Housing Investment Fund

  • Housing  Investment Fund

This mobile health clinic was a Housing Investment Fund Grant awarded in 2012 and provides place-based medical services for permanent supportive housing residents living in the Cuyahoga County Housing First Initiative communities.


Introduction

In September 2008, OHFA established the Housing Investment Fund (HIF), a fund to undertake housing initiatives and meet housing needs that are not met by other programs of the Agency. From 2009 to 2012, 33 projects were funded that that included a variety of activities. All activities sponsored by the HIF are consistent with the OHFA Annual Plan.


Eligible Uses

Eligible funding recipients include for-profit and nonprofit organizations, public housing authorities and local governments.

Eligible uses of the fund include the following:

  • Connecting housing to services and jobs
  • Promoting revitalization by addressing vacant and abandoned housing by building capacity and comprehensive development in targeted geographic communities
  • Provisional services for special needs populations through evidence-based approaches
  • Acquisition, holding and disposition of residential real estate for affordable housing or comprehensive community development purpose
  • Pre-development, construction and/or permanent financing for rental or for-sale property development not eligible for funding using other OHFA programs. New construction projects must be competitively bid.
  • Capitalized operating subsidy for affordable rental housing
  • Homeowner loans for refinance, new purchase or renovation that are part of a comprehensive community redevelopment strategy and are offered through participating lenders or non-profit partners
  • Planning grants for comprehensive community redevelopment
  • Innovative, new approaches to administering programs or services in an affordable housing setting that have not been previously funded with local, state, or federal funds. These activities must demonstrate a previously untested approach to addressing affordable housing needs in Ohio.
  • Matching funds for federal or private foundation housing grants or loans
  • Other activities or projects that address an urgent affordable housing need

Threshold Requirements

All proposals must meet the following threshold requirements:

  • Activities and projects must primarily benefit households with incomes at or below 120 percent of the Area Median Gross Income (AMGI) for the appropriate county and household size. Reasonable affordability and compliance periods will be required.
  • Proposals must be for housing needs and/or populations not addressed by other OHFA programs. For example, a request for additional gap financing for a new Housing Tax Credit development or a project under development would not be eligible.
  • All applicants must be currently in good partnership with all OHFA programs.
  • Proposals must include documentation verifying the commitment of sufficient matching funds.
  • Demonstrate partnerships.
  • Applications must be complete and include required information.