Ohio Finance Agency

The Ohio Finance Agency (OFA) is a state agency dedicated to fostering economic growth and improving the quality of life for Ohioans by providing access to capital and financial resources. It functions as a conduit issuer, meaning it does not directly lend money but instead facilitates financing for various projects through the issuance of tax-exempt and taxable bonds and notes.

OFA's mission is broad, encompassing several key areas: housing, healthcare, education, and economic development. To achieve this, the agency works with a diverse range of borrowers, including non-profit organizations, healthcare institutions, educational facilities, and businesses. By providing access to lower-cost financing, OFA helps these entities undertake projects that would otherwise be difficult or impossible to fund.

In the realm of housing, OFA plays a critical role in supporting affordable housing initiatives. It provides financing for the construction and rehabilitation of affordable housing units, benefiting low- to moderate-income families and individuals across Ohio. This includes single-family homes, multi-family apartments, and senior living facilities. By incentivizing affordable housing development, OFA contributes to reducing homelessness and promoting stable communities.

The agency's involvement in healthcare is equally vital. OFA finances the construction, expansion, and modernization of hospitals, clinics, and other healthcare facilities. This enables healthcare providers to offer state-of-the-art medical services and equipment, enhancing the overall quality of care available to Ohio residents. Moreover, OFA's financing supports the creation of jobs in the healthcare sector, a significant contributor to Ohio's economy.

OFA's support for education extends to both public and private institutions. The agency provides financing for the construction and renovation of schools, colleges, and universities. This allows educational institutions to upgrade their facilities, improve learning environments, and enhance educational opportunities for students. OFA's financing also supports the development of new educational programs and initiatives, contributing to a more skilled and educated workforce.

Economic development is another cornerstone of OFA's mission. The agency finances projects that stimulate economic growth and create jobs throughout Ohio. This includes financing for industrial parks, manufacturing facilities, and other commercial developments. By providing access to capital, OFA helps businesses expand their operations, attract new investment, and contribute to a more vibrant and prosperous economy. OFA also administers various tax credit programs, such as the Ohio Historic Preservation Tax Credit, which incentivize the rehabilitation of historic buildings and promote community revitalization.

OFA operates under the guidance of a board of directors appointed by the Governor of Ohio. The board oversees the agency's activities and ensures that its programs are aligned with the state's economic development goals. Transparency and accountability are paramount to OFA's operations. The agency publishes annual reports and other information to keep the public informed about its activities and performance.

In conclusion, the Ohio Finance Agency is a crucial instrument for driving economic growth and improving the quality of life in Ohio. Through its diverse financing programs, OFA supports critical projects in housing, healthcare, education, and economic development, benefiting communities and residents across the state. By providing access to capital and financial resources, OFA empowers organizations and businesses to thrive and contribute to a stronger and more prosperous Ohio.