Introduction to Finance Fund - Valerie Heiby

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Introduction to Finance Fund - Valerie Heiby as presented at The Strengthening Ohio’s Safety Net Roundtable April 29, 2011. For more info, visit http://www.healthpathohio.org/

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Introduction to Finance Fund - Valerie Heiby

  1. 1. Introduction to Finance Fund
  2. 2. Who we are <ul><li>Enabling progress, inspiring change : </li></ul><ul><ul><li>We are a nonprofit organization serving low to moderate income communities throughout the State of Ohio. </li></ul></ul><ul><ul><li>Finance Fund builds bridges between resources and the low-income community to improve the quality of life for people. </li></ul></ul><ul><ul><li>Finance Fund helps to transform emerging rural and urban communities into vibrant, diverse, economically healthy neighborhoods. </li></ul></ul>
  3. 3. Who we are <ul><li>History Founded in 1987 as a result of the research of the Ohio Department of Development and the Ohio CDC Association to address future financing needs of community-based development projects. </li></ul><ul><li>Our Mission Finance Fund builds bridges between resources and the low-income community to improve the quality of life for people. </li></ul>
  4. 4. What we do <ul><li>As a financial intermediary, we create partnerships with organizations that seek to produce: </li></ul><ul><ul><ul><li>safe and affordable housing </li></ul></ul></ul><ul><ul><ul><li>business development opportunities </li></ul></ul></ul><ul><ul><ul><li>community facilities </li></ul></ul></ul><ul><ul><ul><li>access to housing, jobs, child care, health care </li></ul></ul></ul>
  5. 5. What we do <ul><li>Since 1987 we’ve invested more than $170 million in housing, economic development, and community facility projects leveraging over $905 million. </li></ul><ul><ul><li>2,604 awards to community-based organizations throughout the state </li></ul></ul><ul><ul><li>15,422 units of affordable housing </li></ul></ul><ul><ul><li>11,843 full-time jobs </li></ul></ul><ul><ul><li>benefiting the lives of over 119,400 Ohioans </li></ul></ul>
  6. 6. How we do it <ul><li>Consistent & flexible products: </li></ul><ul><ul><li>Grants </li></ul></ul><ul><ul><li>Loans </li></ul></ul><ul><ul><li>Credit enhancements </li></ul></ul>
  7. 7. How we do it <ul><li>Grants </li></ul><ul><ul><li>PreDevelopment Grants: Provides grants to community-based nonprofits for project “soft costs.” Used for housing or economic development projects. </li></ul></ul><ul><ul><li>Economic Development Grants: Provides funds for projects improving neighborhood commercial and creates private sector jobs which help strengthen area’s economic base. </li></ul></ul>
  8. 8. How we do it <ul><li>Urban & Rural Lending: </li></ul><ul><ul><li>New Markets Loans: Provides credit for fixed assets to nonprofit and for profit business borrowers in qualifying low-income census tracks. </li></ul></ul><ul><ul><li>Accounts Receivable LOC: Line-of-credit for nonprofits with cash flow issues as a result of government contract-based accounts receivable </li></ul></ul><ul><ul><li>LandLOC: Line-of-credit to qualifying nonprofit organizations enabling site control of vacant or abandoned properties </li></ul></ul>
  9. 9. How we do it <ul><li>Credit Enhancement Programs </li></ul><ul><ul><li>Linked Deposit Fund: Provides access to affordable financing from local lenders for housing and economic development projects. This product is used to reduce interest rate on construction or permanent financing. </li></ul></ul><ul><ul><li>Child Care Capital Fund: A resource for the financing of real estate projects available to Head Start agencies that reduces the interest rate on permanent financing. </li></ul></ul>
  10. 10. How you can benefit <ul><li>Obtain grant funding through a non-profit partner for predevelopment or economic development activities </li></ul><ul><li>Receive financing to purchase needed equipment, real estate or construction </li></ul><ul><li>Apply for a line of credit to assist with cash flow issues as a result of Medicaid reimbursement </li></ul>
  11. 11. Contact us <ul><li>Valerie Heiby, Director of Development </li></ul><ul><li>Mark Barbash, Special Projects Consultant </li></ul><ul><li>Finance Fund </li></ul><ul><li>17 S. High St., Suite 900 </li></ul><ul><li>Columbus, Ohio 43215 </li></ul><ul><li>www.financefund.org </li></ul><ul><li>800.959.2333 </li></ul>

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