Ten community banks have combined their capital into one platform to provide long-term financing for affordable and workforce housing developments in Ohio.
The new $24.2 million Ohio Lending Partnership is created by OCFC along with Ohio Bankers League BankServices.
“Ohio’s housing challenges require innovative partnerships and creative capital solutions,” said Jonathan Welty, president of OCFC. “We have created a practical financing platform that can help fill a critical gap for affordable housing developments, particularly those seeking smaller loans that are often difficult to secure through traditional channels. This partnership will expand access to capital, support economic growth, and strengthen Ohio communities.”
OCFC is the lending affiliate of OCCH, a nonprofit low-income housing tax credit syndicator.
By pooling resources through one lending platform, the partnership aims to simplify deal structures, reduce the need to coordinate separate loans from multiple institutions, and help housing developments move forward more efficiently.
It will provide fixed-rate permanent first mortgage loans for qualifying developments, including smaller loans that can be difficult to place in the traditional market. OCFC will manage loan origination, underwriting, closing, servicing, and asset management, giving participating banks a streamlined way to invest in housing needs statewide.
“Community banks have always been deeply invested in the success of the towns and communities they serve,” said Michael Adelman, president and CEO of the Ohio Bankers League. “The Ohio Lending Partnership creates a practical, scalable way for Ohio banks to help address one of the state’s most pressing challenges: the need for more affordable and workforce housing. We are proud to partner with OCFC and our participating community bank members on this groundbreaking initiative.”
The participating institutions are Park National Bank, LCNB National Bank, Erebor Bank, First Federal of Lakewood, First State Bank, Belmont Savings Bank, Buckeye Community Bank, CFBank, Galion Building and Loan Bank, and Hocking Valley Bank. OCFC also contributed capital to the fund.