Explanation
BACKGROUND:
This legislation will allow the Director of the Department of Development to enter into a Housing Development Agreement (HDA) with Erie Ohio Capital CDFI Fund, LLC for the development of the Lofts at 40 Long affordable housing project. This HDA will memorialize the City’s desired commitment to the project, in an amount up to $13,310,000.00, pending City Council approval and future availability of funds.
Erie Ohio Capital CDFI Fund, LLC is a wholly-owned subsidiary of Woda Cooper Companies, Inc. and is utilized as a pass-through entity to loan the funds to the tax credit ownership entity. Erie Ohio Capital CDFI Fund LLC will assign its rights, duties, and obligations under the future grant agreement to Lofts at 40 Long Limited Partnership.
Woda Cooper Companies, Inc. (“WCCI”), developer, is partnering with IMPACT Community Action (“IMPACT”) as co-developer to revitalize the downtown Columbus historic YMCA located at 40 West Long Street.
The seven-story building is one of the opportunity sites targeted as part of the 2022 Downtown Strategic Plan. A goal of the plan is to explore partnerships to increase economic diversity in Downtown housing to meet the community’s vision for a more inclusive, more equitable, and more vibrant downtown. The Lofts at 40 Long achieves this by modernizing the vacant historic building, while maintaining historic features, to create 121 affordable housing units targeting households with incomes ranging from 30% Area Median Income to 80% Area Median Income. The development will result in 1 efficiency unit, 72 one-bedroom units, 38 two-bedroom units, and 10 three-bedroom units.
The building was purchased by an affiliate of Downtown Columbus, Inc (DCI) in March 2023. DCI is a private, non-profit development corporation with a mission to lead city-changing projects in the heart of Ohio’s capital city. DCI issued a competitive Request for Proposals and selected the development team’s proposal due to its focus on affordable housing and preserving the historic nature of the building.
The YMCA Building is individually listed on the National Register of Historic Places (NRHP# 93000402). The 1923-24 Late Gothic - Jacobethan Revival style seven-story U-shaped plan brick building with stone accents fronts the north side of West Long Street, located on Franklin County parcel #010-067063-00. The building was renovated in the 1950s and in 1996. The building was designed by Walter F. Shattuck of Chicago and is significant in the areas of architecture, education, and social history. The Period of Significance is 1924-1943.
The scope will include rehabilitation of the building's masonry, windows, and overall exterior character. The interior rehabilitation will maintain key architectural and historic features including the vestibule, lobby, library, elevator and stair lobby, and dual gyms while converting the dorms and classrooms to modern residential living standards. Fire and Energy Code compliance will be achieved through the finished surfaces consistent with the architectural character of the building. The historic stairs will be maintained and brought up to Code without drastically changing the character-defining features. New egress stairs will be located at the north end of both wings to provide the proper code-compliant egress.
It is anticipated the development will offer various amenities to residents such as the following: on-site management office, community room with kitchenette, media room, storage, daycare, fitness room, and more. The development team is partnering with Jewish Family Services to provide dedicated services on-site.
Emergency action is requested in order to provide evidence of city funding for the property closing date. The City’s funding commitment is critical for the closing to proceed and cannot wait 30 days after legislation passes.
FISCAL IMPACT: No funding is needed.
CONTRACT COMPLIANCE: the vendor number is 033062 and expires June 10, 2026.
Title
To authorize the Director of the Department of Development to enter into a Housing Development Agreement (HDA) with Erie Ohio Capital CDFI Fund, LLC; and to declare an emergency. ($0.00)
Body
WHEREAS, the Director of Development seeks to enter into a Housing Development Agreement (HDA) with Erie Ohio Capital CDFI Fund, LLC; and
WHEREAS, the HDA would memorialize the City’s desired commitment to the project, pending City Council approval and future availability of funds; and
WHEREAS, The Department of Development wishes to support this project by contributing $13,310,000.00 of bond funds upon availability from future Capital Budget Affordable Housing Bonds; and
WHEREAS, this legislation would authorize the Director of Development to first execute the HDA and pending the availability of funding from future Capital Budgets, Affordable Housing Bond the department will seek City Council’s approval to enter into a grant agreement; and
WHEREAS, Erie Ohio Capital CDFI Fund, LLC will enter into the subsequent grant agreement with the City for the bond funding as a pass-through entity and will assign its rights, duties, and obligations under the grant agreement to Lofts at 40 Long Limited Partnership; and
WHEREAS, an emergency exists in the usual daily operation of the Department of Development in that it is immediately necessary to authorize the Director of Development to enter into a Housing Development Agreement with Erie Ohio Capital CDFI Fund, LLC in order to provide evidence of city funding for property closing; the City’s funding commitment is critical for the closing to proceed and cannot wait 30 days after legislation passes, all for the immediate preservation of the public health, peace, property, safety and welfare; NOW, THEREFORE,
BE IT ORDAINED BY THE COUNCIL OF THE CITY OF COLUMBUS:
SECTION 1. That Director of the Department of Development is authorized to enter into a Housing Development Agreement (HDA) with Erie Ohio Capital CDFI Fund, LLC.
SECTION 2. That for the reasons stated in the preamble hereto, which is hereby made a part hereof, this Ordinance is hereby declared to be an emergency measure and shall take effect and be in force from and after its approval by the Mayor, or ten days after passage if the Mayor neither approves nor vetoes the same.