COLUMBUS, Ohio — Proposed legislation could make a significant impact on the housing and job market in Ohio.
What You Need To Know
- Thousands of jobs along with 4,300 new affordable units would be created
- Ohio would be the 23rd state to adopt a state-credit program which provides workforce affordable housing residents
- 400,000 Ohioans pay more than 50% of their income in rent
It, as an economic analysis, was just released concerning the Ohio Workforce Housing Tax Credit.
Matt Rule, president of the Ohio Housing Coalition, said House Bill 3 was put together to address the problem of people getting priced out of housing options.
“HB 3, would create a state credit for the next six years that would incentivize landlords to cap rents for tenants across the state,” Rule said.
As a result, 4,300 additional apartment units per year of the program would be modestly priced, while the construction of them would create an additional 10,000 jobs per year in the state.
“That comes out to about over $10 billion of construction activity over the next six years in Ohio,” Rule said. “So producing more units, creating long-standing jobs, and of course, creating construction jobs as these new apartment communities are built and developed.”
If the legislation passes, renters in the program would still pay rent, but their rent would be based on the average income in their particular marketplace. Rule said rent might be $800 to $900 per month since it’s capped under the program.
It would ensure renters don’t get priced out from living in the communities where they work.
So far, Rule said 22 other states have already adopted a state credit program to provide workforce affordable housing for their residents.
The legislation would be a benefit, especially for those paying more than half of their paycheck toward rent every month.
“That creates a lot of instability for you and for your family. You’re one flat tire away from, you know, being stuck and not being able to pay the rent,” said Rule. “So, this program really tries to provide modestly priced apartments that would allow families and working moms and dads to have more stability day to day and provide them a little bit extra money to pay for those other things.”
