Ohio Preservation Compact

The Ohio Preservation Compact's goal is to preserve 14,000 affordable rental units throughout the state over a 10-year period. 

In 2009, with $5 million in funding from the John D. and Catherine T. MacArthur Foundation, three statewide agencies — the Ohio Housing Finance Agency, the Coalition on Homelessness and Housing in Ohio, and the Ohio Capital Finance Corporation — formed the Ohio Preservation Compact (Ohio Compact).

The goals of the Ohio Preservation Compact: The Compact set a goal to institute activities resulting in the preservation of at least 14,000 units statewide over the next 10 years including:

  • Implementing a scalable and sustainable $25 million Preservation Loan Fund with financial products that assist in the preservation of Ohio affordable housing. The Fund now provides predevelopment, acquisition, and equity bridge loans with flexible underwriting guidelines and below-market interest rates to nonprofits so they can compete with for-profit investors to acquire at-risk properties.
  • Creating and managing an online database/clearinghouse for owners of affordable rental housing and potential owners, providing detailed information on at-risk affordable housing developments in Ohio 
  • Determining which Ohio affordable housing properties are most at-risk of losing rental assistance or rental/occupancy restrictions based on income
  • Developing strategies to mitigate specific threats to projects at risk
  • Identifying, structuring and closing preservation transactions in Ohio
  • Providing technical assistance to potential owners and managers of at-risk housing
  • Conducting a collaborative policy effort to engage tenants, owners, community organizations, government officials and financial institutions in affordable housing preservation efforts, including the convening of a statewide Housing Preservation Summit for all stakeholders

The Ohio Compact is more than halfway toward its 10-year goal, having helped preserve more than 8,100 units of federally assisted affordable housing in the state.

Contributed By: 
National Housing Trust

Other Items of Interest