Ohio Community Development Finance Fund
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175 South Third Street, Suite 1200
Columbus, OH 43215
Mr. James R. Klein  
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CEO/Executive Director
Mr. James R. Klein
Board Chair
Mr. Randy Runyon
Ohio Association of Community Health Centers

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

Organization Overview

Impact Statement


  • We established a $6.5 million Community Health Loan Fund (CHL Fund) to encourage the purchase, expansion, or renovation of community-based healthcare facilities in Ohio's low-income communities.

  • We connected 400 people with transportation to work and school by placing over $393,437 into 135 grants, leveraging $578,683 through our temporary Cars for Jobs and Diplomas program.

  • We invested $59,349,312 into five community redevelopment projects through our loan programs; leveraging $67,377,862 to create 907 direct jobs and 143,808 sq. ft. of commercial space.

  • We placed $3,496,962 into 19 community redevelopment projects, leveraging $5,423,010 through our core programs and creating access to 75 units of affordable housing and 754 jobs. Project funding also provided 76,399 sq. ft. of commercial space and 66,888 sq. ft. of housing space.

2013 GOALS

  • We will deploy $40 million in New Markets Tax Credit financing in support of economic development projects that have a significant ripple effect across underserved communities and neighborhoods.

  • We will develop a $5 million Healthy Foods loan fund to increase access to nutritious foods, supply affordable healthy food options, improve individual health, grow healthier communities, and increase jobs throughout the state.

  • We will serve the 32 counties of Appalachia Ohio by providing loans up to $200,000 for qualifying small businesses through our Intermediary Lending Program.

Background Statement

Ohio Community Development Finance Fund (Finance Fund) was born to connect Ohio’s low-income communities with public and private sources of capital for community development projects. We simplify the complexities of the financing process to help positive ideas come to life--ideas that change and renew systems, create jobs, address community needs, and improve the quality of life for Ohioans.

Our work is based on the understanding that communities know best about what is needed in their own backyard. Our passion is to overcome financial roadblocks that could otherwise send great ideas to an early grave. Our success is the result of partnerships with visionary financial institutions, foundations, corporations, individuals, volunteers, and government entities that share our mission. They trust us to see the wisdom of supporting viable economic initiatives that make sense and enliven communities. Our clients are those who believe that free market principles can work by activating the potential in people, neighborhoods, and organizations.

Our 26-year history of community and economic development sets the stage for the future. From healthcare and housing to healthy food options and employment opportunities, we are constantly evolving to meet community needs with new financial products and services along with new investors and funding sources. We believe our opportunity is now.

Statement from Mr. James R. Klein, 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. Randy Runyon , Ohio Association of Community Health Centers

I am pleased to be chair of the board for the second time. For my first term, 1997-98, the Fund was ten years old and already exhibiting excellence. In those two years, Finance Fund invested $8.8 million in local housing, small business, and childcare projects--all focused on local economic stability and growth. Within the last two years, we have invested a total of $78 million in housing, small business, and community facilities and leveraged over $162 million. 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.



Mr. James R. Klein, 
Term Start 9/1989 
Compensated Yes 
Biographical Statement

James R. Klein was named Finance Fund’s first executive director in 1989 and has led the statewide nonprofit financial intermediary to deploy $259 million in investment from public and private sources, leveraging $1.1 billion in affordable housing, economic development, and early care and education projects affecting the lives of over 127,000 people in distressed communities. Prior to coming to Finance Fund, he served as the director of a local community-based economic development organization and two public housing authorities in Minnesota. He has a master's degree in business administration and three certifications as an economic development professional, occupancy specialist, and housing manager. Active in community development for over 28 years, he also sits on several boards. James specializes in community revitalization, focusing on distressed communities, system design and information management, organizational management, and information technology.

Ms. Diana Turoff CPA, 
Biographical Statement

As chief financial officer since 2000, Diana Turoff primarily oversees and manages the general financial condition of the organization. Under her leadership, total assets have grown to over $200 million. Her responsibilities include identifying investment targets and investor relationships; developing proposals and presentations; and reporting program and fiscal compliance. She is the focal point for all auditors and regulatory agencies. She also cultivates and fosters relationships within the local and state government, and the banking and corporate sector. Her previous experience includes developing accounting procedures, financial statements, budgets and tax returns for nonprofit and for-profit corporations. Diana received her bachelor’s degree in accounting with a minor in finance; she is also a certified public accountant.

