COLUMBUS, OHIO — Woda Cooper Cos. Inc. has broken ground on Juniper Crossing, an affordable seniors housing community that will be built in two phases in Columbus. Phase I will provide 44 units for residents who earn between 30 and 70 percent of the area median income (AMI), while Phase II will offer 37 units for those who earn up to 60 percent AMI. Amenities will include a multipurpose community room, fitness center, parcel room, laundry facility, lounge room, activity room and picnic area. The property is expected to be certified LEED Silver.
The Ohio Housing Finance Agency (OHFA) allocated federal housing tax credits for both phases of the project, and new state credits for Phase II. OHFA also provided the first mortgage for Phase I. Merchants Capital invested in the federal and state tax credits for both phases in exchange for equity financing. Its affiliate, Merchants Bank of Indiana, is the construction lender. Cedar Rapids Bank & Trust provided a permanent first mortgage for Phase II. The City of Columbus approved a 15-year tax abatement on 100 percent of the value for both phases. The city also provided gap financing toward permanent debt, including a HOME loan for soft debt for the first phase and bond funding for the second phase. Other financial partners included the Affordable Housing Trust for Columbus & Franklin County, which provided soft funding and equity bridge loans for both phases. The Columbus-Franklin County Finance Authority authorized a sales tax exemption for both phases for goods and materials used in construction.
Jewish Family Services will coordinate onsite supportive services and assist in providing referrals for Phase II. The project team includes architect PCI Design Group Inc., civil engineer American Structurepoint and general contractor Woda Construction Inc. Woda Management & Real Estate will handle leasing and property management.