Ohio Capital Corporation for Housing Raises $173 Million for Affordable Housing Development in Ohio in 2009

(OCCH raises $173 Million for affordable housing development and preservation in Ohio through The Ohio Equity Fund XIX and The Nationwide Ohio ARRA Fund. Additional $1 million grant awarded from the U.S Department of the Treasury’s Community Development Financial Institution Fund to spur predevelopment and acquisition lending in Ohio.)

Ohio Capital Corporation for Housing (OCCH) is pleased to announce that they have raised more than $173 Million of private capital to advance the development and preservation of affordable housing projects throughout Ohio. In 2009, $140 million was closed in 38 projects.

• The Ohio Equity Fund for Housing XIX (OEF XIX) closed at $68 million   and was one of the first multi-investor equity funds to close nationwide   this year. With the closing of this latest equity fund, OCCH has   surpassed more than $1.7 billion in equity investment for affordable   housing projects throughout Ohio. OEF XIX is funded by long-standing   investors of the Ohio Equity Funds and supporters of affordable
  housing. These investors include Fifth Third Community Development   Corporation, Key Community Development Corporation, JPMorgan   Capital Corporation, The Huntington Community Development   Corporation, Park National Bank, and FirstMerit Bank.

• Ohio Capital Corporation for Housing (OCCH), the Ohio Housing   Finance Agency (OHFA) and Nationwide Insurance have established a   $75 million proprietary investment fund, The Nationwide Ohio ARRA   Fund, LLC with Nationwide Insurance as the single investor. This   investment will facilitate the development of 16 projects awarded 2007   and 2008 Housing Tax Credit projects. The American Recovery and   Reinvestment Act (ARRA) allocated funds to OHFA for projects that
  have not closed and are in need of gap financing resources. OHFA will   provide Tax Credit Assistance Program (TCAP) bridge financing to   certain projects receiving an investment through the Nationwide Ohio   ARRA Fund advancing development of projects in Ohio.

• The Ohio Capital Finance Corporation, the lending affiliate of OCCH
  and a certified CDFI entity, received a $1 million award from the U.S.   Department of the Treasury’s Community Development Financial   Institution Fund to provide pre-development and acquisition financing
  for affordable housing in Ohio. Since 2002, OCFC has generated over   $37.6 million in 159 loans used to develop or preserve more than 8,357
  units of affordable housing.

"2009 has been a challenging year for syndicators, investors,
 developers,  and housing finance agencies. The industry-wide decline
 of investor  equity has challenged OCCH to develop creative strategies
 to continue to preserve and create affordable housing across Ohio’s
 rural and urban  communities,” said Hal Keller, OCCH President. “We
 are pleased that  Nationwide and the Ohio Housing Finance Agency are  working with us to develop innovative approaches which allow for the  continued development of necessary affordable housing.”

"We are truly excited about the $75M fund which represents the largest  single investor commitment to affordable housing in Ohio. For over 10  years, Nationwide Insurance has invested in OCCH because of its
 solid  management experience and sound underwriting and asset
 management practices,” said Jon Welty, Vice President, OCCH.
 “Without our partnership with Nationwide, these units of affordable  housing may have been lost forever.”

OCCH developed the Ohio Equity Funds and the OCFC as a means to finance affordable housing new construction, rehabilitation, and preservation projects. OCCH has invested in more than 425 projects totaling over 22,000 affordable housing units. For more information,
please contact Jonathan Welty at 614-224-8446 or jwelty@occh.org.