COLUMBUS, Ohio – A statewide group that provides non profit development organizations with access to low-interest financing for housing is getting $1.89 million in state funds thanks to State Controlling Board action, state Rep. Michael Stinziano says.
Without comment, the State Controlling Board approved releasing the funds to the Ohio Community Development Finance Fund in Columbus.
“Building strong communities is so very important,” Stinziano said. “I’m so very pleased that this worthy organization is getting assistance.”
According to state records, CDFF is a statewide, nonprofit organization that provides community-based, nonprofit development organizations with access to low-interest, long-term financing for housing, economic development for neighborhood commercial improvement projects that revitalize distressed communities, an initiative that provides affordable used car financing and consumer assistance to qualified low-income participants.
The group also provides loans to community healthcare organizations for machinery and equipment for healthcare services to impoverished individuals in Ohio's distressed communities, and uses 10 percent of the award for costs associated with administering the programs.
The $1.89 million will be spent as follows:
- Pre-Development Housing Programs $291,000
- Economic Development Program $350,000
- By Car Program $60,000
- Community Health Loan Fund $1,000,000
- Program Administration $189,000
Made up of six state lawmakers and a representative of the governor’s office, the State Controlling Board has the final say on some of the state’s larger spending projects.