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New Ohio Tax Credit for Multifamily and Single-Family Housing

Client Alert
August 22, 2023

With economic growth ahead, Ohio’s new biennium budget addressed an expected growing demand for housing within the state.

On July 5, 2023, Ohio Governor Mike DeWine signed the 2024-2025 state budget, which created a state low-income housing tax credit (LIHTC) to be overseen by the Ohio Housing Finance Agency (OHFA). The credit has a $100 million annual cap and will be claimed over a 10-year period by eventual recipients. The OHFA expect first reservations to be made in early 2024.

The creation of this credit comes at a time when Ohio is poised for continued economic and job development activity with the notable arrival of an Intel large chip plant in Central Ohio. With this economic growth comes increased demand for affordable housing. The credit itself is expected to be used in tandem with other offered state and federal credits to further extend development dollars and create additional units for Ohioans.

LIHTCs provide tax incentives to construct or rehabilitate affordable rental housing for low-income households. LIHTCs were first offered by the federal government in 1986, with an estimated 100,000 affordable rental units being supported through the federal program each year. While program details still need to be developed by the OHFA, the ability for developers to combine state and federal LIHTCs should incentivize development and growing the availability of affordable, low-income housing.

For questions regarding these new low-income housing tax credits or assistance in securing these credits, please do not hesitate to contact BMD Member Jason Butterworth at jabutterworth@bmdllc.com or Attorney Jacob Davis at jrdavis@bmdllc.com.

Jason A. ButterworthJacob R. DavisLIHTCOhio Housing Finance AgencyAffordable Housing
Client Alert

Federal Trade Commission Voids Non-Compete Agreements Nationwide

April 30, 2024On April 23, 2024, the U.S. Federal Trade Commission (“FTC”) issued its Final Rule containing regulations impacting non-compete agreements across the country for all employees. The Final Rule implements some of the most impactful changes to employment law during this century. The Final Rule will take effect 120 days from its publication in the Federal Register, which we expect to occur within the next few weeks.Client Alert

Department of Labor Finalizes Rule with Substantial Salary Increases for White-Collar Overtime Exemptions

April 30, 2024On April 23, 2024, the U.S. Department of Labor (DOL) announced a final rule that will significantly impact overtime eligibility for white-collar employees under the Fair Labor Standards Act (FLSA). This rule implements a dramatic increase in the minimum salary level required for an employee to be exempt under the FLSA’s administrative, executive, and professional exemptions (the so-called “white collar exemptions”) as well as the FLSA’s highly compensated employee exemption.Client Alert

Chemical Dependency Professionals Board Rule Changes: Part 2

April 1, 2024New rule changes for Certification of Chemical Dependency Counselor Assistants (CDCA)Client Alert

Board of Pharmacy Rule Changes

April 1, 2024Board of Pharmacy made changes to rules effective on March 4, 2024Client Alert

Counselor, Social Workers, and Marriage and Family Therapist (CSWMFT) Board Rule Changes

March 29, 2024The Counselor, Social Workers, and Marriage and Family Therapist (CSWMFT) Board has proposed changes to the Ohio Administrative Code rules discussed below. The rules are scheduled for a public hearing on April 23, 2024, and public comments are due by this date. Please reach out to BMD Member Daphne Kackloudis for help preparing comments on these rules or for additional information.
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