2017 Annual Report
Menu
Ohio Capital Finance Corporation
Expansion and new capital marked two of the accomplishments for OCFC in 2017. Led by the implementation of the OCFC’s 2016 Capital Magnet Fund Award from the CDFI Fund, OCFC provided 49 loans to affordable housing developers with total production exceeding $44,000,000 and assisting with the production and preservation of over 1,700 units.
The newly established $22,000,000 Capital Magnet Loan Pool provides construction and bridge loan financing to affordable housing projects with a goal of reducing the overall cost of construction and bridge financing by providing a 1.75% fixed interest rate to qualifying projects.
Additionally, OCFC received a Financial Assistance award of $686,500 from the CDFI Fund to allow OCFC to leverage additional private capital providing below market financing for projects seeking to transform neighborhoods.
OCFC’S product line continues to expand to meet the needs of affordable housing developers and provides a full range of services including predevelopment financing, acquisition financing, equity bridge / construction loan financing, and permanent financing.
OCFC operates four revolving loan funds:
– Ohio Affordable Housing Loan Fund
– Ohio Preservation Loan Fund
– OCFC Capital Magnet Loan Pool
– OCFC PNC Loan Fund
OCFC is a Community Development Financial Institution (CDFI) Entity, as certified by the United States Department of the Treasury.
Member of:
Ohio Loans by County
OCFC has provided loans in 80% of Ohio’s counties.
OCFC’s mission of “providing a flexible source of capital to increase and improve the supply of affordable rental housing across Ohio” has remained steadfast while expanding to meet market needs.
OCFC Investors
Since 2002, OCFC has generated over $451 million in 575 loans utilized to develop and preserve over 23,300 units of affordable housing across Ohio. OCFC is grateful to its investors and participants for their commitment to affordable housing while being mindful of the needs of its borrowers.
OCFC Investors & Participants
Fifth Third Bank$29,000,000
PNC Community Development Co.$11,000,000
First Federal of Lakewood$7,000,000
KeyCorp Community Development Corporation$7,000,000
National Coop Bank$6,450,000
Nationwide Bank$6,000,000
First National Bank of PA$5,800,000
Huntington Community Development Corporation$5,000,000
John D. and Catherine T. MacArthur Foundation$4,000,000
Ohio Housing Finance Agency$4,000,000
US Bank Community Development Corporation$3,500,000
WesBanco$3,500,000
First Financial Bank$1,000,000
RiverHills Bank$1,000,000
WoodForest Bank$1,000,000
First State Bank$500,000
CF Bank$250,000
Total$106,550,000
Accomplishments 2002-2017
Units financed (31% of which were preservation)
Loans closed
Total loan production
OCFC has provided loans in 80% of Ohio’s counties
OCFC received a $686,500 CDFI Financial Assistance Award that will be utilized to provide additional resources for nontraditional loans that will positively impact neighborhoods.
OCFC leveraged a $4,800,000 CDFI Capital Magnet Fund Award to establish the $22,000,000 OCFC Capital Magnet Loan Pool, which will provide below market rate financing for affordable housing developers in Ohio.
Loan Production Distribution
Number of Loans
Hover over the pie chart for more details about each loan.
22 Loans
8 Loans
1 Loan
8 Loans
2 Loans
Predevelopment
Acquisition
Y15
Equity Bridge/Construction
Permanent
Amount of Loans
Hover over the pie chart for more details about each loan.
$3,961,398
$5,906,654
$790,500
$17,408,511
$14,605,350
Predevelopment
Acquisition
Y15
Equity Bridge/Construction
Permanent
