COLUMBUS, OHIO — Woda Cooper Cos. Inc. and its co-developer Community Development for All People (CD4AP) have opened Columbus Renaissance Housing, a 46-unit affordable housing community located at 33 W. Morrill Ave. in Columbus. The property is reserved for renters with household incomes up to 60 percent of the area median income, which is $61,980 per year for a family of four.
The project is comprised of one three-story building. There are 12 one-bedroom units, 28 two-bedroom apartments and six three-bedroom units. The property is certified LEED Silver. Amenities include a community room, parcel room, fitness center, central laundry, a playground, onsite office and bike racks. CD4AP is operating an onsite office to assist residents with advocacy, financial literacy, community enrichment activities and goal setting as well as referrals for addiction counseling, childcare, healthcare, employment and legal counsel.
Columbus Renaissance Housing represents a combination of public and private investment from entities, including the City of Columbus, Franklin County, Ohio Housing Finance Agency (OHFA), Affordable Housing Trust for Columbus & Franklin County (AHT) and Columbus-Franklin County Finance Authority, as well as several commercial investors and lenders. The City of Columbus provided a low-interest permanent loan and approved a 15-year tax abatement on 100 percent of the improvements. Franklin County also provided a low-interest loan through its Magnet Funds.
Primary financing was made possible through the allocation of housing tax credits allocated to the project by OFHA, which also provided an equity bridge loan. Marble Cliff Capital invested in the tax credits to provide equity financing. CF Bank provided a first mortgage and S & T Bank provided the construction loan. AHT provided an equity bridge loan and also a permanent mortgage.
PCI Design Group Inc. was the architect, American Structurepoint Inc. served as civil engineer and Woda Construction Inc. was the general contractor. Woda Cooper’s management affiliate, Woda Management & Real Estate LLC, will handle leasing and property management.