Annual Gala Honors Champions for Ohio

Share

Finance Fund and Finance Fund Capital Corporation (FCAP) hosted over 200 business, elected, community and nonprofit leaders at our Annual Gala last week, which was generously sponsored by our friends at U.S. Bancorp. The Performance Hall at OSU’s Ohio Union was brimming with Champions for Ohio who enjoyed an Awards Program, reception and dinner.

Our new Corporate Video and Annual Report premiered at the Gala and featured several people and projects that are bringing jobs and economic opportunity to Ohio’s underserved communities. I hope you will take a few minutes to enjoy the heartwarming stories told by our project champions at Northeast Shores Development Corporation in Cleveland, The Childhood League Center in Columbus,  Market on the Green in UpTown Toledo, and Ziks Family Pharmacy in Dayton.

Finance Fund CEO James R. Klein

The Gala honored Finance Fund CEO Emeritus James R. Klein for his 28 years of leadership through 2015.

Another great highlight of the evening was the announcement of the 2015 Community Champion and Visionary Funder Award Winners .

Community Champion Award Winners

_MG_6105-FFGala-2016_72dpiMansion Day School is an accredited, independent and co-educational Pre-K through 5th grade preparatory school located in an identified empowerment zone in east Columbus. The School serves 100 students each academic year. Graduates go on to excel at the area’s top private and public middle schools. Head of School Dee James accepted the award presented by Finance Fund CEO Diana Turoff (left) and Board Chair D.R. Gossett. 

Dee commented, “FCAP’s small business loan enabled us to expand programming opportunities that sharpen students’ minds, and stretch their intellectual reach, while developing skills as independent thinkers and confident communicators.” 

NEShoresAwardNortheast Shores Development Corporation was honored for bringing tens of millions of dollars in investment to Cleveland’s North Shore Community to make physical improvements, help dozens of independent merchants purchase their own storefront spaces, and move hundreds of low- and moderate-income households into quality housing. As a result, the community has become an increasingly quirky, walkable and creative place. Executive Director Brian Friedman and Carly Marginian accepted the award.

“Without financial support from organizations such as Finance Fund, we would not have the capital needed to build quality of life and economic opportunity with and for our community,” according to Brian.

Visionary Funder Award Winner

Trinity - AwardTrinity Health has provided FCAP with investment for a wide range of projects in underserved communities. In September 2014, as FCAP was conducting a statewide research study to quantify the need for increased access to healthy affordable food in underserved areas, Trinity Health provided loan capital to fund our earliest healthy food projects in Columbus and Cincinnati. This early investment, in collaboration with Mount Carmel Health System, was key to opening doors to additional investment from foundations, banks and eventually the State of Ohio to launch the statewide Healthy Food for Ohio (HFFO) program in March 2016. Trinity Health’s Socially Responsible Investment Consultant Jody Wise accepted the award from Finance Fund Director of Development Valerie Heiby.

“We’ve had great success partnering with FCAP over the years to bring needed goods and services to residents of underserved communities. As a mission-driven innovative health organization, we are committed to becoming the national leader in improving the health of our communities and each person we serve,” Jody said.

Congratulations to all of our Award winners!

Historic Landmark Building Repurposed in Madisonville

Share
Finance Fund President and CEO Diana Turoff

Finance Fund President and CEO Diana Turoff

Finance Fund is pleased to provide an economic development grant to assist the Madisonville Community Urban Redevelopment Corp. (MCURC) in redeveloping a nearly 90-year-old historic landmark bank building into modern residential and retail space totaling 5,600 sq. ft. This building is a wonderful example of adaptive re-use that will certainly add to the community’s vibrancy and enhance the quality of life for residents and visitors to Madisonville, OH.

Historic landmark Madisonville Bank Building

Historic landmark Madisonville Bank Building

Because historically significant buildings such as this sit at the heart of redevelopment districts, they are often in the demolition bullseye to make way for urban renewal projects. It simply costs more to adapt older buildings and to reconfigure them for more modest and less profitable re-use. As a result, many architecturally significant historic treasures are lost — and former “historic districts” cease to exist. And we all know that the historic character and charm of downtown areas and neighborhoods simply can’t be replaced by modern high-rise buildings and surface parking lots.

