Two residential development projects in the Columbus area will get a total $640,000 in grants to help address what local officials are calling an affordable housing crisis.
The Federal Home Loan Bank of Cincinnati recently granted nearly $12.1 million under its Affordable Housing Program to help create 1,537 residential units in five states, including two projects in central Ohio.
FHLB Cincinnati gives 10% of its annual net income to its Affordable Housing Program, which supports making housing less expensive for individuals making $52,500 or less a year or a family of three that makes $67,500 or less.
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Member financial institutions apply for the federal funding “to finance the purchase, construction or rehabilitation of owner-occupied housing for low- or moderate-income households … and rental housing where at least 20% of the units are affordable for and occupied by very low-income households,” according to FHLB Cincinnati.
Fieldstone Cottages would cater to low-income seniors in Columbus
A $400,000 grant will go toward construction of Fieldstone Cottages, 2580 Alum Creek Drive, on Columbus’ Southeast Side. The 10 buildings with four units each would be for individuals 55 years and older who make $19,700 to $39,400 a year or a family of three that makes $25,300 to $50,600 annually.
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A permanent loan from the Huntington National Bank and CareSource Reinsurance LLC; equity from the sale of tax credits; cash contributions from Huntington, CareSource and nonprofit builder Homeport; and Home Investment Partnerships Program funds from the city of Columbus will also finance the $11.1 million project.
The currently wooded lot is directly adjacent to an existing Homeport development that comprises 42 homes, said Aaron Wasserman, vice president of real estate development for the nonprofit builder.
“It’s meant to be a complement,” Wasserman said of the proposed development. “This allows a denser array of services. There’s always been a strong demand for our services on Alum Creek Drive.”
Wasserman said he anticipates construction on Fieldstone Cottages to start in summer and finish during fall 2024, with 20 one-bedroom and 20 two-bedroom apartments going up for lease four to six months later.
“Fieldstone Cottages is just sort of one piece, one dart to throw at the (affordable housing) problem,” he said. “I think everyone is aware that Columbus is experiencing population growth. … It’s important that we as a community, (including) nonprofits and public sectors, are on pace to create enough homes to keep up with the number of jobs being created.”
In May, the Ohio Housing Financing Agency awarded Homeport $960,000 in annual low-income housing tax credits, according to the nonprofit builder.
Bexley apartments would house 45 low- to moderate-income families
A 240,000 grant will go toward the proposed construction of a total 45 rental units in Bexley for individuals making $19,700 to $52,500 or a family of three that makes $25,300 to $67,500, according to the Federal Home Loan Bank. That’s if one of the two apartment building sites can gain court approval.
The Community Builders Inc. will use equity from the sale of tax credits; a permanent loan from RiverHills Bank; funds from the Affordable Housing Trust for Columbus & Franklin County and the county Home Investment Partnership; a deferred developer fee; and its own cash contributions to finance the $14.4 million project.
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The nonprofit builder plans to construct a three-story, 18-unit building at the site of the Bexley Senior Center at the corner of Cassady and Columbus avenues, on Bexley’s North Side, and a three-story, 27-unit building at East Livingston and Francis avenues, now the site of an O.R. Woodyard funeral home, on the city’s South Side.
Residents living near the Livingston Avenue site opposed The Community Builders’ request for a conditional-use permit, citing concerns about traffic, parking, trash removal and that it would overlook homes.
In February 2022, Francis Avenue resident Leah Turner sued the city. Last August, Franklin County Common Pleas Judge Kim Browne ruled that the Bexley City Council’s approval of the project violated the zoning code because the proposed residential development falls within a commercial district.
The Community Builders appealed the decision to the 10th District Court of Appeals and is awaiting a ruling to see if it can proceed with the project.
Dispatch reporter Mark Ferenchik contributed to this report.
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@NathanielShuda