Ohio Community Development Finance Fund
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175 South Third Street, Suite 1200
Columbus, OH 43215
Ms. Diana Turoff CPA  
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CEO/Executive Director
Ms. Diana Turoff CPA
Board Chair
Mr. D.R. Gossett
Ironton-Lawrence County Community Action Organization

Build bridges between financial resources and low-income communities throughout Ohio to improve the quality of life for people.

Organization Overview

Impact Statement


  • Deployed over $36.5 MM in financing and grants for 48 projects to generate 4,718 jobs. Of that, FCAP’s Small Business Loan Fund deployed $5.9 MM for 12 projects, and the Community Health Loan Fund deployed $2.2 MM for 6 projects.

  •  Raised more than $6.6MM in public and private investment and more than $26.2MM through the Federal and State New Markets Tax Credit programs.

  • Secured special grant funding from the Ohio Regional Convergence Partnership, the United Ways of Central Ohio and Cleveland, and FCAP, to fund The Food Trust’s statewide research on healthy food access in low-income and areas.

  • Formed a multi-sector statewide Ohio Healthy Food Financing Task Force to identify barriers to grocery development in low-income areas, and develop public policy recommendations to address or remove those barriers.


  • Finance Fund expects to deploy $40MM in New Markets Tax Credit financing in support of community-based projects that will catalyze economic development and job creation in federally designated underserved areas.

  • FCAP will advocate for funding from the State of Ohio and the CDFI Fund, leverage resources and launch a new Healthy Foods loan program to increase access to nutritious foods, improve individual and community health, and create jobs statewide.

  • FCAP will close approximately $8MM in loans through its Small Business Loan Fund, Community Health Loan Fund, and SBA Community Advantage programs.

Background Statement

Founded in 1987, Finance Fund connects Ohio’s underserved communities with public and private sources of capital to improve the quality of life for people. Capital is made available to community-based nonprofit organizations through predevelopment grants, economic development grants and the linked deposit program. Finance Fund also participates in the state and federal New Markets Tax Credit Programs to incent investment in catalytic economic development projects serving Ohio’s disadvantaged communities.


Finance Fund Capital Corporation, a CDFI certified affiliate of Finance Fund, forms public-private partnerships with banks, investors, charitable foundations, community organizations and federal, state and local governments to raise capital for economic development projects in low-income communities. These projects create jobs, contribute to the tax base, stimulate neighborhood revitalization and attract other businesses to the area. FCAP’s borrowers include community-based nonprofit organizations and for-profit businesses.

Statement from Ms. Diana Turoff CPA, President/CEO

Every community has its own puzzle, and Finance Fund strives to be the piece that connects public and private capital to distressed communities. Our goal is to add value to the efforts of community-based organizations, providing benefit to low-income clients. We have an incredible opportunity to revitalize communities by increasing the viability and credibility of community-based partners, providing a stable resource for development projects, and increasing the possibilities for low-income households. The constant assessment of market need combined with continual product development and implementation makes us a catalyst for community development.

Statement from Mr. D.R. Gossett , Ironton-Lawrence County Community Action Organization

I am pleased to be chair of the board for the second time. Finance Fund is unique because although it has experienced significant growth, it has remained true to its basic mission of improving opportunity access for residents of distressed communities. The organizations continued transformation by providing significant resources, sustaining effective process, and maintaining consistent strategies. As chair, I am honored to be engaged in this work and proud to be part of this effort.



Ms. Diana Turoff CPA, 
Term Start 1/2016 
Compensated No 
Biographical Statement

As President and CEO, Diana Turoff is responsible for all operations of the corporation, its affiliates and subsidiaries totaling 22 entities and $220 million in assets. She provides oversight to the senior executive team to achieve the corporation’s mission and the direction set forth in the Strategic Plan. Diana also develops strategies for generating revenue, resources, partnership and growth opportunities. She ensures quality, efficiency and cost-effective implementation of procedures, policies and standards. 

Additional Organization Information
Number of Full-Time Staff: 17 
Number of Part-Time Staff:
Number of Volunteers:
Staff Retention Rate: 88% 


Directors and Officers Insurance Policy No
Fundraising Plan No
Management Succession/Training Plan No
Organization Policies and Procedures No
Strategic Plan Yes
Years Plan Considers 5
Current Plan Adopted 5/2014
Additional Organization Information

Collaborations include NMTC Coalition, Ohio CDC Association, Ohio Capital Corporation for Housing, National Children’s Facilities Network, Ohio Community Development Policy Group, Coalition on Homelessness and Housing in Ohio, Ohio Head Start Association Inc., Community Reinvestment Fund, JPMorgan Chase, National City Bank Advisory Committee, Partners for the Common Good, CDFI Fund Coalition, Opportunity Finance Network, and Community Bankers’ Association of Ohio.

