History

Ohio Capital Corporation for Housing (OCCH) became involved in the Community Properties Initiative at the encouragement of Campus Partners for Urban Redevelopment, Inc., a nonprofit affiliate of The Ohio State University. Campus Partners negotiated site control with the previous owner of the portfolio—Broad Street Management Company, a for-profit organization. OCCH assumed ownership from Broad Street Management and created Community Properties of Ohio Management Services.

When Ohio Capital Corporation for Housing purchased the management company and acquired assignment of the real estate in April 2003, major renovation of the units and implementation of supportive services were top priorities. Through the efforts of many corporate investors, The Community Properties Fund for Housing I (CPFH I) was established to begin rebuilding homes and reshaping lives. This fund provided $33,000,000 of equity to be used for the rehabilitation of 544 units in 87 buildings. In 2005, Ohio Capital Corporation for Housing also closed the Community Properties Fund for Housing II (CPFH II) at $25,000,000. The equity raised from CPFH II will work in conjunction with that of CPFH I and be used to rehabilitate over 775 apartments and townhouses in the Community Properties Portfolio.