Explanation
BACKGROUND
This legislation authorizes the Director of the Department of Development to enter into agreements with Erie Ohio Capital CDFI Fund, LLC in an amount up to $2,000,000.00, for the Broadleigh Lofts project. Erie Ohio Capital CDFI Fund LLC will enter into a grant agreement with the city for the bond funds as a pass-through entity. Broadleigh Lofts Limited Partnership is the ownership entity of the project and Erie Ohio Capital CDFI Fund LLC is the related party. Approval is also requested for reimbursement of expenses incurred prior to execution of the purchase order, starting January 1, 2023.
Broadleigh Lofts will be three separate buildings consisting of three-story midrise buildings, situated on a vacant site in the Broadleigh neighborhood of Columbus. The development will provide integrated housing for households of 30-80% AMI, contain onsite manager’s office, a children’s playground, and community space. The proposed development located at 3150 Allegheny Avenue in Columbus, Ohio will total 84-units of affordable multi-family housing. The site is one parcel approximately 3.8 acres and is currently blighted and unimproved and has been vacant for over 10 years. The location is within walking distance of the City of Columbus School District K-12 Africentric School as well as a convenience store, multiple restaurant options, and located along a COTA bus route.
The property will be mixed income, featuring affordable housing ranging from 30% AMI, up to 80% AMI, accommodating various household sizes including one, two, and three bedrooms. The project will be appropriate for a variety of populations: singles, young professionals, seniors, single-parent households, small families needing three-bedroom units, and those needing workforce housing in close proximity to downtown and surrounding job centers. The proposed development will total 84-units with at least 20% of units set-aside as integrated supportive housing for homeless veterans due to ...
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