written on August 8th, 2011 | by James R. Klein
On July 20th, 2011 Finance Fund was recognized at the Smart Leaders Award Luncheon. Each year Smart Business Magazine recognizes innovative corporate leaders in the region and highlights the strategies they used to attain success. I am honored to be recognized for Finance Fund’s accomplishments and local impact. Finance Fund Board Chair Randy Runyon of the Ohio Association of Community Health Centers accepted the award on my behalf.
Alex R. Fischer, President and CEO of The Columbus Partnership was this year’s keynote speaker. He discussed the key economic factors driving growth inColumbus and how The Columbus Partnership’s “Columbus 2020” initiative is playing a vital role in that mission for the region.
Thirteen business leaders were honored this year at the luncheon. Other award recipients included:
Eleanor Alvarez, President, LeaderStat
Dave Blom, President, OhioHealth
Brig. General Arnold W. Bunch, Jr., Commander Air Force Security, Assistance Center at
Wright-Patterson Air Force Base
Derrick Clay, Vice President & Partner, New Visions
Kevin Gadd , CEO,Venture Highway
DennyGriffith, President,ColumbusCollegeof Art & Design
Doug Kridler, President, TheColumbusFoundation
Jack Partridge, President,ColumbiaGas
Marjory Pizzuti, President & CEO, Goodwill Columbus
Christine Poon, Dean,FisherCollegeof Business at TheOhioStateUniversity
TaKeysha Sheppard Cheney, CEO & Publisher, The Women’s Book
Brenda Stier-Anstine, CEO, Marketing Works
The purpose of the Smart Leaders award program aligns very well with the mission of Finance Fund – which is to build bridges between resources and low-income communities to improve the quality of life for people. It was a pleasure to spend the day with other community minded individuals and celebrate the work of those who are dedicated to change.
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written on July 28th, 2011 | by James R. Klein
“In a time of shifting demands for services, changing
operating environments, and mounting financial pressures, the skills of
nonprofit leaders are being put to the test. Strategic Perspectives in
Nonprofit Management (SPNM) is a Harvard Business School (HBS) Social
Enterprise Initiative program that provides the opportunity for senior
executives to examine their missions and develop new strategies for the new
global economy.”
This is Harvard speak for “hold on to something, we’re going
to turn your brain into carrot soup, but you’ll be able to see things more
clearly.” This was my second exposure to the HBS Executive Education program. The first session I attended about five years ago was in a program that examined Performance Measurement for Effective Management of Nonprofit Organizations. At the end of that intensely focused period of study and learning, my perception of the phrase “you manage what you measure” was changed dramatically, and that change was not salted but poured into Finance Fund.
SPNM (pronounced: “Speenem”) took it up a notch. It included
people from 20 countries in addition to the US representing world class
organizations at the cutting edge of nonprofit management including Greenpeace,
Special Olympics, Big Brothers Big Sisters, YMCA, Boy Scouts of America,
Habitat for Humanity, Goodwill, United Way, and countless others. My living group included
representatives from nonprofits in Singapore, Australia, Canada, California,
Florida and Pennsylvania.
The HBS instruction model is one of discovery
rather than impartation; and boy, did we discover. From 7:30 AM to 10:00 PM we
grappled with finding the lessons and truths by examining case studies of
various nonprofit organizations from around the world. At the end of the week, ideas
were stacked like cordwood in my head and will slowly begin to pour into
Finance Fund. Upon returning, with eyes forward and tail dragging, I have confirmed
the “Harvard speak” declaration of SPNM and my translation
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written on June 2nd, 2011 | by James R. Klein
On Tuesday, the Ohio Senate released an amendment to their version of the budget bill that would take 10 percent of the Ohio Housing Trust Fund, a fund that provides housing for poor, elderly and disabled Ohioans, and funnel it to county recorders offices for ‘general purposes.’ This could mean a loss to the Trust Fund of $5 million a year.
In response to the amendment to HB 153, I issued the following statement of strong opposition:
“We need to be clear about the impact of the Senate’s proposal to cut the Housing Trust Fund in order to provide county recorders more funding for their ‘general purposes.’ While we recognize that local government budgets are under pressure, shoring up county recorders’ budgets by cutting funding for housing and community economic development programs is not the answer. Ohio Housing Trust Fund dollars are invested in public-private partnerships all over this state and leverage millions of dollars in private investment in order to support our most vulnerable citizens. We strongly encourage the Ohio legislature to reject this proposal to raid $5 million per year from the Housing Trust Fund in order to support one office of county government.”
