Explanation
BACKGROUND:
This legislation will allow the Director of the Department of Development to enter into a Housing Development Agreement (HDA) with NRE NFP Inc, also known as Nuveen Real Estate, for the purchase and development of three properties to provide high-quality affordable housing. This HDA will memorialize the City’s desired commitment to the projects, in an amount up to $25,000,000.00, pending City Council approval and future availability of funds. The subsequent grant agreement(s) with the City for the bond funding may be entered into with subsidiary entities.
Nuveen Global Investments LLC (“NGI”) is progressing towards the acquisition of the three properties identified in the Legislation: Sawyer Towers, 620 Norton Road, and Wedgewood Village. Nuveen is advancing these acquisitions as quickly as possible so that the process of developing and preserving high-quality affordable housing can begin in earnest. To move forward with closing on the acquisitions, however, NGI’s investment committee has communicated to the project team that it is highly preferable that the Legislation be adopted prior to acquisition closings, since the acquisitions will require major capital outlays from NGI. The first of these acquisitions, Sawyer Towers, is anticipated to occur in mid-June.
Nuveen Real Estate (“NRE”) is preparing to make a substantial investment in the creation and preservation of much-needed affordable housing in the City of Columbus. This effort will channel over $350 million of investment into Columbus and will create lasting affordability for 1,250 homes. These homes will be reserved for households earning no more than 60% of area median income.
Leveraging funds from the City and numerous other sources, NRE will create over 600 units of modern, high-quality affordable housing on two sites: The site of Sawyer Towers and 620 Norton Road. Not only will these new communities offer industry-leading affordable housing but will also offer a robust su...
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