Ohio Capital Corporation for Housing (OCCH) Closes $217 Million LIHTC Fund


(Columbus, Ohio) --- In this uncertain time of pending federal tax reform and increased demand for affordable housing, OCCH, a nonprofit financial syndicator of low income housing tax credits, announced the closing of Ohio Equity Fund for Housing XXVII (OEF XXVII) at $217 million. The federal tax credits earned from the investment will be used to offset the investor federal tax liability.

The capital for OEF XXVII came from 27 investors, including 9 new investors and 18 who have invested with OCCH in previous equity funds. OEF XXVII will provide over 1,800 affordable housing units through 23 projects in Ohio, 6 projects in Kentucky, 2 in Pennsylvania and 1 in West Virginia.

“OCCH has been fortunate to retain and grow a stable base of investors throughout the years who are committed to strengthening and developing vibrant, sustainable, and affordable communities,” said Hal Keller, OCCH President. “This substantial $217 million investment is paramount to creating and preserving homes that make a difference to the quality of life in our communities. We are grateful to our investors who committed capital while we collectively assess the challenges of potential changes to the Federal corporate tax rate.”

Headquartered in Columbus, Ohio, OCCH has now raised over $4.0 billion in private equity investment, financed more than 43,500 affordable housing units, and assisted in the creation of 800 affordable housing developments for families, seniors, and special needs populations.

This is in addition to the substantial commitment made by Huntington Bank in March. (Huntington Bank Commits $150 Million to Ohio Affordable Housing in 2017-2018 to Help Those Most Vulnerable and in Need)

The investors that comprise OEF XXVII include the following financial institutions:

 

Investor

OEF XXVII  Investors

JPMorgan Capital Corporation (Chicago IL)

$50,000,000

The Huntington CDC (Columbus OH)

$35,000,000

Key CDC (Cleveland OH)

$30,000,000

Fifth Third CDC (Columbus OH)

$25,000,000

US Bancorp CDC (St. Louis MO)

$24,500,000

First National Bank (Pittsburgh PA)*

$10,000,000

First Financial Bank (Hamilton OH)

$7,000,000

Park National Bank (Newark OH)

$7,000,000

Belmont Savings Bank (Bellaire OH)*

$3,000,000

First Federal of Lakewood (Lakewood OH)

$3,000,000

First Federal of the Midwest (Defiance OH)

$3,000,000

Home Savings Bank (Youngstown OH)

$3,000,000

United Bank (Charleston WV)*

$3,000,000

Civista Bank (Sandusky OH)

$2,000,000

WesBanco Bank (Wheeling WV)

$2,000,000

Central Bank of Kentucky (Lexington KY)

$1,000,000

Cortland Banks (Cortland OH)

$1,000,000

Farmers National Bank (Canfield OH)

$1,000,000

Farmers National Bank (Danville KY)*

$1,000,000

LCNB (Lebanon OH)

$1,000,000

The Citizens Savings Bank (Martins Ferry OH)

$1,000,000

The State Bank and Trust (Defiance OH)*

$1,000,000

CF Bank (Worthington OH)*

$500,000

First National Bank (Pandora OH)*

$500,000

Hocking Valley Bank (Athens OH)*

$500,000

Minster Bank (Minster OH)*

$500,000

RiverHills Bank (Milford OH)

$500,000

TOTAL INVESTMENT

$217,000,000

  *New OCCH Investor

About OCCH

Ohio Capital Corporation for Housing (OCCH) is an independent, non-profit corporation created in 1989. OCCH has raised over $4 billion in corporate equity for LIHTC projects involving more than 800 transactions and 43,500 units of affordable housing in Ohio, Kentucky, Indiana, Pennsylvania and West Virginia. OCCH has an affiliated property management and supportive services organization, Community Properties of Ohio Management Services, a lending subsidiary, Ohio Capital Finance Corporation, a certified Community Development Finance Institution (CDFI) and a member of the Federal Home Loan Bank of Cincinnati and a philanthropic affiliate, Ohio Capital Impact Corporation. OCCH is an endorsed business of the Ohio Bankers League and the Kentucky Bankers Association.

 

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