City of Columbus - File #: 3296-2022

• File #: 3296-2022
• Version: 2
• Type: Ordinance
• Status: Passed
• File created: 11/17/2022
• In control: Housing Committee
• On agenda: 12/12/2022
• Final action: 12/14/2022
• Title: To amend the 2022 Capital Improvement Budget; to authorize the City Auditor to appropriate and transfer funds from the Special Income Tax to the Affordable Housing Taxable Bond Fund; to authorize the Director of the Department of Development to enter into a grant agreement in an amount up to $2,550,000.00 with Columbus Housing Partnership, Inc for Easton Place Homes Phase II development; to authorize the appropriation and expenditure of $2,550,000.00 within the Affordable Housing Taxable Bond Fund; and to declare an emergency. ($2,550,000.00) (AMENDED BY ORDINANCE 2011-2023 PASSED JULY 31, 2023) BA

Date	Ver.	Action By	Action	Result
12/14/2022	2	CITY CLERK	Attest
12/13/2022	2	MAYOR	Signed
12/12/2022	2	COUNCIL PRESIDENT	Signed
12/12/2022	1	Columbus City Council	Amended to Emergency	Pass
12/12/2022	1	Columbus City Council	Approved as Amended	Pass
12/5/2022	1	Columbus City Council	Read for the First Time

Explanation

BACKGROUND
This legislation authorizes the Director of the Department of Development to enter into a grant agreement with Columbus Housing Partnership, Inc., a non-profit entity, for Easton Place Homes Phase II development.
Easton Place Homes Phase II is a proposed 100-unit apartment development for families located at Easton Square Place and Charter Oak Way in Columbus, Ohio. The 4.65-acre parcel will be split to create lots on which approximately 200 units of affordable housing will be developed in three phases. Easton Place Homes Phase II 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 four 3-story apartment buildings with a combination of townhomes and stacked flats. Easton Place Phase II will offer a mix of 24 one-bedroom, 59 two-bedroom, and 17 three-bedroom apartments. Community space includes a community room with kitchenette, fitness room and management office. Easton Place will serve a mix of income levels from 30% AMI to 60% AMI. Depending on final utility allowances, net rents for the different unit sizes are estimated at $360-830 for one-bedroom, $430-995 for two-bedroom and $485-1135 for three-bedroom apartments.
Easton Place Homes Phase 1 has secured Low Income Housing Tax Credits and OHFA HDAP funds, along with additional private loans and City HOME funds to fund this Phase’s Total Development Cost of $14,992,121.00. In addition to the City’s Capital funds, Phase II has also secured 4% tax credits from OHFA in 2021, along with OHFA HDAP, and County HOME funds and other private loans. Phase 3 is still in the process of getting State resources.

East...