Explanation
This legislation authorizes the Director of the Department of Development to enter into a Housing Development Agreement (HDA) with D.R. Horton-Indiana LLC for the Landsdowne Farm project.
DR Horton is proposing a 596 single family development on the Southeast side of Columbus. The 3 and 4 bedrooms homes will range from $315,000 to $412,000 with the average home around $380,000. There is a need in the City for all types of housing construction to support housing diversity in the region. Single family homeownership is a key to building stability and generational wealth.
The City, through the Department of Development as authorized by Section 4565.13 of the Columbus City Codes, is committing to waive the affordability requirements under regarding the Initial Pricing of owner-occupied Affordable Housing Units. The Director of the Department of Development has determined that the Landsdowne Farm project meets the criteria under Section 4565.13(a) and a waiver of said requirements is justified to extend the residential CRA program to apply to the entire Landsdowne Farm development. Specifically, the Director has determined that granting the application of the Landsdowne Farm project for a waiver satisfies the overall goals of Chapter 4565 of the Columbus City Codes with regard to increasing the number of affordable housing units within the City and is in the best interests of the City.
DR Horton is committing to setting aside 35 % of the units to be affordable and sold to residents at 120% AMI or below for a total of 209 units. In addition, Landsdowne Farm will be constructed in four phases beginning in 2025 with an estimated total build out completion in 2030. Each phase will consist of 130-170 homes. Development of the first 2 phases will be expedited to help support the urgent need for housing stock in the City. In addition to the commitment of setting aside 209 homes to be affordable and sold to homeowners at or below 120% AMI and expediting ...
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