FOR IMMEDIATE RELEASE
Monday, March 6, 2017
Media Contact: Molly Moses
OHFA Releases Report Detailing Statewide Economic Impact Of The Ohio Housing Trust Fund
COLUMBUS - The Ohio Housing Finance Agency (OHFA) released a report today on the economic impact of the Ohio Housing Trust Fund. The Trust Fund provides financing to organizations, private developers, local governments and others interested in increasing affordable housing opportunities, working to reduce homelessness and improving housing conditions for low income residents throughout the state of Ohio.
Projects receiving Trust Fund allocations created $589 million in economic activity annually over the past six years. In total, 4,358 jobs (full-time equivalent) generating $197 million in labor income are created or sustained yearly because of the Trust Fund and the projects it helps make possible. Ohio's economy sees $11.56 in gross state product for every dollar of the Trust Fund allocations, of which $3.86 is income for working people and employers. Every $10 million in annual grants from the Trust Fund creates or sustains 855 full-time jobs statewide.
The Trust Fund also serves as a vital tool in helping to leverage additional funding. For every dollar spent since 2011, nearly five dollars come from outside sources to support the Trust Fund's mission. Overall, $306 million in Trust Fund dollars spent in that time attracted more than $1.4 billion in private and public funds, making it a particularly productive use of state resources.
"As we continue our mission in helping to meet the needs of low-and moderate-income Ohioans, the Trust Fund is a key contributor to scarce resources that help address those great needs," said OHFA Executive Director Doug Garver. "In State Fiscal Year 2016, the Trust Fund helped serve the housing needs of 41,757 Ohio residents, the vast majority of whom make between 35 and 50 percent of area median income."
The Ohio Housing Trust Fund, administered by the Ohio Development Services Agency, supports local efforts by increasing Ohio's ability to attract private investment and maximize federal funding. By law, at least half of all Trust Fund awards must be given to projects outside of urban areas designated by the U.S. Department of Housing and Urban Development (HUD) as participating jurisdictions.
To access the complete study and supporting documents, please visit the OHFA Website.