The amendment to HB 153 would have a large impact on the Ohio Housing Trust Fund as up to $10 million per biennium could be lost - harming Ohio’s homeless and most vulnerable populations. A recent economic impact report conducted by the real estate research firm Vogt Santer Insights, indicated that in its 20 years, the Ohio Housing Trust Fund has fueled Ohio’s economy by an estimated $2.6 billion with associated earnings of over $829 million for almost 32,000 workers.
Take action today by contacting your state senator and asking them to oppose the cut to the Ohio Housing Trust Fund. A listing of state senator phone numbers can be found at http://www.ohiosenate.gov/
A copy of the amendment is below for your information.
R.C. 317.321, 319.63
Increases from 1% to 10% the amount of Housing Trust Fund fees collected that the county auditor may retain as an
administrative fee, and requires such amounts to be deposited in the county general fund for the general needs
of the county recorder, rather than for the administration of the Housing Trust Fund fee.
Fiscal effect: Increases the amount of Housing Trust Fund fees retained by counties and correspondingly
decreases the amount directed to the state Low- and Moderate-Income Housing Trust Fund (Fund 6460). Also
increases the amounts available for the general purposes of county recorders.
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written on May 24th, 2011 | by James R. Klein
On May 12, we celebrated with over 200 guests, including partners, investors and legislators, the revitalization work that Finance Fund accomplished in Ohio communities in 2010. The 22nd Annual Reception was an evening full of opportunities to reflect on the past year’s work and look forward to the projects to come.
Our theme for 2010 was “Plan. Build. Succeed.”—and what an appropriate theme! Finance Fund created amazing opportunities for local Ohio communities in 2010.
The evening also honored David Gibson of PNC Financial Services and Medina Creative Housing with the 2010 Community Champion Award. This award is given to those who exhibit extraordinary service to their community. The work that has been accomplished by David Gibson and those at Medina Creative Housing has impacted hundreds of Ohioan’s lives. Distressed neighborhoods have been revitalized, unemployed individuals have been given jobs and low-income communities have been allocated resources to improve the quality of life.
Some of the projects that were highlighted throughout the evening were:
The Freeport Press – We connected Freeport Press to $6 million in a New Markets Tax Credit Loan, which will help sustain the nationally-recognized commercial printing company’s growth and provide additional opportunities for employment to the residents of Harrison County. The company is currently the largest employer in Harrison County and has seen 190 jobs created and retained with Finance Fund’s help.
Family Services of Middletown – With funds from local private sources, numerous in-kind services, and a Finance Fund Economic Development Grant, we helped Family Services of Middletown purchase a 12,700 sq. ft warehouse from which they can provide quality of life services to the area’s low and moderate income houses.
St. Lawrence O’Toole Gardens – We partnered with the developers at St. Lawrence O’Toole Gardens by providing $2.7 million in New Markets Tax Credits funding. These funds enabled the developers to purchase and renovate a facility that now offers 21,700 sq. ft of living space with appropriate services and amenities for the elderly residents of Lawrence County and the tri-state geographical area. This project also created 30 full-time jobs.
2010 was an incredibly successful year for community revitalization and Finance Fund is continuing to build a better Ohio in 2011 and years to come.
To view photos from the 22nd Annual Reception click here.
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written on May 19th, 2011 | by James R. Klein
The New Markets Tax Credits program recently received great recognition and praise in a Huffington Post article titled “A Decade Later “New Markets” Continues to Build Opportunity in an America Left Behind.” This article highlights the positive, lasting impact the NMTC program is having on neighborhoods in America.
Here is an excerpt from the article:
“By any definition the New Markets program has exceeded expectations.
Not only has it created a successful model of for-profit, business-driven expansion of investment, job creation and economic opportunities in distressed communities with government and the community partnerships playing key supportive roles — it has done so in tough times when private capital has been hard to find due to the credit crunch and slowing economy.
Continuing this program is in the best interest of businesses, taxpayers and communities hit hard by recent economic conditions.”
To read the rest of the article, click here.
To learn more about Finance Fund projects funded through the NMTC, click here.
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written on May 9th, 2011 | by James R. Klein
One of Finance Fund’s strongest resources, the New Markets Tax Credit Program (NMTC Program), has been named as one of the Top 25 programs that will advance to the final stages of competition for the prestigious Innovations in American Government Award. The NMTC Program was chosen from a pool of over 500 applications representing all levels of government across the nation that applied for this award.
The Innovations in American Government Award highlights exemplary models of governments’ innovative performance and serves as a catalyst for continued progress in addressing the nation’s most pressing public concerns.
Finance Fund has been awarded more than $160 million in NMTC funding since 2004. NMTC funding is used to offer low-interest financing for projects that enhance Ohio’s economic vitality. Through our New Markets program, we have leveraged $249.2 million on an investment of $101.8 million for 33 projects, which have created 2,816 full-time jobs and served 536 children.
