Explanation
BACKGROUND:
This legislation will allow the Director of the Department of Development to enter into a Housing Development Agreement (HDA) with Columbus Housing Partnership Inc., for the rehabilitation of Pheasant Run apartments, which will ultimately be funded with $5,000,000.00 from future Affordable Housing Bond funds. Once funds become available, an ordinance will be brought to Council to authorize a grant agreement. Columbus Housing Partnership Inc. will enter into a grant agreement with the city for the bond funds as a pass-through entity. Columbus Housing Partnership Inc. is the majority ownership entity of Pheasant Run Housing Rehab, Inc., the managing members of the pass-through entity, Pheasant Run Homes Rehab LLC.
Pheasant run is a 136-unit apartment complex for families on the western edge of Fairfield County within the City of Columbus. The property consists of 25, two-story residential buildings on a 13.98 acre site. The property was developed between 1999 and 2000 by Homeport (Columbus Housing Partnerships Inc.) and financed by Low Income Housing Tax Credits (LIHTC), the property has not been extensively renovated since it was first built. Pheasant Run offers a mix of housing types, including two, three, and four-bedroom apartments.
Pheasant Run’s rehab will include improvements to buildings that will include siding, windows, and exterior doors as well as renovations on the insides of the units. There will also be replacements of plumbing and electrical systems, furnaces, and hot water heaters. The improvements will also be made to the community building, playground, and other site improvements. Reconfigurations of some of the apartment’s floor plans to add accessible apartments and comply with current Section 504 regulations and the Ohio Housing Finance Agency’s (OHFA) design standards will take place. Community Housing Partnership Inc. aka Homeport is the majority general partner in the property’s current ownership structur...
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