Explanation
BACKGROUND
This legislation authorizes the Director of the Department of Development to enter into a grant agreement with Columbus Housing Partnership, Inc. DBA Homeport to provide supplemental funding for Easton Place Homes LLC which consist of 50 affordable units.
Easton Place Homes Phase 1 is a proposed 50-unit apartment development for families located at the corner of Easton Loop West and Charter Oak Way in Columbus, Ohio. This is the first phase of a larger plan for 200 affordable units on a 4.65-acre parcel. Easton Place Homes is located directly south of the market rate townhomes facing Easton Way, which is the southern boundary of the premier retail/restaurant/entertainment district in Columbus. Major employers, such as JPMorgan Chase and Huntington Bank, employ thousands within walking distance Census data from 2018 indicates 24,000 jobs within a mile of the site-making this an extremely convenient location in all respects.
The property will consist of two three-story apartment buildings with a combination of townhomes and stacked flats. Easton Place Homes Phase 1 will offer a mix of 17 one-bedroom, 22 two-bedroom, and 11 three-bedroom apartments. Community space includes a community room with kitchenette, fitness room and management office. Easton Place Homes Phase 1 will serve a mix of income levels from 30% AMI to 70% AMI. Depending on final utility allowances, net rents for the different unit sizes are estimated at $360-850 for one-bedroom, $440-1105 for two-bedroom and $490-1250 for three-bedroom apartments.
Emergency justification is requested for this ordinance to facilitate completion of project financing.
FISCAL IMPACTS
Funding is provided within the Department of Development’s 2024 General Fund Budget.
CONTRACT COMPLIANCE: the vendor number is 004842 and expires 03/24/26.
Title
To authorize the Director of Development to enter into a grant agreement with Columbus Housing Partnership, Inc. DBA Homeport to provide s...
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