Annual Economic Impact of the Ohio Housing Trust Fund

Housing is generally the most expensive part of a family's budget. Most states have housing trust fund programs that help to make housing more affordable by providing funds for new construction, preservation and homelessness reduction services. Since its creation in 1991, the Ohio Housing Trust Fund has had one of the best track records in the country, helping nearly 1 million Ohioans.

Not only does the Trust Fund help Ohioans access much needed shelter, but it also has a positive impact on Ohio's economy. Each dollar the Trust Fund invests leverages $3.33 in private and federal matching funds and generates $7.42 in overall economic activity for the state. Data in this brief show the tremendous impact the OHTF has on jobs in different industries throughout the state.

This year the Ohio General Assembly increased support for the Trust Fund in the state budget by $3 million per year— the first increase in 16 years. This boost will help expand the economic impact of the Trust Fund, which already contributes to job growth across the state in all major sectors and strengthens Ohio's overall economy.

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1For every dollar in Trust Fund spending in State Fiscal Years (SFY) 2017, 2018 and 2019, $3.33 was drawn from other sources, such as Low-Income Housing Tax Credits, federal HOME dollars, local government agencies and private financing.

2About a third of the funds generated from Trust Fund money – $2.57 for every Trust Fund dollar spent – is retained by workers and proprietors as labor income. Overall, 2,508 jobs (full-time equivalent) were created or supported per year due to projects receiving Trust Fund awards, or 588 jobs for every $10 million in annual grants from the Trust Fund.

* Other sectors include natural resources and mining (15 jobs), information (17 jobs), public administration (16 jobs) and other services n.e.c. (67 jobs).