Social Impact News and Analysis

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)

The Biden administration unveiled a plan in early March to invest $9 billion in minority communities. The source of funds for the “Emergency Capital Investment Program of the US Treasury Department is funds that were approved in the $900 billion stimulus package that was passed in December and signed by former President Donald J. Trump.

Community Development Financial Institutions and minority lending institutions, which provide affordable lending options to low-income consumers and businesses, will see infusions of capital as part
Continue Reading United States Treasury to Invest $9 Billion in Minority Communities