The Madisonville bank project provides two, two-bedroom apartments on the second floor totaling 2,600 sq. ft. and 3,000 sq. ft. of retail or restaurant space on the first floor. It brings six full-time jobs and 30 construction jobs to this recovering area that has a 15% unemployment rate and a 22% poverty rate. It will also serve as a catalyst to other development and business recruitment in the area. Plans call for eight new businesses to enter Madisonville soon including a bakery, two coffee shops, a commissary for Madisonville restaurant Mazunte Taqueria, and a fitness and boxing gym. Nearby, nearly seven acres have been slated for a mixed use redevelopment expected to be announced later this year.

After buying the building in 2012, MCURC raised nearly $650,000 for renovations but found it nearly impossible to get a bank loan to complete the project because tenants had not been identified. In addition to Finance Fund, project funders included the City of Madisonville, Duke Energy Urban Revitalization Initiative, Fifth Third Bank, LISC of Greater Cincinnati & Northern Kentucky, PNC Bank, and the James A. Schroth Family Charitable Trust.

In a recent ribbon cutting ceremony to celebrate the reopening, I joined with many project supporters and community leaders to celebrate this building renewal including Vice Mayor David Mann and MCURC Board President Ken Coggeshall. The ceremony included remarks from Prencis Wilson, Vice President of Madisonville’s Community Council, who said, “This is what happens when people working together actually works.”
DSCN3690-2
We applaud Madisonville for protecting, preserving and redeveloping this wonderful building for everyone to enjoy for many years to come.

From Abandoned to Abundant: Project Success Stories Inspire Us

Share

 

Kimberly Scher, SVP Communications

Kimberly Scher, SVP Communications

A favorite part of my work is visiting projects to gather stories about the people and places that are making steady progress toward economic recovery.

Through public-private partnerships, Finance Fund and Finance Fund Capital Corporation (FCAP) flow capital into projects located in neglected and overlooked neighborhoods across the state. These investments build community assets and fuel grassroots revitalization efforts that are improving lives and bringing jobs, services, workers, shoppers and further investment into these areas.

Project owners, funding partners and those they serve inspire our team every day. Here are two recent project stories that we hope will inspire you too.

The Childhood League Center

In the midst of the historic buildings on the Fort Hayes Campus in downtown Columbus, a construction crew is swinging steel to create The Childhood League Center’s new 41,000 sq. ft. early childhood intervention and preschool center.

Finance Fund provided $8MM in federal and $2.56MM in state New Markets Tax Credit allocation to attract private investment from Capital One to the project. It’s being built to double The Center’s space and expand programming for vulnerable children under age six who are at-risk or developmentally delayed. The Center’s new one-of-a-kind play scape will be an exciting addition to the classroom learning space. Expect the facility to open later this year.

At its current location, The Center is brimming with bubbly, squirmy, friendly children who are excited about learning and sharing together regardless of their differences. On a recent visit, it was amazing to see a tiny boy named Rocky step away from his walker to proudly climb the stairs on his own. Small miracles like this happen every day at The Center, where warm and loving teachers help children achieve developmental milestones.

The Center anticipates serving 57% more children in its new space to meet the demand for services.

Construction at the new Fort Hayes site

Construction at the new Fort Hayes site

Rocky prepares to climb steps

Rocky prepares to climb steps

Students ready to learn and play.

Students ready to learn and play.

 

 

 

 

 

 

Market on the Green

In UpTown Toledo, a fresh food grocery and community training center are bringing nutrition and opportunity to a recovering urban neighborhood. For years, a 2.5-acre lot and adjacent 4-story building located at the heart of the neighborhood were home to crime, prostitution and drug activity.

Finance Fund provided The UpTown Association with a healthy food grant to assist with early renovations of the project site. Today, the recently opened “Market on the Green” provides fresh fruits, vegetables, meat and dairy in what was once a USDA-certified food desert. The Market is an ideal fit with the mission of ProMedica, and The Ebeid Institute which poured $3.5 million into full renovation of the 34,000 sq. ft. building.

