OCFC Awarded $2 Million Financial Assistance Award from the CDFI Fund

September 11, 2014 – On August 26, 2014, the U.S. Department of the Treasury CDFI announced that Ohio Capital Finance Corporation (OCFC), an affiliate of Ohio Capital Corporation for Housing (OCCH), received the maximum financial assistance core funding award in the amount of $2,000,000.

OCFC's mission is to increase the supply of affordable rental housing for the low-income households located in Ohio and Kentucky by providing nontraditional lending products. Since its inception and CDFI certification in 2002, OCFC financing has created and preserved over 16,800 units through the origination of more than 350 loans totaling $209+ million in loan production. OCFC operates four mission oriented loan funds with over $50,000,000 in capital.

According to Jon Welty, Executive Director of OCFC, "We are honored to be selected as one of the recipients of these important funds and will seek to deploy the award to maximize and leverage them to increase the production of affordable housing."

This highly competitive funding award will allow OCFC to decrease its cost of capital and leverage additional private sector investment for its loan funds. Additionally, OCFC intends to create and fund a new product, the Neighborhood Loan product. This product will extend past OCFC's residential financing capacity to assist projects implementing neighborhood revitalization, complementing OCCH's affordable housing investments.

Ohio Capital Corporation for Housing is a nonprofit financial intermediary that provides developers of affordable housing with access to capital markets. Created in 1989 by the Ohio Housing Finance Agency, OCCH has raised over $3 billion in equity investment, financed more than 33,500 units of affordable housing, and assisted in the creation of more than 675 affordable projects.

Follow this link for additional information on OCFC's products, or contact Jon Welty at 614.224.8446.

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