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Ohio Capital Corporation for Housing closes Ohio Equity Fund 34A

The fund includes $273.5 million in investor equity, which will result in 1,506 affordable housing units in four states.

COLUMBUS, OH / ACCESS WIRE / June 4, 2024 / Ohio Capital Corporation for Housing (OCCH), a nonprofit tax credit syndicator, today announced that they have successfully closed Ohio Equity Fund 34A (OEF 34A), which includes $273.5 million in investor equity to create or create 1,506 affordable housing units to keep. in four states: Ohio, Kentucky, West Virginia and Tennessee.

Woodhill Station East

Woodhill Station East
Woodhill Station East in Cleveland, Ohio, developed by The Community Builders with Cuyahoga Metropolitan Housing Authority, will benefit from equity in OEF 34A.

“I am pleased with the investor interest in OEF 34A,” said Mary Ann Lang, Executive Vice President of Capital Markets at OCCH. “Many of the investors in OEF 34A are repeat customers, demonstrating their confidence in OCCH and our mission.”

The investors in OEF 34A include 21 banks, of which 20 are returning investors to OCCH. 11 banks will receive CRA credit through the fund, which offers 8 investor classes.

“Mary Ann and her team have done a fantastic job securing capital for our development partners,” said Jeff Beam, Executive Vice President of Development at OCCH. “This capital commitment will allow us to enable 26 affordable housing projects across the region, which will undoubtedly impact the lives of residents and across the community.”

In addition to the capital in OEF 34A, OCCH’s lender and Community Development Financial Institution, Ohio Capital Finance Corporation (OCFC), will provide more than $50 million in financing for 14 developments in the fund. OCCH’s philanthropic affiliate, Ohio Capital Impact Corporation (OCIC), has committed $100,000 to the OEF 34A developments, which will support community-based construction training programs for residents of Phase II and III of Woodhill Station West.

“Ohio Equity Fund 34A is an excellent example of how our internal teams work together to meet the needs of our partners,” said Catherine Cawthon, President & CEO of OCCH. “Partners can benefit from our capital markets strength, deep development knowledge, lending capabilities and philanthropic support. I am incredibly proud of the work our team has done to successfully close the fund, and grateful for the trust our investors and developers place in us every day.”

For 35 years, OCCH has been committed to advancing the production and preservation of affordable housing. OCCH has more than $6.59 billion in equity investments, resulting in more than 62,000 affordable homes spread across more than 1,035 new neighborhoods. OCFC has produced more than $900 million in loans in its 20 years of existence.

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Contact details

Hilary Marshall
Director of Communications
[email protected]
707.328.5078

SOURCE: Ohio Capital Corporation for Housing

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View the original press release on newswire.com.

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