The nonprofit Ohio Capital Finance Corporation, (OCFC,) an affiliate of Ohio Capital Corporation for Housing, recently announced the creation of the South Side Renaissance Fund, which will allow Healthy Homes and South Side Renaissance Homes to continue their mission of making a significant, positive difference to the neighborhoods in the South Side. The Ohio Capital Finance Corporation has developed and structured a $20 million loan fund to provide long-term funding for the acquisition, construction and permanent financing of up to 170 units of single and multifamily rental housing, serving families with incomes between 60 and 80 percent of area median income, or $45,840 to $61,100 for a family of four. The fund is made up of a $15 million loan and $5 million in grant funding. It will allow Healthy Homes to expand north to Main Street, South to Marion Road and east to Alum Creek Drive.
“The fund is made possible with low-interest loans from financial institutions who also care about the future of the South Side.” said Jonathan Welty, president of Ohio Capital Finance Corporation. “In in addition to rental housing, it will also provide financing for impactful and transformative community development projects.”
The funders include Fifth Third Community Development Corporation, First Financial Bank, First Merchants Bank, Huntington Community Development Corporation, JPMorgan Chase, PNC Bank, The Union Bank, The Affordable House Trust for Columbus and Franklin County and Ohio Capital Finance Corporation.
“This innovative fund will provide essential financing to expand the development of affordable housing by Healthy Homes and South Side Renaissance and thus ensure the South Side thrives as a sustainable mixed income community,” said Reverend John Edgar, executive director of Community Development for All People Corporation.
Homeownership has been a cornerstone of the Healthy Homes initiative from the beginning, but this fund allows the program to further address the needs of people who do not have the ability to own a home. With funding provided by Nationwide Children’s Hospital, the United Way of Central Ohio and the City of Columbus’ Department of Development, Healthy Homes has impacted more than 300 residential properties in the area adjacent to Nationwide Children’s and in Columbus’ South Side. Healthy Homes has four primary programming initiatives: homeownership, home repair, rental and the South Side Renaissance program. Healthy Homes Healthy Neighborhoods is a Nationwide Children’s initiative to improve health outcomes by addressing housing, employment and other social determinants of health.
“Improving community health by giving residents access to affordable housing is the cornerstone of Nationwide Children’s Hospital’s Healthy Neighborhoods Healthy Families initiative,” said Steve Allen, MD, CEO of Nationwide Children’s. “We believe residents of all income levels should be able to enjoy the benefits of high-quality housing in our community, now and in the future.”
As an incentive for the lenders to provide below market financing, Nationwide Children’s Hospital and Ohio Capital Finance Corporation are also providing limited guaranties to the fund.