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 ...
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