Explanation
BACKGROUND
This legislation authorizes the Director of the Department of Development to enter into a grant agreement with HNHF Realty Collaborative in an amount up to $1,500,000.00 in support of the Lockbourne Greene affordable housing development.
Lockbourne Greene is a proposed 60 unit affordable apartment development located at 1836 Lockbourne Road on the South Side of Columbus. The site was acquired from the Columbus Land Bank. There will be 12 one bedroom, 40 two bedroom and 8 three bedroom units. The development will provide housing for households from 30% to 80% AMI with an overall average at or below 60% AMI. The development will have an onsite management office, a resident fitness facility and community space. The development is located on an existing COTA bus line and has banks, a pharmacy, two grocery stores and a post office within one half mile of the site.
Funding will be provided to HNHF Realty Collaborative who will then provide funding to Lockbourne Green Limited Partnership.
Lockbourne Greene Limited Partnership, is a partnership between Healthy Neighborhoods Healthy Families Realty Collaborative, Community Development for All People, and Woda Cooper Companies, Inc. They will act as the owner, developer, and service provider for this project.
Healthy Neighborhoods Healthy Families Realty Collaborative, a subsidiary of Community Development for All People, will be providing all of the supportive services for Lockbourne Greene; Woda Construction, Inc. will be the general contractor; with Woda Management and Real Estate, LLC as the property manager.
Under separate ordinance, the Director of Development will seek to enter into a similar agreement with Ohio Erie Capital CDFI Fund, LLC in support of this project, in an amount up to in an amount up to $253,875.00. The city’s total project support for the Lockbourne Greene project is $1,753,875.00.
Emergency action is requested in order to maintain the project schedule.
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