Explanation
BACKGROUND: This legislation will allow the Director of the Department of Development to enter into a Housing Development Agreement (HDA) with Columbus Housing Partnership Inc., for the rehabilitation of George’s Creek apartments, which will ultimately be funded with $4,800,000.00 from future Affordable Housing Bond funds. Once funds become available, an ordinance will be brought to Council to authorize a grant agreement. Columbus Housing Partnership Inc. will enter into a grant agreement with the city for the bond funds as a pass-through entity. Columbus Housing Partnership Inc. is the majority ownership entity of the pass-through entity, George’s Creek Homes Rehab LLC.
George’s Creek is a 120-unit apartment complex for families in southeast Columbus. The property consists of 21, one and two-story residential buildings and a community building on a 12 acre site. The property was constructed in 1995 by Homeport and financed by Low Income Housing Tax Credits (LIHTC), the property has not been extensively renovated since it was first built. George’s Creek offers a mix of housing types, including two and three-bedroom flats and townhomes and four-bedroom flats. On-site amenities consist of a children’s playground, community room, after-school program and social services.
The community currently operates under LIHTC program with 40% and 50% of Area Median Income (AMI) rents, and the current affordability covenant will expire in 2029. The proposed rehabilitation of George’s Creek Apartments using LIHTC financing will offer units at 50% and 60% of AMI, including 26 units with project-based vouchers (PBV), to expand the range of eligible households to include those with extremely low incomes who are in particular need of quality, affordable housing. In 2025, George’s Creek project received a 4% LIHTC award with bond-gap financing. As part of the rehab project there will be a new restrictive covenant that extends the affordability period by another...
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