Click here to read the full release from the U.S. Department of the Treasury.
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written on April 4th, 2011 | by James R. Klein
Recently, I had the opportunity to sit down with a writer from Columbus C.E.O. and share the vision and work of Finance Fund. Last week, the article entitled Dream Weavers was featured in the magazine. The all-encompassing article captured a true snapshot of who we are and what we do.
Some of the various products and programs featured in the article were:
~ PreDevelopment Program – funds “soft costs” on housing and economic development projects
~ Finance Fund Capital Corp – a lending arm of Finance Fund
~ Cars for Jobs and Diplomas – also known as ByCar, provides matching grants to low-income individuals in need of a vehicle to get to school or work
~ New Markets Tax Credits (NMTC) – Low-interest financing for low income community businesses
Also, several success stories from around the state were shared, such as our work with:
~ Franklinton Development Association – Finance Fund provided predevelopment grant program to fund environmental analysis’ and lead and asbestos inspections in the neighborhood’s properties
~ Homes on the Hill – By tapping into the predevelopment grant program, the west and southwest sides of Columbus secured funding to rehab and construct housing and business property
~ Save-A-Lot – Utilizing the NMTC through Finance Fund, Columbus’ Near East Side received a much-needed grocery store
~ ZenCha Tea Salon – Finance Fund supplied a NMTC loan to allow this small business to thrive by funding its location
To read the article, click here.
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written on February 28th, 2011 | by James R. Klein
The New Markets Tax Credit (NMTC) program is one of Finance Fund’s strongest resources. Last week, we received the long awaited news that the U.S. Department of Treasury awarded us $35 million in NMTC. This is the sixth round of NMTC funding we have received, totaling $160 million since 2004.
The NMTC funding fuels our New Markets program which offers low-interest financing for projects that revitalize both urban and rural low-income communities in Ohio and incentivizes private investment into these distressed communities. Most importantly, the funding will spur job creation. Through our New Markets program, we have greatly impacted economic development in the state of Ohio by leveraging $249.2 million on an investment of $101.8 million for 33 projects, which have created 2,816 full-time jobs and served 536 children.
The New Markets program has funded many projects throughout Ohio in distressed communities. Learn more about a few of our NMTC success stories – Save-a-Lot grocery store in Columbus, and Freeport Press in Harrison County. Both utilized NMTC funding to create jobs, expand offerings and revitalize distressed parts of their respective communities.
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written on October 21st, 2010 | by Jennifer Deuber
Ohio Department of Development Director Lisa Patt-McDaniel today announced that $10 million in Ohio New Markets Tax Credits are being made available to four Ohio entities, including Finance Fund, to spur economic investments of at least $25.6 million across Ohio. The program helps finance business investments by providing state tax credits to investors for below-market-rate financial products for low-income community businesses.
“The Ohio New Markets Tax Credit program is one of the first of its kind in the country, and we are eager to see the new developments that come from this program,” Patt-McDaniel said.
The Ohio New Markets Tax Credit program leverages the successful Federal New Markets Tax Credit program to attract additional investments to Ohio. Entities that received a tax credit allocation from the Federal New Markets Tax Credit program were eligible to apply. Finance Fund will twin their state credits with their federal credits on qualified projects within Ohio’s low-income communities matching both state and federal parameters.
For more information on the Ohio New Markets Tax Credit program, the Federal New Markets Tax Credit program or potential projects, please contact Moniqua Spencer, Chief Program Officer at Finance Fund, at mspencer@financefund.org.
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written on October 21st, 2010 | by Brenda Stier-Anstine
On October 7-8, 2010, key staff joined the Finance Fund board of directors for a retreat held at the Clarence D. Lumpkin Point of Pride Building in Columbus. A Finance Fund New Markets Tax Credit project in 2007, the location perfectly punctuated one of the overall retreat goals, which was to allow the board of directors to better connect with the work Finance Fund does.
As Finance Fund moves to yet another level of complexity and engagement, the role played by the board of directors continues to evolve as well. While previous board retreats helped develop framework and focus, the emphasis of this retreat was to instill an attitude of “readiness” for moving the organization forward.
With an overall theme of Yesterday, Today, and Tomorrow, retreat attendees began a historical journey detailing from the very beginning—milestones, challenges and achievements of the organization. That afternoon, attendees then loaded onto a bus to “go and see” many of the projects in central Ohio that were made into reality through Finance Fund.
As day two conversations evolved to the future of the organization, attendees began to paint a picture filled with opportunity and promise. Armed with knowledge and vision from the past, board and staff attendees turned to Finance Fund’s mission as the beacon to guide future decisions.
At the end of the two days, all were in agreement. We are relevant. We will remain true to our mission. And we are ready.
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