The U.S. Department of the Treasury Community Development Financial Institution Fund recently awarded the Ohio Capital Finance Corporation (OCFC) a $1.6 million CDFI FY2015 award, raising the total funding received by OCFC from the CDFI Fund to more than $15 million since 2004.
The Financial Assistance award will be used to launch a statewide Neighborhood Development Fund which will provide loans to community development projects that will positively impact adjacent affordable housing. This product will extend past OCFC’s residential financing capacity to assist projects implementing neighborhood revitalization, complementing Ohio Capital Corporation for Housing’s affordable housing investments. Anticipated projects are expected to involve a retail or office component with of goal of spurring localized economic development.
The recent award was part of the CDFI FY 2015 round, which received 374 applications for $435 million and awarded 152 grants totaling $160 million.
Ohio Capital Finance Corporation is the lending arm of the Ohio Capital Corporation for Housing. OCFC is a certified Community Development Financial Institution (CDFI). 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 18,000 units through the origination more than of 375 loans totaling $270+ million in loan production. OCFC operates four mission oriented loan funds with over $50,000,000 in capital.
The CDFI Fund provides both Financial Assistance and Technical Assistance awards to Community Development Finance Institutions who provide affordable financial products and services that meet the needs of underserved communities. Created in 1994, the CDFI fund has awarded more than $1.5 billion in Financial Assistance and Technical Assistance awards.
