Explanation
BACKGROUND: This legislation authorizes the Director of Development to amend contract EL016021 with Finance Fund for the purpose of extending the contract to February 29, 2016 to allow Finance Fund to spend the contract balance of $469,523.31 as well as add an additional $120,858 from the 2015 CDBG Fund budget to continue program services.
Finance Fund provides administrative services to support implementation of the City’s small business loan fund. The services provided by Finance Fund include program design, marketing, program infrastructure, intake process, credit underwriting, closing, compliance, reporting, accounting, fiscal support, maintenance and servicing.
Finance Fund, established in 1987 connects Ohio underserved communities with public and private sources of capital. It simplifies the complexities of the funding process and manages the flow of millions of public and private dollars to help good ideas come to life. These are ideas that change systems, create jobs, address community needs and improve the quality of life. The Finance Fund programs include predevelopment and economic development grants, urban and rural lending and gap financing to support a wide range of projects such as: small business, health care facilities and equipment, affordable housing construction or rehabilitation and community facilities. To date, Finance Fund and its affiliates have invested more than $288.5 million in housing, economic development, and community facility projects leveraging over $1 billion. The investment was accomplished through 2,984 awards to community-based organizations throughout the state. Finance Fund provides debt and equity to clients through the management of 28 entities totaling $250 million. Partnerships have enabled low-income people access to 15,854 units of affordable housing, 21,932 direct jobs, and 3,036 early care and education spaces (classrooms) for 69,497 children benefiting the lives of over 182,635 Ohioans.
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