The fund includes $273.5 million of investor equity, which will result in 1,506 affordable housing units in four states.
COLUMBUS, Ohio, June 4, 2024 (Newswire.com)
–
Ohio Capital Corporation for Housing (OCCH), a non-profit affordable housing tax credit syndicator, announced today that they have successfully closed Ohio Equity Fund 34A (OEF 34A), which includes $273.5 million in investor equity to create or preserve 1,506 affordable housing units in four states – Ohio, Kentucky, West Virginia, and Tennessee.
“I’m thrilled by the level of investor appetite in OEF 34A,” said Mary Ann Lang, Executive Vice President of Capital Markets at OCCH. “Many of the investors in OEF 34A are repeat clients, demonstrating their trust in OCCH and our mission.”
Investors in OEF 34A include 21 banks, 20 of which are returning investors to OCCH, 11 banks will receive CRA credit through the fund, which offered 8 investor classes.
“Mary Ann and her team have done a fantastic job securing capital for our development partners,” said Jeff Beam, Executive Vice President of Development at OCCH. “This commitment of capital will allow us to enable 26 affordable housing developments throughout the region, which will undoubtedly make an impact in the lives of residents and throughout communities.”
In addition to the capital in OEF 34A, OCCH’s lending affiliate and Community Development Financial Institution, Ohio Capital Finance Corporation (OCFC) will provide over $50M in financing for 14 developments in the fund. OCCH’s philanthropic affiliate, Ohio Capital Impact Corporation (OCIC), has committed $100,000 to developments in OEF 34A, which will support community-based construction training programs for residents at Woodhill Station West’s Phases II and III.
“Ohio Equity Fund 34A is an excellent example of our internal teams working together to meet the needs of our partners,” said Catherine Cawthon, President & CEO of OCCH. “Partners can leverage our capital markets strength, deep bench of development knowledge, lending capabilities, and philanthropic support. I’m incredibly proud of the work our team did to successfully close the fund, and grateful for the trust our investors and developers instill in us every day.”
For 35 years, OCCH has been committed to advancing the production and preservation of affordable housing. OCCH has over $6.59 billion of equity investments, resulting in over 62,000 affordable housing units across over 1,035 developments. OCFC has completed over $900 million in loan production in its 20 years of business.
###
Source: Ohio Capital Corporation for Housing
