City Officials Outline Plans to Fully Distribute $50 Million Affordable Housing Fund
City and community leaders today outlined the
plan to fully allocate the city’s $50 million bond fund dedicated to affordable
housing projects. The bond funds are expected to leverage more than $276
million in public and private sector support to create more than 1,300 housing
units for individuals earning less than $46,960 per year or families of four
making less than $67,050.
“Affordable housing is absolutely vital to the
well-being of our residents and their ability to achieve their full potential,”
said Mayor Andrew J. Ginther. “From expanded access to education and employment
to improved health, wellness and stability, having a safe, reliable place to
call home lifts people up and moves communities forward by laying the
foundation for inclusive prosperity throughout all our neighborhoods.”
The city outlined the following allocation of
the affordable housing bond – which was approved by Columbus voters in May 2019
– to support the creation of housing units for residents earning less than 80
percent of Columbus’ area median income. The allocation of funds for 2021 is
included in the city’s 2021 Capital Improvements Budget, which was announced
last week on October 21.
| Project | Partner | Units | City Bond Dollars | Total
Development Cost |
| Affordable Housing
Bond 2020 |
|
Mulby Place (first
allocation)
|
Homeport
|
100
|
$2,725,000
|
$18,000,000
|
|
Jenkins Terrace (first
allocation)
|
Woda Group
|
60
|
$250,000
|
$12,000,000
|
|
Touchstone Place I
|
Community Housing
Network
|
56
|
$1,000,000
|
$12,000,000
|
|
Sinclair (first
allocation)
|
NRP Group
|
180
|
$2,175,000
|
$38,500,000
|
|
Affordable
Homeownership Milo Grogan, Weinland Park, Near East, Franklinton
|
COCLT
|
22
|
$3,000,000
|
$3,600,000
|
|
48 Parkwood
|
Beatty/Kelley
|
35
|
$500,000
|
$6,000,000
|
|
Lockbourne Greene
|
HNHF/Woda Group
|
60
|
$1,753,875
|
$16,000,000
|
|
Scattered Site Rental
|
HNHF
|
73
|
$2,500,000
|
$7,500,000
|
|
Emergency Shelter
Repairs
|
Huckleberry House,
Lutheran Social Services, Southeast, YWCA Columbus
| |
$350,000
| |
| 2020 TOTAL |
| 586 | $14.2M | $113.6M |
| Affordable Housing
Bond 2021 |
|
Jenkins Terrace
(second allocation)
|
Woda Group
| counted above |
$250,000
| counted above |
|
Sinclair (second
allocation)
|
NRP Group
| counted above |
$2,175,000
| counted above |
|
Mulby Place (second
allocation)
|
Homeport
| counted above |
$3,325,000
| counted above |
|
Touchstone Place II
|
Community Housing
Network
|
44
|
$500,000
|
$9,800,000
|
|
West Broad Senior
|
National Church
Residences
|
92
|
$500,000
|
$19,000,000
|
|
Easton Place Homes
(first allocation)
|
Homeport
|
100
|
$2,250,000
|
$25,400,000
|
|
Oakwood Apartments
Renovation
|
CPO/CMHA
|
53
|
$1,200,000
|
$12,500,000
|
|
Topiary Park
|
CDDC
|
90
|
$4,000,000
|
to be announced
|
|
Meadows Renovation
(first allocation)
|
CMHA
|
95
|
$500,000
|
$16,400,000
|
|
614 for Linden
|
HNHF
|
20
|
$2,000,000
|
$25,000,000
|
|
Affordable
Homeownership
|
COCLT
|
25
|
$4,000,000
|
$3,500,000
|
|
Linden Town Center
Housing
|
Nascent Group Holdings
|
41
|
$500,000
|
$5,200,000
|
| TOTAL 2021 |
| 560 | $21.2M | $116.8M |
| Affordable Housing
Bond 2022 |
|
Meadows Renovation
(second allocation)
|
CMHA
| counted above |
$500,000
| counted above |
|
Easton Place Homes
(second allocation)
|
Homeport
| counted above |
$2,250,000
| counted above |
|
West Broad Senior
(second allocation)
|
National Church
Residences
| counted above |
$1,500,000
| counted above |
|
Oakwood Apartments
Renovation (second allocation)
|
CPO/CMHA
| counted above |
$700,000
| counted above |
|
McKinley Manor
|
CMHA/WODA
|
44
|
$1,250,000
|
$12,100,000
|
|
Starling Yard
|
Woda
|
97
|
$3,000,000
|
$28,700,000
|
|
Affordable
Homeownership
|
COCLT
|
37
|
$5,400,000
|
$5,100,000
|
| TOTAL 2022 |
| 178 | $14.6M | $45.9M |
| Total Affordable Housing Bond Allocation | 1,324 | $50M | $276.3M |
City officials also shared that they are
evaluating revisions to the Community Reinvestment Area residential tax
abatement policy to incentivize the creation of additional units that are
accessible to families earning Columbus’ median household income of $47,000.
“These tools are two key components of the
broader strategy to become a city that is affordable, equitable and
economically vibrant,” said Erin Prosser, the city’s assistant director of
housing strategies. “We will need to continue to protect and create units at
every stage of the housing spectrum and throughout our community to ensure that
all families benefit from the growth and prosperity coming to the Columbus
region.”
Proposed revisions to the Community Reinvestment
Area abatement policy will be presented at public meetings on Wednesday,
November 3, at 5:30 p.m. at Feddersen Recreation Center and Wednesday, November
10, at 5:30 at Barack Recreation Center.
“The reality is that $50 million is not nearly
enough money to address our housing crisis but it is a start,” said
Councilmember Shayla Favor. “The best way to maximize these dollars is through
partnership with developers who receive Low Income Housing Tax Credit support
from the state of Ohio and filling in the remaining financial gap to ensure we’re
getting units online as quickly as we can.”