$25,000 Awardee – Financing
Ohio Capital Finance Corporation (OCFC), Columbus, Ohio received the 2007 Financing Award. OCFC, the lending arm of Ohio Capital Corporation for Housing, specializes in predevelopment, acquisition, and bridge financing for affordable housing, offering unique products in Ohio and Kentucky. Its loans enable developers to complete a wide range of tasks critical to a project’s success, including conducting engineering and environmental studies, hiring architects and attorneys, and packaging projects for construction and permanent financing. Since its inception, OCFC has originated more than $20 million in 110 loans, producing over 5,100 new or rehabilitated housing units. When looking for ways to further capitalize its loan fund OCFC created an innovative fund structure to accommodate financial institutions preferring a participation or debt structure. This innovative structure enabled OCFC to raise additional capital for lending as well as expand its product line to include single family homeownership loans.