Hillsboro OH - (May 9, 2022) – National Cooperative Bank (NCB), a leading financial institution which provides banking products and services in Southern Ohio and is dedicated to providing banking solutions to cooperatives and socially responsible organizations nationwide, recently closed a $5.5 million loan to create a new affordable housing community in Highland County.
NCB provided the loan to Ohio Capital Finance Corporation (OCFC), which was formed in 2002 as the nonprofit lending affiliate of Ohio Capital Corporation for housing. OCFC provides flexible financing products and utilizes partnerships for the expansion and preservation of affordable housing.
Their most recent project, Fenner Ridge Apartments, is a 56-unit, new-construction, mixed-income development in Hillsboro, Ohio. The development will include 12 one-bedroom, 28 two-bedroom and 16 three-bedroom apartments, in three residential buildings and one community building.
“NCB has a mission to support affordable housing initiatives nationwide,” stated Deb Jones, Co-President, Ohio Region. “We are proud to work with Ohio Capital Finance Corporation on the development of Fenner Ridge and know that it will have a positive impact in our local community.”
Additionally, to further support the community, NCB has funded a $25,000 contribution to provide a playground for the property.
Construction is currently underway for the Fenner Ridge project and a completion date is to be determined.