$100 Million Housing Action Fund Launched

Affordable Housing Alliance of Central Ohio News

Working together to grow an inclusive community

In an historic move, the City of Columbus, along with Franklin County and corporate and philanthropic partners, announced a $100 million Housing Action Fund to provide a flexible source of low-cost capital dollars for affordable housing developers who commit to specific affordability requirements. The Fund, which will be managed by the Affordable Housing Trust for Columbus and Franklin County, will include "quick-strike" acquisition funds and longer-term financing.

The founding investors include:

• Affordable Housing Trust

• Columbia Gas/NiSource Charitable Fndn.

• The Columbus Foundation

• Fifth Third Bank

• Heartland Bank

• Huntington National Bank

• Nationwide

• Park National Bank

• PNC

"We know that more than 54,000 people in central Ohio live at or near poverty and spend more than half of their income for housing," said Mayor Andrew J. Ginther. "I am grateful to the coalition of...leaders who worked to create an innovative financial solution to address this need."

Said Board of Commissioners Present Marilyn Brown, "We remain committed to supporting affordable housing for our residents."

"We now have the opportunity to grow in a more inclusive way through the rest of the 21st century, " said Columbus Foundation President and CEO, Doug Kridler.

Steve Steinour, President and CEO of Huntington National Bank, who led the effort in gathering founding investors, said, "We are honored to stand alongside all the investors, inspired by the recent call to action from our Mayor and County Commissioners." The city included $50 million for affordable housing in a bond issue recently approved by voters, and the county is considering affordable housing funding as part of an economic development strategy.

Affordable Housing Alliance Chair E.J. Thomas noted that, with this investment, the community has committed more than the $140 million in the Alliance 3-Year Start-Up Plan . "We n ever imagined that when a dozen affordable housing organizations came together four years ago to raise awareness of housing needs that we could come to this place. We want to thank everyone who worked to make this day possible."

Read the Columbus Dispatch Article

Read the Columbus Business First Article