It is often difficult for rural areas to come up with the money to build the infrastructure that's needed to develop affordable housing. A provision in the state budget seeks to help communities in those areas through a low-interest revolving loan fund to create affordable housing.
There’s $100 million in the new state budget for the Residential Development Revolving Loan Program. Sen. Michele Reynolds (R-Canal Winchester) said rural communities with populations under 70,000 can apply for those dollars.
"As Ohio continues to grow, building proper infrastructure is necessary for rural communities to attract residents and keep up with demand," said Reynolds in an interview. "This program allows local governments to offer rural Ohioans the American dream of home ownership."
Reynolds said applications are now being accepted. Funds will be awarded based on eligibility and an applied scoring metric. And once awarded, she said that money can be used for expensive needs like sewer, utilities and more.
“So it takes care of some of those pre-development costs that are very, very expensive, especially to a rural area that cannot afford infrastructure to be able to attract development into their community," Reynolds said.
Reynolds said the infrastructure would then allow for the construction of new, single-family residential dwellings. The Ohio Department of Development will oversee the fund.
