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 Columbus Renaissance Housing development.
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 $1,400,000.00 of bond funds from the 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.
The Columbus Renaissance Housing development is intended to be structured as a partnership organized strategically to pair a local place-based neighborhood nonprofit entities, Community Development for All People (“CD4AP”), with Woda Cooper Companies, Inc. ("Woda"), a highly experienced nationwide developer who will serve as general contractor and property manager.
Columbus Renaissance Housing is located at 33 West Morrill Avenue in Merion Village. The project is a single-phase development to occur on multi parcel former industrial manufacturing site that is bounded by existing housing on two adjacent sides, a church, and the Salvation Army, and is just a short distance outside of the central downtown core.
The property will feature affordable workforce housing with all units at 60% AMI. The project will be geared toward a variety of residents: young professionals, single-parent households, small families, and even seniors. The combined project will foster services to support families, aging-in-place, and workforce housing concepts. Amenities on-site will include management offices, a health and wellness center, community rooms, and more. The project is within steps of COTA bus stops, the Berliner Sports Park, several restaurants, houses of worsh...
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