The Market employs 12 workers including Beverly, a neighborhood resident. When she isn’t busy stocking shelves, Beverly is taking classes and studying to become a phlebotomist. She is not, however, a typical grocery worker or student. Her life in UpTown has not been easy. By working as a health care professional, she hopes to fully recover from bankruptcy and eventually retire. Thanks to The Market and its training program, Beverly now has a home, a job, career training and expectations of a brighter future. She describes her work and schooling as “a great blessing.”

Beverly is a Market employee and student.

Beverly is a Market employee and student.

UpTown Toledo's new Market on the Green grocery and community hub.

UpTown Toledo’s new Market on the Green grocery and community hub.

The Market provides fresh, healthy food to area residents.

The Market provides fresh, healthy food to area residents.

 

 

 

 

 

 

Contact Us

We invite you to learn more about Finance Fund and FCAP’s work by reading project success stories found on our website. If you’d like to discuss funding opportunities, please contact Director of Development Valerie Heiby, vheiby@financefund.org. If  you have a project in mind, please contact Lending Officer Omar Elhagmusa, oelhagmusa@financefund.org .

 

Healthy Food for Ohio Launches with Strong Statewide Support

Share
Finance Fund President and CEO Diana Turoff

FCAP President and CEO      Diana Turoff

There’s been a strong positive response to the new Healthy Food for Ohio (HFFO) program, which provides grants and loans to grocery stores and other healthy food retailers operating in or expanding in underserved communities.

All of us at Finance Fund Capital Corporation (FCAP) are deeply grateful to the many people and organizations that have coalesced around the healthy food access issue and made it possible for Ohio to get the HFFO program under way.

The program officially launched in early March with the support of Congressman Steve Stivers and Ohio House Finance Chair Ryan Smith, who was instrumental in appropriating state funding for HFFO, along with many of their colleagues from both sides of the aisle.  This program could not have been realized without  Governor John Kasich’s support of the state budget, as well as the input of many policymakers in his cabinet.

This week, FCAP presented HFFO program guidelines at meetings and events held around the state thanks to efforts from Rep. Romanchuk in Mansfield, and Rep. Rezabek in Dayton. Visionary policymakers made state funding available and laid financial footings for the program alongside early private-sector funders. In particular, early funding support from The Reinvestment Fund , Trinity Health, and Bank of America encouraged other foundations and banks to bring private funding to HFFO.

The support of the philanthropic community has been essential to getting the program off the ground. The Ohio Regional Convergence Partnership, United Way of Central Ohio, and United Way of Greater Cleveland helped fund the statewide food study report that identified areas of greatest need for increased access to healthy food.

Areas of greatest need in Ohio.

Areas of greatest need in Ohio.

These same funders supported development of the policy recommendations report that led to state funding for the HFFO program. We join with Philanthropy Ohio in applauding the engagement of so many of its members who served on the Ohio Healthy Food Financing Task Force that spearheaded policy recommendations.

The Ohio Grocers Association (OGA) has been a steadfast industry partner on the Task Force and in sharing HFFO program details with its members. At meetings and events statewide, OGA President/CEO Kristen Mullins has laid out the need for funding to help grocers and other healthy food retailers overcome the challenges of operating in low-income communities.

And perhaps the greatest ally in this process has been The Food Trust. Their depth of experience in launching successful healthy food access programs nationwide has been invaluable. HFFO simply could never have come this far without them. The Food Trust is participating in the pre-application evaluation process to help FCAP identify eligible projects and advance them to the financing application stage.

If you’d like to join in funding the HFFO program, FCAP would love to hear from you. Please contact Director of Development Valery Heiby at vheiby@financefund.org to find out more.

To apply for funding, healthy food retailers must complete a pre-application found on www.financefund.org. Projects that are eligible for funding are then invited to complete a full financing application. Please contact Lending Officer Omar Elhagmusa at oelhagmusa@financefund.org for further information.

CDFI Institute Shifting Focus to Stabilizing Local Economic Systems

Share
US Senator Sherrod Brown (left) and Finance Fund CEO Emeritus James R. Klein.

