Explanation
BACKGROUND
This legislation authorizes the Director of the Department of Development to enter into a Housing Development Agreement (HDA) with Erie Ohio Capital CDFI Fund LLC for the Starling Yard project.
The HDA would memorialize the City’s desired commitment to the project, pending City Council approval and future availability of funds. The Department of Development wishes to support this project by contributing $3,000,000.00 of bond funds from a future Capital Budget. This legislation would authorize the Director of Development to first execute the HDA and when funding is available, the department will seek City Council’s approval to execute a grant agreement for the project.
Starling Yard will occur on the former school site located at 120 South Central Avenue. The property contains the historic 1908 Starling School (originally built as West High School), and is bounded on its perimeter by existing housing (north, east, and south), as well as the new Starling Middle School, West Central School and existing senior apartments to the west. The site is walkable to the West Broad Street corridor, which contains a number of restaurants and retail stores. The Franklinton Branch of the Columbus Metropolitan Library and City of Columbus Fire Station and EMS Station 10 are just a short distance away. When completed, the project will deliver new high-quality infill development with important safe and accessible affordable units needed by families, redevelop a vacant historic structure as additional affordable housing units while at the same time returning the building to its more appropriate 1908 configuration, and provide housing in an undeserved area of the City of Columbus.
Starling Yard will contain 18 one-bedroom units, 26 two-bedroom units, and 8 three-bedroom units. The property will be mixed-income, featuring affordable housing ranging from 30% AMI, up to 80% AMI, accommodating various household sizes. 20 units will be set-aside for residents ...
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