Private Fund To Advance Affordable Housing In Franklin County
Central Ohio officials say the private sector has committed $100 million toward the region’s affordable housing needs. Columbus Mayor Andy Ginther says the Housing Action Fund will complement Columbus and Franklin County’s affordable housing strategy.
“This fund will provide a flexible source of capital dollars managed by a known community and trusted partner, the Affordable Housing Trust,” Ginther said. “It will offer low cost loans to developers who commit to specific affordability requirements in order to preserve and increase the number of units in Franklin County. These funds are in addition to the $50 million approved by voters in May to represent the foundation of a comprehensive community approach to filling the housing gap throughout our region.”
The fund has several investors, including Huntington National Bank. President and CEO Steve Steinor says it’s a powerful opportunity for private businesses to impact the community in a way that’s jointly-leveraged and coordinated with city and county resources.
“We’re providing capital that can be repeatedly leveraged over the years through other investors and financing sources,” Steinor said. “I believe we can help thousands more families find affordable housing in Columbus over the next decade and more to come.”
Officials say the Housing Action Fund will offer immediate and longer-term dollars to support organizations committed to affordable housing. It will also help Columbus and Franklin County fund housing development, home repair and modification, and targeted renter assistance. Other founding investors include Columbia Gas/NiSource Charitable Foundation, The Columbus Foundation, Fifth Third Bank, Heartland Bank, L Brands, Nationwide, Park National Bank, and PNC.