COLUMBUS, OHIO — Woda Cooper Cos. Inc. has opened Lockbourne Greene, a 60-unit affordable housing community with an onsite early learning center in Columbus. Woda developed the property at 1840 Lockbourne Road in partnership with Healthy Homes, which is affiliated with Community Development for All People and Nationwide Children’s Hospital’s Healthy Neighborhoods Healthy Families Initiative. The project transformed a vacant Columbus Land Bank property. The development is available for workforce families, seniors and other general occupancy residents who earn 40 to 70 percent of the area median income, or roughly $39,680 to $69,440 annually for a family of four. Rents range from $760 to $999 per month, depending on income category and size of unit.
The three-story, 71,000-square-foot building includes 12 one-bedroom, 40 two-bedroom and eight three-bedroom apartments. Five units offer features for people with disabilities. Community amenities include an onsite management office, resident fitness center and community room.
Financing for the $16 million project came from a diverse mix of public, private and nonprofit sources. Equity financing was made possible through the allocation of federal Low-Income Housing Tax Credits via the Ohio Housing Finance Agency. Bank of America invested $7.3 million in the tax credits and supplied a construction loan. Other funding includes a permanent first mortgage from Cedar Rapids Bank & Trust. Healthy Homes provided a second permanent mortgage financed through a grant received from the City of Columbus. The Affordable Housing Trust for Columbus & Franklin County provided a bridge loan. The project also benefits from taxable lease revenue bonds issued by Columbus Franklin County Finance Authority.
Residents at Lockbourne Greene will benefit from supportive services coordinated by Community Development for All People. The onsite SproutFive early learning center is geared toward children age six months to five years.
Woda Construction Inc. served as general contractor, and PCI Design Group was the architect. Woda Cooper’s management division will oversee leasing and maintenance. A second phase of the project is proposed to create seven single-family homes developed by Healthy Homes.