Explanation
BACKGROUND: This ordinance authorizes the appropriation and expenditure of up to $800,000.00 of the 2021 HOME Investment Partnerships Program (HOME) entitlement grant from the U.S. Department of Housing and Urban Development and to enter into a commitment letter, loan agreement, promissory note, mortgage, and restrictive covenant with McDowell Place Homes LLC to construct a 50-unit urban, multi-family project.
McDowell Place is a 50-unit urban, multi-family project developed by Homeport. It consists of seventeen 1-bedroom, twenty-nine 2-bedroom, and four 3-bedroom apartments in a four-story elevator building. This attractive, high-quality, energy-efficient development brings affordable housing to those earning =70% AMI with 75% of units targeted for =60% AMI. McDowell Place is situated in Columbus’ East Franklinton community, a QCT with 44% single parent households, with 100% of those parents living in poverty. 30% of this tract is severely housing cost-burdened and 87% are renters.
East Franklinton is becoming a focal point for market rate development activity in large part due to its downtown proximity and burgeoning art scene that drives tourist interest and economic growth. The site is across the street from the new Gravity II project developed by Kaufman Development, with whom Homeport has collaborated in the predevelopment stage. The McDowell Place site only accommodates three accessible parking spaces and a fourth staff space, so Homeport and Kaufman have negotiated use of up to 60 spaces in the Gravity II parking garage.
The one-bedroom units range from 609 to 666 square feet, while two-bedroom apartments range from 808 to 864 square feet and the three-bedroom units are 1,087 square feet. Unit amenities include fully equipped kitchen and laundry hook-ups. Three apartments meet full accessibility standards. Common space includes a lobby, community room with kitchenette, fitness room and bike storage. The site includes a patio area with benc...
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