Mr. Mark Barbash, 
Biographical Statement

As chief operating officer, Mark Barbash is responsible for the organization’s day-to-day operations to advance community development. His 30 years of economic development experience includes service as chief economic development officer for the Ohio Department of Development, development director for Columbus Mayor Michael B. Coleman, executive director for the Columbus Countywide Development Corporation, and vice president for the National Development Council in Washington, D.C.

Ms. Moniqua Spencer, 
Biographical Statement

As chief program officer for Finance Fund, Moniqua is responsible for the administration, management, and deployment of Finance Fund's multiple lending and grant programs. She has expertise in the New Markets Tax Credit Program, having been directly responsible for closing over $93 million in loans during her tenure. She has over 20 years experience in banking and finance and prior to joining Finance Fund in 2009, she worked as a senior commercial real estate portfolio manager and a small business lender. As a portfolio manager, she managd a $250M commercial real estate portfolio, including retail, office, and residential projects. As a business banker, she received numerous sales awards for top production and portfolio growth. Moniqua specializes in loan enhancement programs, including small business administration and intermediary relending program loans. She has a bachelor's degree in business administration from The Ohio State University.

Additional Organization Information
Number of Full-Time Staff: 24 
Number of Part-Time Staff:
Number of Volunteers:
Staff Retention Rate: 92% 


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 11/2008
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)


Regional Governing Board
Board Chair Mr. Randy Runyon,
Board Chair Term 5/2011 -  5/2014  
Board Members
Mr. Keith Burgess,  
Ms. Mary Burke,  
Ms. Vicki Eaton Johnson,  
Mr. D.R. Gossett,  
Ms. Carol Grimes,  
Mr. Jerry Katz,  
Mr. Ben Kenny,  
Mr. Ryan Miller,  
Mr. Phillip Smith,  
Additional Organization Information
Board Meetings Annually
Board Meeting Attendance 76% 
Board Member Monetary Contributions 60%
Board Member In-kind Contributions 100%
Gender Female 30%
  Male 70%
Race African-American/Black 40%
  Asian-American/Pacific Islander 0%
  Caucasian 60%
  Hispanic/Latino 0%
  Native American/American Indian 0%
  Multi-Racial 0%
  Other 0%
Advisory Board
Mr. Reginald Johnson ,
Mr. Matthew LaMantia ,
Mr. Erik Rickard ,
Mr. Ron Seiffert ,


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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New Markets Tax Credit Investment

Since 2005, Finance Fund has invested over $14 million in NMTC investments in central Ohio, creating 1,014 jobs, 239,192 sq. ft. of commercial real estate, and 50 childcare slots. 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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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 $87 million for 509 projects, providing 7,427 housing units, and 4,688 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 $127.6 million for 70 projects and 2,605 full-time jobs, 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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Data reflects three most recently completed fiscal years.

Current Fiscal Year 01/01/2013 - 12/31/2013
Projected Revenue $3,761,000
Projected Expense $3,630,000
Endowment Fund No
Current Capital Campaign? No
Anticipate a capital campaign in next 5 years? No

Revenues by Source

  2012   2011   2010  
Total Direct Support $3,520 
Direct Support Foundations
Direct Support Corporations
Direct Support Individuals
Direct Support Unspecified $3,520 
Government $4,443,630  $3,287,153  $1,261,700 
Indirect Public Support
Earned Revenue $4,131,015  $3,246,053  $3,105,140 
Interest and Dividends $220,000  $240,000  $264,409 
Membership Dues $25,555  $33,090  $29,355 
Special Events
TOTAL REVENUE $8,820,200  $6,806,296  $4,664,124 

Expense by Type

  2012   2011   2010  
Programs $3,383,263  $5,159,450  $3,094,587 
Administration $1,162,871  $1,153,089  $933,326 
Payment to Affiliates
TOTAL EXPENSES $4,546,134  $6,312,539  $4,027,913 

Assets and Liabilities

  2012   2011   2010  
Total Assets $30,828,440  $28,238,119  $28,983,086 
Current Assets $9,888,765  $8,043,664  $6,836,006 
Total Liabilities $4,786,543  $6,426,883  $7,406,388 
Current Liabilities $571,099  $309,950 
NET ASSETS $26,041,897  $21,811,236  $21,576,698 


TCF Staff:

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

Ms. Diana Turoff CPA

Our income increased witha a $2 million loan from the Ohio Department of Development (ODOD), which converted to a grant in FY12. The increase in earned revenue in FY12 related to the near 100% increase in New Markets Tax Credit projects that closed during the year. The decrease in expenses in FY12 related to the one time bad debt expense from a related entity that was taken in FY11.

Documents Form 990 2012 Form 990 2011 Form 990 2010

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.