Social Impact News and Analysis

The U.S. Department of Housing and Urban Development (currently led by former Ohio 11th District Congresswoman Marcia Fudge) has selected Cuyahoga Metropolitan Housing Authority (CMHA) as one the lead public housing authorities (PHAs) to participate in a six-year demonstration project to aid low-income households in relocating to more prosperous communities. The demonstration will receive $45.7 million in total funding.

Through this demonstration, participating PHAs will provide over 10,000 families with children better access to low-poverty neighborhoods with high-performing schools
Continue Reading Cuyahoga Metropolitan Housing Authority wins $5-million grant for mobility demonstration program bound to change lives

This Federal Reserve Bank of Cleveland Policy Summit is a regional conference that explores solutions at the practitioner and policy levels to challenges that low- and moderate-income communities face. The biennial multi-day event offers its audience of researchers, academics, practitioners, and policymakers the latest research and best practices through presentations and real-world conversations.

For more information and registration information, click here.
Continue Reading Blog Highlight – Federal Reserve Bank of Cleveland – Policy Summit 2021 Pathways to Economic Resilience in our Communities – June 23-25, 2021 virtual conference

A Bloomberg opinion article argues that neighborhood style single and multi-family homes built specially for renters could help make housing more affordable and also avoid existing homeowners’ normal aversion to high-capacity housing (“Not-In-My-Backyard-ism”). The author claims that institutional investment opportunities currently lie in building new homes, rather than in buying economically opportunistic existing homes because the market is now currently dealing with low rates of inventory. In new built-to-rent communities, high capacity housing will likely be received more warmly because
Continue Reading Opinion: Expected Institutional Investor boom in ‘build-for-rent’ homes could help kill NIMBYism

The City of Dayton plans to sue Wright-Patterson Air Force Base and the U.S. Department of Defense to prevent the continued chemical contamination of drinking water. While Wright-Patt responded that it is taking an “aggressive” approach to addressing the issue, and is collaborating with state authorities, the City of Dayton threatened to file a lawsuit in early May if the situation is not addressed.

Read more in the Dayton Daily News here.
Continue Reading Dayton intends to sue Wright-Patt, says it wants to stop water contamination

A pair of proposed laws may soon protect Akron tenants from eviction both by stopping evictions for tenants who are able to pay back rent through pandemic assistance, and by prohibiting landlords from using particular sources of income (such as child support, housing vouchers, welfare and other income subsidies) as sole grounds for denying rental applications. The laws will continue to be debated through April.

Read more on the Akron Beacon Journal website here.
Continue Reading Proposed laws would support struggling Akron renters facing eviction

The Western Reserve Community Fund (WRCF), which is managed by the Development Finance Authority of Summit County (DFA), received official certification as a Community Development Financial Institution (CDFI) from the CDFI Fund, a program overseen by the U.S. Treasury. All CDFI’s share a common goal of expanding economic opportunity in Low-Income Communities by providing access to financial products and services for local residents and businesses, striving to foster economic opportunity and revitalized neighborhoods.

See full report by Chris Burnham Executive
Continue Reading Western Reserve Community Fund Obtains Community Development Financial Institution (CDFI) Certification

In response to this growing issue the problem of Ohioans in Appalachia without stable internet, Ohio Capital Finance Corporation, with funding support from CareSource, a Dayton Ohio-based multistate nonprofit managed care plan, created the $5 million investment fund, the CareSource Fund for Appalachia.

Through this fund, OCFC will leverage resources to assist LMI residents with access to the internet with goals of improving health and education outcomes. By providing low cost (1.5%) bridge financing, the fund will generate additional equity
Continue Reading CareSource and Ohio Capital Corporation for Housing Partnership Addresses the Digital Divide in Appalachia

Ohio Capital Finance Corporation (OCCH), in partnership with CareSource, Nationwide Children’s Hospital, Robert Wood Johnson Foundation and Partners For Kids, announced in January a $4 million effort to build and rehabilitate affordable, high-quality rental housing in Columbus.

Healthy Homes, the affordable housing arm of Nationwide Children’s Healthy Neighborhoods Healthy Families initiative is serving as the developer of this effort. OCFC assisted in structuring these investments to create a capital stack comprised solely of funding from nonprofit organizations with a 10-year
Continue Reading Ohio Capital Corporation for Housing Continues its Work to Increase Supply of Affordable Housing

Sen. Martin Heinrich, D-New Mexico, Sen. Susan Collins, R-Maine, and 10 other senators have introduced legislation to amend the existing investment tax credit (ITC) law for solar energy to include the deployment of energy storage. The Energy Storage Tax Incentive and Deployment Act of 2021 (S. 627) would add storage to ITC-eligible resources. An identical bill (H.R. 1684) was introduced in the House of Representatives by Rep. Michael Doyle, D-Pennsylvania, Earl Blumenauer, D-Oregon, and Vern Buchanan, R-Florida. The legislation would
Continue Reading Legislation has been introduced in Senate and house to make solar storage eligible for investment tax credit.

The Federal Housing Finance Agency (FHFA) announced the authorization of more than $1 billion in affordable housing allocations to Fannie Mae and Freddie Mac, the largest disbursement in history. HUD’s National Housing Trust Fund (NHTF) will receive $711 million and the Department of the Treasury’s Capital Magnet Fund (CMF) will receive $383 million. The HTF allocates money to states and state-designated entities for the production or preservation of affordable housing. The CMF competitively awards money to finance affordable housing activities
Continue Reading Federal Housing Finance Agency (FHFA) Authorizes More than $1 Billion to HUD’s National Housing Trust Fund and the Treasury’s Capital Magnet Fund (CMF)