Explanation
BACKGROUND: This ordinance authorizes the appropriation and expenditure of up to $600,000.00 of the 2020 and 2021 HOME Investment Partnerships Program (HOME) entitlement grant funds 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 Easton Place Homes LLC for a 50-unit apartment project.
Easton Place Homes Phase 1 is a proposed 50-unit apartment development for families located at the corner of Easton Loop West and Charter Oak Way in Columbus, Ohio. This is the first phase of a larger plan for 200 affordable units on a 4.65-acre parcel. Easton Place Homes is located directly south of the market rate townhomes facing Easton Way, which is the southern boundary of the premier retail/restaurant/entertainment district in Columbus. Major employers, such as JPMorgan Chase and Huntington Bank, employ thousands within walking distance-census data from 2018 indicates 24,000 jobs within a mile of the site-making this an extremely convenient location in all respects.
The property will consist of two three-story apartment buildings with a combination of townhomes and stacked flats. Easton Place Homes Phase 1 will offer a mix of 17 one-bedroom, 22 two-bedroom, and 11 three-bedroom apartments. Community space includes a community room with kitchenette, fitness room and management office. Easton Place Homes Phase 1 will serve a mix of income levels from 30% AMI to 70% AMI. Depending on final utility allowances, net rents for the different unit sizes are estimated at $360-850 for one-bedroom, $440-1105 for two-bedroom and $490-1250 for three-bedroom apartments.
In addition to the City’s HOME funds investment, Easton Place Homes Phase 1 has secured Low Income Housing Tax Credits and OHFA HDAP funds, along with additional private loans to fund this Phase’s Total Development Cost of $14,992,121. Phase 2 has also secured 4% tax credits from OHFA in ...
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