Huntington Bank is boosting its low-income housing tax credit (LIHTC) activity with a new $150 million commitment to the Ohio Capital Corporation for Housing (OCCH).
This new pledge comes at the completion of a $100 million investment the regional bank made with OCCH in 2010 that helped create more than 1,000 affordable housing units in Ohio. The latest commitment is expected to provide 2,000 new affordable homes throughout the state.
Huntington Bank is a longtime investment partner with OCCH, the nation's largest locally controlled LIHTC syndicator. Huntington has invested in 23 of OCCH's Ohio Equity Funds for Housing and four proprietary funds. Utilizing LIHTCs, OCCH has invested $2.5 billion in private corporate equity since 1989.
"Huntington is taking yet another unprecedented step to support a better Ohio by providing a renewed commitment to affordable housing that bests an already impressive start," said OCCH President Hal Keller. "This fresh investment infusion will energize Ohio affordable housing by planting a new flag alerting developers that another major capital pool is now available."
Committed to improving not only housing but also the lives of residents in the developments, Huntington and OCCH will jointly invest more than $1 million for a health and wellness initiative that will provide services to affordable housing residents.
