Ohio Capital Corporation for Housing (OCCH) has closed a $299.5 million federal and state low-income housing tax credit (LIHTC) fund that will help create or preserve 2,033 affordable homes.
Ohio Equity Fund 35A (OEF 35A) supports developments in Georgia, Illinois, Kentucky, Michigan, Ohio, Tennessee, and West Virginia.
“The closing of OEF 35A represents our team’s determination to collaborate with partners to create affordable housing opportunities,” said Catherine Cawthon, OCCH president and CEO. “Our team overcame many challenges facing our industry today, including uncertainty around federal tax credits, to develop a fund that will support affordable housing across seven states.”
The latest fund is backed by 20 investors, all of which are returning investors to OCCH. There were nine investment classes to meet the diverse needs of investor partners. Additionally, OEF 35A is OCCH’s fourth successful transaction using the Ohio state housing tax credit, totaling $18.9 million in equity.
“OEF 35A will enable 25 affordable housing developments during a time when housing affordability remains a local, regional, and national headline,” added Mary Ann Lang, executive vice president of capital markets. “Jeff [Beam], executive vice president of acquisitions, and his team did a fantastic job identifying developments in the regions where our investors were looking to make an impact, and we are grateful for our investors’ continued trust and partnership.”
In addition to the investor capital in OEF 35A, OCCH’s lending affiliate and Community Development Financial Institution, Ohio Capital Finance Corp., will provide more than $56.6 million in financing for seven developments in the fund, as well as $10 million in bridge financing to the fund. Ohio Capital Impact Corp., OCCH’s philanthropic affiliate, has committed $615,000 in grants to developments in OEF 35A to boost resident services, community amenities, internet infrastructure, and water conservation efforts.