Ohio Capital Corporation for Housing (OCCH) became
involved in the Community Properties Initiative at the
encouragement of Campus Partners for Urban Redevelopment,
Inc., a nonprofit affiliate of The Ohio State University.
Campus Partners negotiated site control with the previous
owner of the portfolio—Broad Street Management
Company, a for-profit organization. OCCH assumed ownership
from Broad Street Management and created Community Properties
of Ohio Management Services.
When Ohio Capital Corporation for Housing purchased
the management company and acquired assignment of the
real estate in April 2003, major renovation of the units
and implementation of supportive services were top priorities.
Through the efforts of many corporate investors, The
Community Properties Fund for Housing I (CPFH I) was
established to begin rebuilding homes and reshaping
lives. This fund provided $33,000,000 of equity to be
used for the rehabilitation of 544 units in 87 buildings.
In 2005, Ohio Capital Corporation for Housing also closed
the Community Properties Fund for Housing II (CPFH II)
at $25,000,000. The equity raised from CPFH II will
work in conjunction with that of CPFH I and be used
to rehabilitate over 775 apartments and townhouses in
the Community Properties Portfolio.