The Senate-approved budget also creates two new programs aimed at encouraging housing construction.
A two-year budget approved by the Ohio State Senate restores the state’s Housing Trust Fund, a key source of support for affordable housing and emergency housing programs, and funds two new housing programs.
As Megan Henry explains in the Ohio Capital Journal, “The Housing Trust Fund is funded by a portion of the fees collected by county recorders, with half of the fees staying with the county and the other half going back to the fund — which requires at least 50% of the funds be spent in non-urban areas.” The House’s version of the budget would have eliminated the reallocation requirement, potentially reducing resources in parts of Ohio that need it most.
“The Senate added $100 million worth of housing provisions in the budget that will create two programs — the Residential Economic Development District grants and Residential Development Revolving Loan Program.” The first is aimed at encouraging cities to rezone areas to encourage more housing production. The revolving loan program would support new single-family residential housing in rural areas.
The budget goes back to the House and Senate, who must pass a bill they agree on before it goes to Governor Mike DeWine for his signature.
FULL STORY: Ohio Senate added $100 million worth of housing provisions in the state’s two-year budget
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