US Senator Sherrod Brown (left) and Finance Fund CEO Emeritus James R. Klein.

Last week, I attended the CDFI Institute, which is an annual event sponsored by the CDFI Coalition. The Institute’s focus on policies, strategy, and systemic changes was especially poignant this year with a session focusing on transition of leadership.

A panel of senior executives[1] who have been prominent in the CDFI industry, shared  lessons learned and prognostication of what’s next. The session was almost the perfect summary of the two days of discussion of CDFI Fund priorities, other federal resources, the future, capitalization, technology, diversity, lending, housing, and developing partnerships.

I was honored to introduce Senator Sherrod Brown (D-OH) whose comments addressed the heart of the CDFI  ideology, and were emblematic of a subtle systemic shift that has the potential to positively change practice, prognoses, and position. 

For the most part, our nation has attempted to address basic social challenges by focusing on the effects of poverty and directing billions of dollars to alleviating poverty’s symptoms (hunger, poor education, lack of affordable housing, transportation and health care access). This is not a criticism. The strategy was to help meet the basic needs of struggling people and, to do that, immediacy was a priority. The perceived systemic shift is toward strategies that focus on how best to stabilize local economic systems.

Public resources supporting systemic change strategies like the CDFI and NMTC programs follow in the footsteps of earlier efforts; i.e. LIHTC, SBA Community Advantage, etc., which move resources to local practitioners to create sustainable local neighborhoods and build community assets that capture revenue streams, and build local wealth. The Institute discussion confirmed that not only public but private strategies are showing signs of the systemic shift. The panel on Private Sector Sources of Capital[2] for CDFIs addressed how private sector financing sources, particularly major banks, are investing in and with CDFIs differently than in the past. This insightful discussion confirmed that the CDFI Coalition’s strategy is ripe for the market. 

Finance Fund CEO Emeritus Klein was elected Chair of the CDFI Fund Coalition.

Finance Fund CEO Emeritus Klein was elected Chair of the CDFI Coalition Board of Directors.

It was also my honor to be elected Chair of the CDFI Coalition Board of Directors at the annual meeting held at the Institute. I’m privileged to work with some of the brightest and best in the industry and look forward to implementing our agenda of member engagement, clarity in public policy, promotion of the CDFI brand, and growing CDFI resources.


[1] Bob Davenport (National Development Council), Julie Gould (Mercy Loan Fund), Ron Phillips (Coastal Enterprises, Inc.), Cliff Rosenthal (The New School), Michael Rubinger (LISC); Moderator: Donna Gambrel (former CDFI Fund Director)
[2] Sean Birney (JPMorgan Chase), Tiena Johnson-Hall (BBVA Compass), Dan LeTendre (Bank of America), Megan Teare (Wells Fargo), Moderator: Saurabh Narain (National Community Investment Fund)

Fun, Funky and Funded: New Design Studio and Coffee Shop join Waterloo District

Share
Kimberly Scher, SVP Communications

Kimberly Scher, SVP Communications

A neighborhood transformation story is taking place in Cleveland, where a new ceramic arts studio and coffee shop are adding to the diversity and vibrancy of the up-and-coming Waterloo Arts and Entertainment District in the Collinwood neighborhood.

Finance Fund provided Northeast Shores Development Corporation with a $150,000 economic development grant that helped transform two vacant, blighted properties into 2,400 sq. ft. of beautiful and functional space. Northeast Shores Executive Director Brian Freedman said, “Finance Fund saw our vision and took our early success into consideration. Without their grant dollars, we would not have had the capital needed to fill the financing gap and bring these projects to Waterloo.”

Brick Ceramic + Design Studio offers artists affordable shared production and gallery space on a co-op basis, as well as workshops for those just learning the art of ceramics. Six Shooter Coffee provides a much-needed community gathering spot with a menu of small-batch roasted coffees, healthy seasonal and local foods, and baked goods including vegan and gluten-free options. Two apartments upstairs help meet the strong demand for affordable housing in the area.

The projects join a growing list of new businesses that add to the eclectic streetscape, rich culture and wide range of activities in the area.

