Allred stands atop the leaderboard at 5-under-par 137 with amateur Daniel Summerhays, who shot 69 on Friday.
Richard Johnson (69) shares third place at minus-three with Kelly Grunewald (71) and first-round leader Chris Nallen (72).
Allred tripped out of the gate with a three-putt bogey on the first. He recovered that lost stroke with a two-putt birdie on the par-5 fourth.
The 27-year-old Allred moved to 3-under with a 4-foot birdie putt on the seventh on the Scarlet Course of Ohio State University Golf Club.
After a bogey on 13 Thursday, Allred turned that around as he drained a 12- footer for birdie there in the second round. He got to 5-under with a birdie on 16 from about 8 feet.
'I feel like at the halfway point I met my goal,' stated Allred, who shares the 36-hole lead for the second time this year. 'I felt like if I shot something in the 60s every day I would be right there on Sunday. So it feels great that I've done that. Granted we're only halfway done, but it's been a great couple days.'
Summerhays knocked his approach to 6 feet at the first and ran that putt in for birdie. He parred his next seven holes before converting a 12-foot birdie putt at nine.
The amateur came up short of the 11th green after a finding a fairway bunker off the tee. He could not get up and down and the bogey dropped him back to four-under. Summerhays recovered that lost stroke with a birdie on No. 16 from eight feet out. He parred the final two holes to share the second-round lead.
'I hit it really well off the tee today, I only missed three fairways,' said Summerhays. 'The key so far this week has been my ability to make putts.'
Patrick Sheehan fired a 4-under 67 to move into a share of sixth at 2-under-par 140. He was joined there by Brad Adamonis, Scott Gardiner, Joseph Alfieri II and John Riegger.
The cut line fell at 4-over-par 146 with 70 players moving on to the weekend. Among those who missed the weekend were five players -- John Kimbell (147), Scott Sterling (147), Nicholas Thompson (148), Omar Uresti (148) and Paul Claxton (150) -- who won earlier this season.