Chair Reynolds, Vice Chair Timken, Ranking Member Craig, and members of the Senate Housing Committee, thank you for allowing me the opportunity to provide Interested Party Testimony regarding Senate Bill 250.
My name is Jason Warner. I am the Director of Strategic Engagement at the Greater Ohio Policy Center (GOPC). GOPC is Ohio’s leading advocate for urban revitalization and sustainable growth, working to improve the communities of Ohio through smart growth strategies and research.
Housing is the number one concern for the dozens of communities we work with. These places realize that to attract workers and retain residents, they need to offer quality housing products at a range of price points. Local leaders know that homeownership is a critical component to their long-term success.
We have often said in testimony to this committee and others that there is no silver bullet to solve the housing challenges Ohio is facing. Rather, what is needed is silver buckshot - an all-of-the-above approach to preserving and increasing housing options, especially homeownership options in Ohio.
Senate Bill 250 would create a new tool to address Ohio’s housing challenges by empowering nonprofit organizations to facilitate the development of owner-occupied housing on land they already own, exactly the type of “buckshot” we have referenced before.
Enactment of the Promised Land Tax Credit, which will provide a 10% credit for the land and construction costs related to the development of attainable housing on property owned by nonprofits and faith-based organizations. These credits are vital in attaining the capital needed to finance these projects and provide opportunities for greater development of housing in communities across Ohio.
The high cost of development makes homeownership difficult. Passage of SB250 will help to address the issue of lowering costs by providing more financing for capital stacks for these important nonprofit partners.
Chair Reynolds, thank you for your leadership on this important issue, and for allowing me the opportunity to share our thoughts regarding housing and homeownership in Ohio and on Senate Bill 250. I am happy to address any questions you or the members of the committee may have.