On a recent visit, I met with studio owner Valerie Grossman and coffee shop proprietor Peter Brown. The young entrepreneurs work closely to promote each other’s adjacent businesses. Six Shooter serves coffee from mugs made at Brick and hosts the ceramic studio’s sales gallery. Brick’s co-op members and workshop students stop at Six Shooter for goodies and caffeine to fuel their work.

Smiling sculpture Potter at work Waterloo sign

Waterloo has undergone significant revitalization over the past two years with new restaurants, art studios, a craft microbrewery, printmakers shop, and art gallery. Infrastructure improvements and upgrades are ongoing as well, including road resurfacing, new sidewalks, and beautification projects.

Look for Brick and Six Shooter project stories in Finance Fund’s corporate video and annual report this year.  

Finance Fund Capital Corporation Launches Statewide Healthy Food for Ohio Program

Share
FCAP Pres. and CEO Diana Turoff with Rep. Ryan Smith and Congressman Steve Stivers.

FCAP Pres. and CEO Diana Turoff with Rep. Ryan Smith and Congressman Steve Stivers.

Today, Congressman Steve Stivers and Representative Ryan Smith joined in  launching the statewide Healthy Food for Ohio (HFFO) program alongside Finance Fund Capital Corporation (FCAP), The Food Trust, The Ohio Grocers Association, and members of the Ohio Healthy Food Financing Task Force.

HFFO is a public-private partnership that will provide loans and grants to food retailers developing new or renovating existing fresh food retail in low-income underserved communities throughout Ohio. To learn more, or find out if a project is eligible for funding, go to www.financefund.org and click on “Healthy Food Provider.”

Getting to this launch has been a remarkable journey, undertaken by the grassroots Task Force made up of leaders of almost 50 organizations across the state that are committed to finding ways to improve supermarket access.

FCAP is leveraging seed funding from the state to generate additional funding through philanthropic and private investment. HFFO will encourage businesses to build grocery stores and other healthy food retail in areas that need them most - improving the health of Ohio residents, attracting significant private investment and creating new jobs.

At today’s Statehouse launch event, Rep. Smith said, “It was my privilege to work with Task Force leaders to introduce the healthy food financing initiative as a priority item in the state budget process. For those of you who know the fiscally responsible nature of the administration and the General Assembly, we are very careful and cautious about committing funding to new programs. 

He added, “Together with my colleagues in the state legislature, including Representatives Mark Romanchuk , Jeff Rezabek, and Christie Kuhns, we were able to create a sustainable initiative that will stretch the state’s dollars to grow Ohio’s health and economy. With the right financial tools, we can work with businesses to address this problem and make sure that more Ohio residents have access to healthy food options.”

Healthy food retail projects will be identified through collaborative efforts among neighborhood residents, local businesses, community based organizations, various government agencies and the grocery industry. Eligible applicants must have community support and operate in low- to moderate-income census tracts that have low levels of access to healthy affordable food. Retailers can include grocery chains, individual grocery stores, neighborhood stores, coops and other food projects such as farmers markets and food hubs.  With questions, please contact FCAP Lending Officer Omar Elhagmusa, oelhagmusa@financefund.org.

March 7: FCAP Launches Healthy Food for Ohio Grant and Loan Program

Share

Healthy food retailers operating in lower income underserved areas across Ohio are invited to attend the launch of the Healthy Food for Ohio (HFFO) grant and loan program on March 7th in Columbus.

Finance Fund Capital Corporation (FCAP), alongside The Food Trust and the Ohio Grocers Association, will share program guidelines and details about the application process at an event for grocers and other healthy food retailers. At that time, HFFO program materials also will be available online at www.financefund.org.  Applications for grants and financing will be evaluated and approved on a rolling basis while funds remain available.

Healthy food retailers interested in attending the March 7 event, should contact Risa Waldoks at The Food Trust, rwaldoks@thefoodtrust.org

Investors interested in participating in the Healthy Food for Ohio program should contact FCAP Director of Development Valerie Heiby at vheiby@financefund.org

The Healthy Food for Ohio program resulted from two years of work by a statewide Healthy Food Financing Task Force involving leaders from the grocery industry, public health, economic development, business, and the civic and nonprofit sectors to identify the need and develop recommendations to support grocery and other healthy food retail development in underserved areas throughout Ohio.

