WASHINGTON, D.C. – U.S. Sen. Sherrod Brown (D-OH) announced today that the Ohio Capital Finance Corporation based in Columbus will receive $5,000,000 in funds to provide lending capital to developers of affordable low-income rental housing throughout Ohio. The Capital Magnet Fund is awarded by the U.S. Department of Treasury’s Community Development Financial Institutions (CDFI) Program.
“These dollars will create construction jobs and enable private developers to address unmet housing needs,” Brown said. “It’s a common-sense investment in our state’s short- and long- term economic development.”
Ohio Capital Finance Corporation (OCFC) is a nonprofit CDFI formed in 2002 by its parent company Ohio Capital Corporation for Housing. OCFC provides pre-development and acquisition financing to developers of affordable low-income rental housing throughout Ohio and Kentucky. OCFC will leverage its Capital Magnet Fund award as a “first-in” credit enhancement for three new equity capital pools focused on financing affordable rental housing.
Through the Capital Magnet Fund, the CDFI Fund provides financial assistance awards to certified community development financial institutions (CDFIs)—specialized financial institutions that provide financial services to low-income communities—as well as to nonprofit organizations involved in the development or management of affordable housing. The awards are made in the form of grants, and the awardees are chosen through a competitive application process.