National Accreditations Community Development Financial Institutions Fund of the U.S. Department of the Treasury - Community Development Entity Certification (Annual)
National Affiliations Association of Fundraising Professionals - Member
National Affordable Housing Trust (NAHT)
Opportunity Finance Network


Regional Governing Board
Board Chair Mr. D.R. Gossett,
Board Chair Term 9/2015 -  9/2017  
Board Members
Ms. Mary Burke,  
Ms. Vicki Eaton Johnson,  
Ms. Carol Grimes,  
Mr. Jerry Katz,  
Mr. Ben Kenny,  
Mr. Greg Kiger,  
Mr. Jack Laverty,  
Mr. Ryan Miller,  
Mr. Randy Runyon,  
Mr. Phillip Smith,  
Additional Organization Information
Board Meetings Annually
Board Meeting Attendance 68% 
Board Member Monetary Contributions 27%
Board Member In-kind Contributions 82%
Gender Female 27%
  Male 73%
Race African-American/Black 27%
  Asian-American/Pacific Islander 0%
  Caucasian 73%
  Hispanic/Latino 0%
  Native American/American Indian 0%
  Multi-Racial 0%
  Other 0%
Advisory Board
Ms. Lynda Howard ,
Mr. Chris Smith ,


SBA Community Advantage Program

The Small Business Administration Community Advantage Program (SBA-CA) enables businesses that employ 500 people or less to apply for this loan and invest in land, building, equipment, or leasehold improvements. The maximum loan amount is $250,000 and requires a minimum 10% cash equity investment toward the purchase price and total project cost. Loan funds can be used to purchase, expand, or improve business real estate or purchase business equipment or other assets. Loans are guaranteed by the SBA.

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PreDevelopment and Economic Development Grants

PreDevelopment grants provide up to $30,000 to community-based nonprofit organizations to fund housing or economic development projects for low-income people and have leveraged $73.8 million for 528 projects, providing 7,767 housing units, and 6,541 full-time jobs, since inception.

Economic Development grants provide up to $150,000 to community-based nonprofit organizations to fund construction/equipment for specific projects and have leveraged $297 million for 136 projects, 1,722 direct jobs and 4,172 units of new or rehabilitated housing since inception. We provided Medina Creative Housing (MCH) with a grant to build a commercial hydroponic greenhouse, providing training and jobs for 30 people with disabilities, as well as a $100,000 grant for a Pet Play facility, providing training for residents and one dog care administrator. We also provided a grant to reinvent Franklinton, the last downtown neighborhood to be redeveloped. It included a new firehouse, schools, and more.

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New Markets Tax Credit

Since 2005, has leveraged $750 million on an investment of $228 million for 55 projects providing 384 housing units, creating 8,927 direct jobs, serving 536 children and providing services to 39,830 patients. This community revitalization tool has stimulated private sector capital in low-income communities. Through this program, emerging markets receive access to more capital investment, lower interest rates, and lower risk to lenders. Investment in the community builds assets, which gives rise to stronger businesses. NMTC permits taxpayers to claim a credit against federal income taxes for qualified equity investments made to certified community development entities. Equity investors receive a 5% credit of the investment for the first three years and 6% for the next four years; accumulative total of 39% over seven years.

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Community Health Loan Fund

The Community Health Loan Fund provides loans to healthcare providers including dentists, doctors, and behavioral healthcare professionals serving uninsured, underinsured, and low-income populations. Healthcare providers operating in eligible communities can use loan funds for machinery and equipment, building acquisition, renovation or leasehold improvements, and enable healthcare centers, doctors, dentists, community health centers and federally qualified community health centers to provide primary care, dental, behavioral, and preventive healthcare services to the growing number of uninsured and underinsured people in Ohio.

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Small Business Loan Fund and HFFF

The Small Business Loan Fund (SBLF) provides flexible financing for small businesses unable to get a loan in the conventional market. The maximum loan amount is $400,000 and requires a minimum 10% cash equity investment toward the purchase price and total project cost. Loan funds can be used to purchase, expand, or improve business real estate or purchase business equipment or other assets.

The Healthy Food Financing Fund (HFFF) aims to improve the quality and availability of healthy, affordable food in underserved urban and rural areas. It offers lower interest rates and flexible loan terms to expand healthy food access including developing and equipping grocery stores and other healthy food businesses serving low-income communities.

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Data reflects three most recently completed fiscal years.

Current Fiscal Year 01/01/2015 - 12/31/2015
Projected Revenue $5,000,000
Projected Expense $4,800,000
Endowment Fund No
Current Capital Campaign? No
Anticipate a capital campaign in next 5 years? No

Revenues by Source

  2014   2013   2012  
Total Direct Support
Direct Support Foundations
Direct Support Corporations
Direct Support Individuals
Direct Support Unspecified
Indirect Public Support
Earned Revenue
Interest and Dividends
Membership Dues
Special Events

Expense by Type

  2014   2013   2012  
Payment to Affiliates

Assets and Liabilities

  2014   2013   2012  
Total Assets
Current Assets
Total Liabilities
Current Liabilities


TCF Staff:

Numbers were taken from Form 990s because audits include subsidiaries.

Mr. Matt Frank CPA

Revenue increased slightly from FY13 to 2FY14 with an increase in income from additional New Markets Tax Credit projects. Expenses decreased from FY13 to FY14, approximating the amount of bad debt expense recorded in FY13.

Documents Form 990 2014 Form 990 2013 Form 990 2012

All portrait information is provided voluntarily by nonprofit organizations. An organization may decline to participate. At a minimum, information is updated annually--sometimes more frequently. Documents indicated as available by an organization are verified by Foundation staff. The financial section is completed by Foundation staff based on available documents for a three-year period.