FCAP is pleased to have participated in forming the Task Force and commissioning statewide research to quantify the need for increased access to healthy affordable food in rural and urban communities across the state. From the research, we know that nearly one million Ohioans, including 250,000 children live in lower-income areas with high rates of diet-related death and low access to supermarkets.

Funding for the HFFO program is provided in part by the Ohio Department of Job and Family Services (ODJFS) which chose FCAP to administer state seed capital allocated by the State of Ohio to the Healthy Food Financing Initiative created in the FY2016-FY2017 Biennial budget (H.B. 64).

Finance Fund Provides Over $58 MM of Total NMTC Allocation to Five Ohio Projects

Share
Finance Fund EVP, General Counsel Andrew P. Swary

Finance Fund EVP, General Counsel Andrew P. Swary

Finance Fund closed five major economic development projects in Ohio deploying a total of $48,000,000 of federal and $10,256,412 of state New Markets Tax Credit (NMTC) allocation in 2015.

This work is the result of public and private partners coming together to realize a shared vision for greater financial health and prosperity in Ohio’s underserved communities. These NMTC allocations enabled Finance Fund to attract critical private investment to catalytic projects that will provide education, fresh food access, health care and employment in economically distressed, low-income communities throughout Ohio. The NMTC investments were drawn from federal and state NMTC allocation awards made to Finance Fund in 2015 in the amounts of $55,000,000 and $10,256,412, respectively.

The five NTMC projects include:

Children at ConstructionChildhood League Center, Columbus.  Finance Fund provided $8,000,000 of federal NMTC allocation and $2,564,103 of Ohio NMTC allocation to the project. The Childhood League Center (CLC) will double both its space and the number of children it serves through construction of a new, LEED-certified 41,000 sq. ft. modern and accessible facility at the Fort Hayes Campus near downtown Columbus. The building is expected to open for the 2016-17 school year. CLC is a licensed early childhood intervention program. For 70 years, CLC has provided the educational and therapeutic services essential for at-risk, developmentally delayed and special needs children under age six. The project will enable CLC to create 18 new full time jobs, retain 49 current staff positions, and create approximately 120 construction jobs. Capital One, the investor, provided an additional $2,000,000 of federal NMTC allocation to the project.

Kroger Northland Village, Columbus.  Finance Fund provided $8,500,000 of federal NMTC allocation and $2,564,103 of Ohio NMTC allocation to the project. The Kroger Co. (Kroger) is constructing a new 102,188 sq. ft. full-service grocery store in the Northland Village neighborhood of Columbus. This new store is an important priority for the City of Columbus, which is providing the project with Tax Increment Financing for infrastructure. This store, which will be conveniently located next to a public bus stop, will serve a significant low-income population that has little access to healthy food options.  The store will provide a variety of healthy food products including fresh fish and meats, fruits and produce, grains and nuts; and it will include The Little Clinic, which provides high-quality, affordable healthcare. This project will enable Kroger to create 38 new full time jobs, retain at least 146 existing full time jobs, and create 35 construction jobs. U.S. Bancorp, the investor, provided an additional $1,500,000 of federal NMTC allocation to the project.

Woodward Opera House, Mount Vernon.  Finance Fund provided $18,500,000 of federal NMTC allocation and $2,564,103 of Ohio NMTC allocation to the project.  WoodWardOperaHouseThe Woodward Opera House project involves the renovation and rehabilitation of two historic buildings containing approximately 63,706 sq. ft. known as the Woodward Opera House and Woodward Annex.  The project will create a processing kitchen and distribution center for locally grown produce and will also create much needed educational, performance, office, and retail space.  The project will enable the local, nonprofit operators to create 50 new full time jobs, retain 7 full time jobs, and create approximately 277 construction jobs.

