The Power of Working Together

2017 was a rollercoaster year for the Low Income Housing Tax Credit industry, culminating in the December passage of the first major tax legislation in over 30 years. The uncertainty around if and when tax reform would happen, and what it would look like, caused a dramatic reduction in private capital flowing to affordable housing projects.

Despite the market disruption, 2017 was another successful year for OCCH and our affiliates. Working creatively with our long-term investors, development partners and state housing finance agencies, we were able close and get needed affordable housing under construction. Though lower than our peak year in 2016, we closed over $260 million into 36 projects with over 2,271 units. Thanks to all of our partners for working together in a challenging environment!

Our work and mission continues to remain strong and productive. From an asset management perspective, our properties continue to perform. Occupancy remains high with strong financial performance.

Community Properties of Ohio Management (CPO) continues to expand both in terms of properties under management and supportive services. We celebrated the completion of Columbus Scholar House, co-developed with Columbus Metropolitan Housing Authority, with an onsite early learning center operated by the YMCA of Central Ohio.

Our lending affiliate, Ohio Capital Finance Corporation, has grown the capital pools it manages, and two recent significant grants from the US Treasury CDFI Fund will lead to more flexible capital for our developers.

Ohio Capital Impact Corporation, our philanthropic affiliate, made millions of dollars in grants to our partners to benefit residents and neighborhoods. We were thrilled to help more than 775 children attend summer camp. Thank you Impact Investors that dedicate a portion of your investment to philanthropy!

And working in partnership with the Ohio Housing Finance Agency, we organized two great conferences. The second Starting at Home Conference, focusing on the nexus of academic research, philanthropy and affordable housing, grew to 300 attendees. The annual Ohio Housing Conference drew over 1,700 affordable housing professionals. We continue to treasure our collaborative relationship with OHFA on these wonderful events.

Despite these successes, 2017 was still a difficult year for the affordable housing community. With the passage of tax reform, and despite the unintentional but negative impact on LIHTC pricing, we now have certainty that will give the market greater stability. And the Omnibus spending bill passed in March of 2018, with its increases in both the LIHTC program and HUD budget, will help. But the need for affordable housing will continue to be far greater than the limited resources committed to dealing with them. Hence the need for ongoing vigilance and advocacy.

We look forward to a brighter 2018 and continued to be gratified and inspired by the commitment of our investors, developers, property management companies and the OCCH/CPO staff to our work. Thank you!

– Dan Slane, OCCH Board Chair and Hal Keller, OCCH President