Explanation
BACKGROUND
This ordinance authorizes the Director of the Department of Development to enter into a grant agreement with Preservation of Affordable Housing Inc. for repairs to the multifamily property, Walnut Grove, in an amount up to $1,000,000.00.
Walnut Grove is a 176-unit multifamily property in the highly desirable Blacklick area of Columbus. It features a mix of single-family homes, townhouses and traditional apartments and is a true mixed-income community with units set aside for a variety of income levels from extremely low to market rate. Many residents receive rental subsidy via mobile and project-based vouchers and would otherwise be at risk of homelessness.
Walnut Grove was initially constructed in 2003 with builder-grade materials, many of which have surpassed their useful lives. Among the most pressing needs are the replacements of roofs, HVAC units and windows. While Walnut Grove’s Property Management team has worked diligently to address failing components as necessary, the pace of these failures has accelerated in recent years, resulting in a need for emergency repairs. The developer plans to allocate $500,000.00 to full roof replacements, $350,000.00 to HVAC unit replacements and $150,000.00 to window glazing replacements. The Property Management team has engaged Berardi + Partners to complete a comprehensive review of existing conditions and recent repairs in order identify the most egregiously failed units. This will allow them to address approximately:
• 25 roof replacements
• 28 complete units worth of HVAC units (i.e. Furnaces, condensers and hot water heaters), although these components will likely be spread out among a larger number of units depending on Berardi's findings
• 300 window panes
FISCAL IMPACT: Funding for this project will not be available to the Department of Development until the bonds are sold related to the 2024 Capital Improvement Budget and are available at a future date, therefore it is necessary to...
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