Housing Investment Fund

  • Housing  Investment Fund

This Mobile Health Clinic was a Housing Investment Fund Grant awarded in 2012, and provides placed-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:

  • Connecting housing to services and jobs
  • Promote 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, and 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% 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.