Between 2005-2021, at least 48 CDFIs have lent over $2 billion in 94% of Ohio counties.
Community Development Financial Institutions (CDFIs) in Ohio are working in key areas to support underserved communities throughout the state. Between 2005-2021, at least 48 CDFIs have lent over $2 billion in 94% of Ohio counties. They have provided funds in key areas to support the development of affordable housing, job creation and retention, provide consumer loans, and others. In total, these entities have provided at least 15,000 loans as they continue to work with community members to shape the future of their communities.
The Importance of CDFIs in Access to Capital
Community Development Financial Institutions (CDFIs) are organizations certified by the US Treasury to provide credit access and loans to those in underserved markets who otherwise may not have access to credit through conventional sources. These entities also stabilize communities through revitalization efforts by financing affordable housing, small businesses, nonprofit entities, and commercial real estate.
CDFIs Preserve Affordability in Local Housing Markets
Ohio Capital Finance Corporation (OCFC), a CDFI affiliate of Ohio Capital Corporation for Housing focused on the preservation and development of affordable housing through nonprofit lending, has made great strides in preserving affordable housing for the Linden community in Columbus, OH. Part of their efforts to support housing affordability in the area were to provide $1 million in funds to leverage a $4.2 million loan for Rosewind Estates' RAD Renovations. Their efforts have helped to preserve 230 affordable units, made up of 160 townhomes and 70 single-family homes.
Rosewind Estates
Photo Source: Wallick Communities
CDFIs Preserve Key Neighborhood Centers
Cleveland Development Advisors-Community Reinvestment Fund (CDA-CRF), which acts as the CDFI for CDA whose larger work finances business development and real estate, is working to preserve an iconic neighborhood hub in the Buckeye area of Cleveland, OH. Shaker Square is a commercial center containing a variety of amenities for the city's residents, including a full-service grocery store, movie theater, and retail. As the property faced foreclosure, the city moved to transfer ownership to Burten, Bell, Carr and New Village Corporation. CDA-CRF is supporting the stabilization of the property by working to close a $1 million loan for the two entities.
Shaker Square
Key Metrics on the Impact of Ohio CDFIs
GOPC evaluated lending data provided by Opportunity Finance Network, a national level network which connects CDFIs across the county, to quantify the impact CDFIs are having in Ohio. The results demonstrate how critically important CDFIs are in strengthening Ohio communities.
Between 2005-2021:
Over $2 billion in lending
47,743+ housing units financed
24,091+ jobs created or retained via CDFI lending
15,144 loans issued or closed
8,022 microenterprise and small business financed
1,285 real estate businesses financed
23,197 education and childcare seats created via CDFI lending
Ohio CDFI Network
The Ohio CDFI Network is made up of CDFIs throughout the state and was founded in 2018. Together, members are able to network and coordinate with one another, spread awareness of potential resources and partnerships, make future partners aware of the potential benefits of CDFIs in our state, and track the collective impacts that they have on their communities. Additionally, GOPC is proud to steward and staff the network.