An analysis of 771 projects funded in Ohio between 2006 and 2009 finds that the Ohio Housing Trust Fund (OHTF) generated 32,000 jobs and had a total economic impact on the Ohio Economy of over $2.6 billion. The study concluded that each dollar awarded through the Trust Fund has an impact of $14.54 as a result of the collective direct and indirect effects on the economy.
The economic impact study used data from the Ohio Department of Development to measure the impact of $178.8 million in Trust Fund resources invested between FY06 and FY09. The OHTF invests in six core program areas: homelessness, special projects, technical assistance, business assistance, housing development and homeownership.
Affordable housing development programs supported by the Trust Fund had the highest return on investment among all programs. The analysis found that 140 housing development programs received $73 million dollars between 2006 and 2009. This investment generated $1.7 billion, producing $23.28 for every single housing development dollar invested into the state economy. An estimated 18,505 jobs were created as a result of the investment in development.
The OHTF investment in 343 homeless programs between 2006 and 2009 generated 10,000 jobs, according to the study. A total of 196 homeownership-related projects received OHTF awards, generating 2,600 more jobs. The remaining jobs were created from investments in the other program areas.
The Ohio Housing Trust Fund was established in 1990, and since 2004 the Trust Fund has been funded through a fee collected at the county recorder’s office. The Trust Fund is a permanent, dedicated funding stream for affordable housing programs across the state. Each year, the OHTF appropriates $53 million dollars to support affordable housing initiatives in Ohio. The Fund prioritizes projects that benefit households earning less than 35% of the area median income.
The Economic and Job Creation Impact Study was released in March 2011 as part of the Ohio Housing Trust Fund’s 20th year anniversary celebration. The report can be retrieved from the Coalition on Homelessness and Housing in Ohio’s webpage at http://www.cohhio.org/OHIO%20HOUSING%20TRUST%20FUND-7448%2003-10-11%20c.pdf