. The LIHTC program is used to help finance new developments. In return for providing upfront LIHTC equity, investors receive a dollar-for-dollar credit against their Federal tax liability each year, over a period of 10 years. In Ohio, credits are awarded to developers through a competitive allocation process by the Ohio Housing Finance Agency. Currently, CMHA has over a dozen active tax credit properties at various stages of the development process. CMHA is continually looking for ways to provide contemporary affordable housing solutions. Our current offerings include a mix of apartment, townhome, and single family rentals.
Rental Assistance Demonstration Program (RAD)
The U.S. Department of Housing and Urban Development (HUD) has opened up the application process for the Rental Assistance Demonstration Program (RAD), which allows Public Housing Authorities (PHA) to convert public housing stock into Project Based Section 8. The goal of the program is to enable the PHA to leverage private financing sources in order to make capital improvements to the estate. CMHA utilized the RAD program for revitalization efforts along with additional sources of funding, such as FHA loans leveraged with Low Income Housing Tax Credits. View the RAD Flyer (PDF)
View the Home in a High-rise - Transforming housing in downtown Cleveland through the Department of Housing and Urban Development's Rental Assistance Demonstration (RAD) website.