OH HB470

Creates the Ohio Community Investor Credit, a nonrefundable tax credit equal to 10% of costs incurred by qualifying developers for multi-family residential housing projects.

Limits credit eligibility to projects where at least 1% of costs are attributable to investment by a non-accredited Ohio investor (individuals who do not meet federal accreditation standards for net worth and income).

Caps total credits at $50 million per fiscal biennium, with a maximum of $2 million in certificates issued to any single applicant per biennium.

Requires developers to apply annually to the director of development between January 1 and February 1, with certificates issued within 60 days of complete application review.

Allows unused credits to be carried forward for five taxable years and permits one-time transfer of unclaimed certificates to another taxpayer.