Woda Cooper Breaks Ground on 60-Unit Affordable Housing Community in Columbus

by Kristin Harlow

COLUMBUS, OHIO — Woda Cooper Cos. Inc. has broken ground on Lockbourne Greene, a 60-unit affordable housing community in Columbus. Completion is slated for mid-2023. Woda Cooper is building the $15.8 million project with co-developer Healthy Homes, which is affiliated with Community Development for All People (CD4AP) and Nationwide Children’s Hospital.

The project is the transformation of a vacant and blighted Columbus Land Bank property. The three-story building will feature 12 one-bedroom units, 40 two-bedroom units and eight three-bedroom units. All of the units will be designated for residents who earn 40 to 80 percent of the area median income. Monthly rents are expected to range from $669 to $999, depending on the income category and size of the apartment.

Lockbourne Greene will feature an onsite management office, fitness center and community room. SproutFive will operate an early learning center at the property for children ages 6 months to 5 years old. Residents will also have access to supportive services coordinated by CD4AP.

A new $15 million Affordable Housing Linked Deposit Pilot Program from Franklin County supports funding for Lockbourne Greene at no out-of-pocket cost to taxpayers. The program places funds into an interest-yielding investment at three private banks — CFBank, Mutual Federal and Riverside Bank of Dublin. Additionally, the Ohio Housing Finance Agency allocated an equity investment via federal Low Income Housing Tax Credits. Bank of America invested $7.8 million in the tax credits and provided a construction loan. Other funding comes from Cedar Rapids Bank & Trust, Healthy Homes and the Affordable Housing Trust for Columbus & Franklin County.

Woda Construction Inc. is the general contractor and PCI Design Group is the architect. Woda Cooper’s management division will oversee leasing and maintenance. A second phase of the project has been proposed that would create seven single-family homes.

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