Woodhill Station East in Cleveland is being developed by The Community Builders with the Cuyahoga Metropolitan Housing Authority. It is among the projects in Ohio Capital Corporation for Housing’s Equity Fund 34A.
Woodhill Station East in Cleveland is being developed by The Community Builders with the Cuyahoga Metropolitan Housing Authority. It is among the projects in Ohio Capital Corporation for Housing’s Equity Fund 34A.

Ohio Capital Corporation for Housing (OCCH) has closed on an equity fund that will help create or preserve 1,506 affordable housing units in Kentucky, Ohio, Tennessee, and West Virginia.

The nonprofit affordable housing tax credit syndicator reported that its Ohio Equity Fund 34A (OEF 34A) includes $273.5 million in investor equity.

“I’m thrilled by the level of investor appetite in OEF 34A,” said Mary Ann Lang, executive vice president of capital markets at OCCH. “Many of the investors in OEF 34A are repeat clients, demonstrating their trust in OCCH and our mission.”

Investors in the fund include 21 banks, 20 of which are returning investors to OCCH. Eleven banks will receive Community Reinvestment Act credit through the fund, which offered eight investor classes.

In addition to the capital in OEF 34A, OCCH’s lending affiliate and Community Development Financial Institution, Ohio Capital Finance Corp., will provide over $50 million in financing for 14 developments in the fund. OCCH’s philanthropic affiliate, Ohio Capital Impact Corp., has committed $100,000 to developments in the funds, which will support community-based construction training programs for residents at Cleveland’s Woodhill Station West’s phases II and III, said officials.

For over 35 years, OCCH has leveraged investor capital to enable affordable housing developments in six states, totaling over $6.59 billion in equity investments, and 62,000 units.