housing investment fund 
In September 2008, the Ohio Housing Finance Agency (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. All activities sponsored by the HIF must be consistent with the OHFA Annual Plan.
OHFA set the initial balance of the HIF at $8 million. The HIF funds will be distributed in two application cycles in 2009. However, OHFA reserves the right to not allocate the entire balance of the fund if proposals of sufficient quality are not received.
Applicants should check this page often for additional program updates, clarification notices, and lists of applicants and recipients.
Eligibility Requirements
Eligible funding recipients include for-profit and non-profit organizations, public housing authorities, and local governments.
Eligible uses of the fund include:
- Acquisition, holding, and disposition of residential real estate for public benefit
- Pre-development, construction, and/or permanent financing for rental or for-sale property development
- Capital improvements for existing OHFA-financed properties
- Capitalized operating subsidy
- Funds for Individual Development Accounts that are linked to homeownership projects in which OHFA is a partner
- Homeowner loans for refinance, new purchase, or renovation offered through participating lenders or nonprofit partners
- Planning grants for comprehensive community redevelopment
- Homebuyer education and counseling to achieve or maintain homeownership
- Matching funds for federal or private foundation housing grants or loans
- Other activities or projects that address an urgent affordable housing need
Minimum Funding Requirements
All proposals must meet the following minimum 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 currently be in good standing with all OHFA programs.
Application Process
A Notice of Funding Availability will be posted to OHFA's web site prior to the application deadline. To be considered for funding, applicants are required to submit Letters of Intent to the Agency with a description of the proposal. The funds will be distributed in two application cycles:
- The first application deadline will be January 15, 2009. Staff will present their recommendations for funding to the OHFA Board in March 2009. Up to 50% of the fund may be reserved at this time.
- A second funding round of the Housing Investment Fund has not yet been scheduled. OHFA will issue a public announcement when a second funding round is established.
Within two weeks of the application deadline, OHFA staff will contact representatives for those proposals that rank highly after the initial screening process. At that time, applicants may be asked for additional information and documentation to support their proposal.
