Explanation
BACKGROUND
This ordinance authorizes the Director of the Department of Development to enter into a grant agreement with Erie Ohio Capital CDFI Fund LLC for development of a 118-unit mixed-use affordable housing development in an amount up to $3,000,000.00. Erie Ohio Capital CDFI Fund LLC will enter into a grant agreement with the city for the bond funds as a pass-through entity. Granville Woods Lofts Limited Partnership is the ownership entity of the project with Erie Ohio Capital CDFI Fund LLC being a loaning member. Approval is also requested for reimbursement of architect, attorney, engineering, developer, and tax credit fees incurred prior to execution of the purchase order, starting January 1, 2023.
Woda Cooper Companies, Inc. (“WCCI”) is proposing Granville Woods Lofts. Granville Woods Lofts is the first phase of a proposed 118-unit mixed-use affordable housing development consisting of two phases located at 1826 E. Livingston Avenue on the edge of the Driving Park neighborhood in Columbus, Ohio. The second phase received an award of 4% tax credits and gap financing from OHFA in the 2022 OHFA BGF funding round. The first phase will consist of 58 units in a four-story elevator building.
Granville Woods Lofts will target households with incomes at or below 50% to 80% of area median gross income. Granville Woods Lofts will include four (4) one-bedroom units, forty-three (43) two-bedroom units and eleven (11) three-bedroom units for a total of 58 units with 10% of units dedicated to market rate. The development will also feature the commercial/retail space along Livingston Avenue. The target population for Granville Woods Lofts will be general occupancy. Granville Woods Lofts will include the construction of a four-story elevator building with various amenities including: on-site management office, community room with kitchenette, and more. The project is within steps of COTA bus stops along East Livingston Avenue, across the street from the D...
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