The Community Development Financial Institutions (CDFI) Fund announced that Ohio Capital Finance Corporation (OCFC), has been awarded a $1,525,000 grant to assist in creating recovery housing for people suffering from opioid addiction and chemical dependency. Recovery Housing is designed and operated to support and assist those with substance abuse disorders seeking to achieve self-sufficiency.
An affiliate of Ohio Capital Corporation for Housing and an established affordable housing lender, OCFC will develop a new product, the Recovery Housing Loan. This product will provide short term, low interest rate financing for the pre-development, construction, and bridge lending needs of recovery housing developers. The Recovery Housing Loan is designed to complement the work of our partners and Ohio Department of Mental Health and Addiction Services (ODMHAS) program funding, which provides up to 75% of the permanent financing necessary for the creation of recovery housing projects.
“The need for recovery housing options is especially great here in Ohio. OCFC is pleased to support the efforts of the ODMHAS in combatting this crisis by providing financing for affordable housing for those recovering from opioid and other substance abuse disorders,” said Jon Welty, President of OCFC. “This award creates an innovative opportunity for us to leverage our expertise in housing development and our resources to provide much needed housing and programs for those facing addiction.”
OCFC's mission is to increase the supply of affordable rental housing for the low-income households located in Ohio and Kentucky by providing nontraditional lending products. Since its inception and CDFI certification in 2002, OCFC financing has created and preserved over 23,000 units through the origination more than of 575 loans totaling $450+ million in loan production. OCFC operates five mission oriented loan funds with over $85,000,000 in capital.