Explanation
BACKGROUND: This legislation authorizes the expenditure in an amount up to $1,200,000.00 of HOME Investment Partnerships Program (HOME) grant funds ($200,00.00 from the 2023 grant and $1,000,000.00 from the 2024 grant) from the U.S. Department of Housing and Urban Development and also authorizes the Director of the Department of Development to execute a commitment letter, loan agreement, promissory note, mortgage, and restrictive convent with Opportunity Pointe I Limited Partnership for the Opportunity Pointe I project in an amount up to $1,200,000.00
Opportunity Pointe I will include a strategic public-private partnership between Woda Cooper Companies, Inc. and its affiliates with Columbus State Community Partners (the development arm for Columbus State Community College) to increase housing density in the Discovery District of downtown Columbus. Columbus State, understanding the need for workforce housing options downtown, will lease 3 parcels along North Grant Avenue and East Spring Street (PPN 010043498, 010022580, 010048939) and Kelly Alley which was approved for transfer on March 2nd, 2026, by Columbus City Council to facilitate the construction of the development. Woda will have a 75% General Partner interest, and Columbus State or its affiliate will have a 25% General Partner interest.
Opportunity Pointe I is a new construction 5-story elevator building consisting of 82 affordable housing units targeting general occupancy. The project will be comprised of thirty-three (33) one-bedroom units, forty (40) two-bedroom units, and nine (9) three-bedroom units. The development will target 30% to 80% Area Median Income (AMI). Twenty (20) units will be rent restricted at or below 30% AMI, two (2) units will be rent restricted at or below 50% AMI, thirty (30) units will be rent restricted at or below 60% AMI, and thirty (30) units will be rent restricted at or below 80% AMI. Amenities include the following: on-site management office, community room w...
Click here for full text