ProMedicaToledoProMedica Downtown Campus, Toledo. Finance Fund provided $8,000,000 of federal NMTC allocation to the project. ProMedica Health System, Inc. (ProMedica) will play a major role in revitalizing downtown Toledo with the rehabilitation and conversion of an approximately 119,400 sq. ft. historic and long-abandoned steam plant to become its new consolidated corporate headquarters, housing at least 450 employees. The new headquarters, together with ProMedica’s broader Downtown Campus development, will create as many as 600 new full time jobs within five years, retain approximately 900 full time jobs, and create approximately 300 construction jobs. These employees will represent a significant portion of the City’s job base which will increase the revenues of local businesses, support additional job growth, and enhance tax revenues. The Downtown Campus development also includes a redeveloped public park that could lead to a “river walk” in Toledo. Finance Fund partnered with Northwest Ohio Improvement Fund, LLC, an affiliate of Toledo Port Authority, to deploy the NMTC allocation.  Stonehenge Community Development Corporation provided an additional $5,000,000 of federal and $2,564,103 of state NMTC allocation; and U.S. Bancorp, the investor, provided an additional $2,000,000 of federal NMTC allocation to the project.

Mercy Health’s Behavioral Health Institute, Youngstown.  Finance Fund provided $5,000,000 of federal NMTC allocation and $2,564,103 of Ohio NMTC allocation. Mercy Health Youngstown’s St. Elizabeth Hospital is renovating a 32,000 sq. ft. section of its current facility to create a Behavioral Health Institute (BHI). The BHI will expand the hospital’s current behavioral health services from adult care to include geriatric care, outpatient services, and increased inpatient admission. It will have 24 adult acute beds and 14 senior medically frail beds, which can service up to 100 patients per day.  In addition, post-acute services and intensive outpatient programs will reduce the need for frequent inpatient hospitalization. This project will enable Mercy Health to create 20 new full time jobs primarily in the health care field, retain at least 50 full time jobs, and create approximately 90 construction jobs.  Development Fund of the Western Reserve, Inc. provided an additional $5,000,000 of federal NMTC allocation to this project.

If you have questions or comments, would you please get in touch with me aswary@financefund.org.

Finance Fund/FCAP Leadership Transition

Share
James R. Klein, CEO Emeritus

James R. Klein, CEO Emeritus

For 26 years in Ohio, I’ve enjoyed the opportunity of a lifetime – to think more deeply about how local communities work and to actively influence improvements in the quality of life of the people living in them. Ohio has given me the privilege to work with amazing people to provide much-needed capital to help more than 3,500 projects overcome financing barriers that were keeping them from fulfilling their potential. Their success meant that Finance Fund was on the right path and that our guiding Mission, Vision and Values were being fulfilled. We’ve come a long way on this path but we’re not at its end yet.

Last year, I invited Diana Turoff to accept the position of President for Finance Fund and Finance Fund Capital Corporation (FCAP). For 14 years as Chief Financial Officer, Diana led our financial decision making, managing nearly $300 million in assets that have enticed $1.3 billion of investments in Ohio. Her acceptance as the head of operations has been marked with stellar achievements. This January as a result of an offer from the Board of Directors, she took the next step into the expanded role as both President and CEO of Finance Fund and FCAP.

Under Diana’s leadership Finance Fund’s pursuit of Mission and the strategic path set by the Board will continue to emphasize funding projects in healthy food, health care, community facilities, affordable housing, education, and small business.

Please join me in congratulating Diana on her new role as Finance Fund and FCAP President and CEO.

I will stay on as a consultant in the role of CEO Emeritus to advise and represent the organization as it moves through the transition process. Now is the ideal time for me to embark on another venture.

As many of you may know, my work with the Said Business School at the University of Oxford has presented some interesting opportunities. With an international cohort of Oxford alumni I have been intensely exploring the concept of “inclusive capitalism” and its application in addressing positive social impact globally. The cohort is strategizing changing local economies through addressing systemic barriers that inhibit stability and growth in the areas of water, energy, education, and food. I still want to change the world.  

Thank you for your friendship, partnership and strong support of Finance Fund’s work over the years. Together, we’ve grown great ideas into great communities throughout Ohio. I am certain there are even greater achievements yet to come.

This institution is an equal opportunity provider.
COPYRIGHT © 2016 FINANCE FUND. ALL RIGHTS RESERVED. V2.0.1