Ohio Capital Corporation for Housing (OCCH) has closed a $152 million low-income housing tax credit fund that will help create or preserve more than 800 affordable homes in Indiana, Kentucky, Ohio, and West Virginia.
The nonprofit affordable housing tax credit syndicator secured $144 million in federal equity and $8 million in state equity.
Investors in Ohio Equity Fund (OEF) 34B include 14 banks, 12 of which are returning investors to OCCH. The fund offered eight investment classes to meet the diverse needs of investor clients.
OEF 34B compliments OEF 34A, which the firm closed in June 2024 and included $273.5 million in equity, according to officials.
“Fund 34B was able to build on the momentum set forth in OEF 34A and will allow us to make a profound impact in the communities we serve,” said Mary Ann Lang, executive vice president of capital markets at OCCH. “The two funds combined represent $425.5 million in private capital, which will advance our mission of creating or preserving affordable housing.”
The latest fund will provide essential capital for 15 affordable housing developments throughout the region, according to Jeff Beam, executive vice president of acquisitions.For more than 35 years, OCCH has leveraged investor capital, providing more than $6.7 billion in equity investments to support nearly 65,000 homes across eight states.
“2024 was a strong year for OCCH,” said president and CEO Catherine Cawthon. “We were able to adjust to market changes and pressures, deepen our relationships with developers and investors, and welcome new partners onto the OCCH platform. Our mission remains at the core of how we operate, and I’m hopeful this momentum and agility will position us well going into 2025.”
