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Ohio Community Development Finance Fund (Finance Fund)

Annual Giving
$2.6M
Grant Range
Up to $0.1M00

Quick Stats

  • Annual Giving: $2,630,710 (2023)
  • Success Rate: Not publicly available
  • Decision Time: Not publicly available
  • Grant Range: Up to $50,000 (Predevelopment) / Up to $100,000 (Economic Development)
  • Geographic Focus: Statewide (Ohio)
  • Total Impact: Over $491.5 million invested since 1987

Contact Details

Address: 366 East Broad Street, Suite 101, Columbus, OH 43215

Phone: (614) 221-1114 or (800) 959-2333

Email: info@financefund.org

Website: www.financefund.org

Overview

Ohio Community Development Finance Fund (operating as Finance Fund) was established in 1987 as a statewide nonprofit Community Development Financial Institution (CDFI). With total investments exceeding $491.5 million and leveraging more than $2 billion in additional investment, Finance Fund has awarded 3,057 grants to community development corporations and other community-based organizations. The organization's mission is to "build bridges between resources and the low-and moderate-income community to improve the quality of life for people." Through their work, Finance Fund has created or retained 21,624 permanent jobs, supported 13,797 construction jobs, and developed 18,507 housing units across Ohio. President & CEO Diana Turoff has led the organization since 2016, bringing over 25 years of experience in housing, real estate, and finance leadership.

Funding Priorities

Grant Programs

Predevelopment Grants: Up to $50,000 (rolling basis) Provides funding for community-based nonprofits for project "soft costs" on housing and economic development projects that expand affordable housing options. Eligible uses include feasibility studies, market studies, business plans, architectural drawings, appraisals, engineering, environmental studies, and professional fees.

Economic Development Grants: Up to $100,000 (rolling basis) Provides funding for self-sustaining projects that create permanent private sector jobs to strengthen an area's economic base. Grants are made primarily for fixed assets such as real estate, machinery, equipment, furniture, and fixtures. Also available: funding up to $30,000 for eligible activities including feasibility studies, environmental review, legal research, engineering and architectural drawings, business plans, market studies, and zoning/permit fees.

Priority Areas

Finance Fund focuses on projects in the following sectors:

  • Affordable Housing: Housing rehabilitation, new construction, and preservation of affordable housing
  • Economic Development: Business development and commercial revitalization
  • Community Facilities: Childcare centers, healthcare facilities, and other community services
  • Healthy Food Access: Retail and distribution of healthy food in underserved areas
  • Manufacturing and Industrial: Industrial facilities and job creation

Target Communities: Low- and moderate-income communities across urban and rural Ohio

What They Don't Fund

While not explicitly stated, Finance Fund focuses exclusively on projects serving low- and moderate-income communities in Ohio. Projects outside Ohio or not serving these target populations would not be eligible.

Governance and Leadership

Leadership Team

  • Diana Turoff, President & CEO - Leading Finance Fund since 2016, previously served 13 years as the organization's first CFO. Possesses over 25 years of experience in housing, real estate, finance, and accounting leadership.
  • Matt Frank, Chief Financial Officer
  • Greg Kiger, Chief Operating Officer
  • Jeffrey Mohrman, Executive Vice President of Real Estate
  • Andrew P. Swary, Executive Vice President and General Counsel
  • Amber Doll, Senior Vice President of Strategic Initiatives
  • Michael Williams, Senior Vice President of Construction
  • Suzette Berry, Vice President of Human Resources

Governance Practices

Finance Fund follows strong governance best practices including:

  • Formal orientation for new board members
  • Written agreements for all board members regarding roles and responsibilities
  • Annual formal written assessments of the CEO
  • Annual conflict-of-interest policy review with signed disclosure statements
  • Inclusive board member recruitment process ensuring diversity of thought and leadership

Leadership Quotes

Diana Turoff on affordable housing: "The low-income housing tax credit allocation is a critical component to our ability to preserve affordable housing in downtown Athens."

On social impact investing: "For social impact investors — people who would like more of a social return and aren't just so much interested on the financial return — CDFIs are a great place for them to invest their dollars."

On housing for trafficking survivors: "Housing is foundational to stability for any individual, and particularly critical for those who have overcome trauma."

Application Process & Timeline

How to Apply

Finance Fund operates on a rolling application basis. There is no online portal; applications are managed through direct contact with the organization.

Application Method:

  • Contact Finance Fund directly by phone: (614) 221-1114 or (800) 959-2333
  • Or email: info@financefund.org
  • Visit their office at 366 East Broad Street, Suite 101, Columbus, OH 43215

Organizations interested in applying should reach out to discuss their project and determine eligibility before submitting a formal application.

Decision Timeline

Specific decision timelines are not publicly available. Timeline likely varies based on project complexity and due diligence requirements. Applicants should discuss expected timelines directly with Finance Fund staff during the initial consultation.

Success Rates

Finance Fund has awarded grants in recent years as follows:

  • 2023: 35 grants awarded
  • 2022: 23 grants awarded
  • 2021: 24 grants awarded
  • 2020: 21 grants awarded
  • 2019: 27 grants awarded

Specific application-to-award ratios are not publicly available.

Reapplication Policy

No publicly available information on reapplication policies. Organizations should inquire directly with Finance Fund staff.

Application Success Factors

Based on Finance Fund's stated mission and project portfolio, successful applications demonstrate:

Alignment with Low- and Moderate-Income Communities: Finance Fund's core mission is serving low- and moderate-income communities. Applications must clearly demonstrate how the project will improve quality of life for people in these communities.

Job Creation and Economic Impact: For Economic Development Grants, demonstrating permanent private sector job creation is critical. Finance Fund has helped create or retain 21,624 permanent jobs across their portfolio.

Project Feasibility: Predevelopment grants support feasibility studies and planning. Projects should demonstrate a clear path from predevelopment to implementation.

Community-Based Organizations: Finance Fund's clients are "locally controlled community-based nonprofit organizations" and for-profit businesses located in low-income communities. Local control and community connection are important.

Leverage and Sustainability: Finance Fund has leveraged more than $2 billion in additional investment from their $491.5 million in direct investments. Projects that can attract additional capital and demonstrate long-term sustainability are valued.

Strategic Sectors: Projects in affordable housing, economic development, community facilities, healthy food access, and manufacturing align with Finance Fund's documented priorities.

Key Takeaways for Grant Writers

  • Contact early: Finance Fund operates on a rolling basis with direct contact application process. Start with a phone call or email to discuss your project before formal application.
  • Demonstrate community impact: Clearly articulate how your project serves low- and moderate-income communities in Ohio and improves quality of life.
  • Show job creation: For economic development grants, quantify permanent private sector jobs that will be created or retained.
  • Think beyond the grant: Finance Fund is a CDFI that also offers loans and other financing. Projects that can leverage multiple funding sources may be more competitive.
  • Focus on feasibility and sustainability: Whether seeking predevelopment or economic development funding, demonstrate a clear implementation path and long-term viability.
  • Ohio-specific: Finance Fund serves only Ohio communities. Your project must be located in Ohio and serve Ohio residents.
  • Use the right contact: For general inquiries, use info@financefund.org or call (614) 221-1114. For specific programs like Lead Safe Capital Assistance, use program-specific contacts.

References

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