Woda Cooper Companies, Inc. and its co-developer Community Development for All People (CD4AP) hosted a ribbon-cutting celebration yesterday to mark the opening of Columbus Renaissance Housing, a new 46-unit affordable community located at 33 W. Morrill Avenue in Columbus. The community will be reserved for renters with household incomes up to 60% of the area median income which is $61,980 per year for a family of four. There are onsite services coordinated by CD4AP available to assist residents.
“We are excited to celebrate the creation of 46 units of safe, affordable housing right here on the South Side,” said Mike Premo, Executive Director for CD4AP. “Columbus Renaissance is the third development to arise from the development partnership between Community Development for All People and the Woda Cooper Companies. We are doing our part to address the affordable housing crisis in Columbus, and we are blessed to have Woda Cooper Companies as a strong partner in that work.”
Columbus Renaissance Housing represents a strong 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.
“When the public and private sectors collaborate with community, great things happen, and Columbus Renaissance Housing is proof,” said Mayor Andrew J. Ginther. “Through this collaboration, 46 more Columbus families will find safe, stable housing that will provide the stability and security needed to prosper.” The City of Columbus provided a low-interest permanent loan and approved a 15-year tax abatement on 100% of the improvements.
Franklin County also provided a low-interest loan through its Magnet Funds. “Housing is more than just shelter, it’s the foundation for health, opportunity, and dignity, said Board President, Commissioner Erica C. Crawley. “That’s why Franklin County is proud to invest in projects like Columbus Renaissance Housing, which bring safe, affordable, and high-quality homes to working families right here on the South Side. This development represents the kind of public-private partnership we need to tackle our region’s housing crisis and ensure that every resident has a place to call home.”
Columbus Renaissance Housing is comprised of one three-story building with an elevator. There are 12 one-bedroom apartments, 28 two-bedroom apartments, and six three-bedroom apartments, Three units offer features for renters with mobility challenges and one unit is designed for individuals with sight or hearing disabilities. The apartments offer spacious, open layouts, quality finishes, such as luxury vinyl tile flooring, plenty of storage, and energy-efficient features and appliances, including dishwashers. The property was certified LEED Silver. Community spaces include a community room w/kitchenette for gatherings, a parcel room, a fitness center, central laundry, playground, bike racks and an onsite office for leasing, management, and maintenance, plus an onsite space for service coordination.
CD4AP will operate an onsite office for consulting with residents and coordinating services in areas such as advocacy, financial literacy, community enrichment activities, goal setting, plus referrals for items such as addiction counseling, childcare, healthcare, employment, legal counsel, and more.
Primary financing was made possible through the allocation of housing tax credits allocated to Columbus Renaissance Housing by OHFA who also provided an equity bridge loan. “The federal and state housing tax credits are valuable tools to help us address the state’s housing needs,” said Bill Beagle, executive director of OHFA. “Together with our local partners, we’re creating new housing opportunities throughout Ohio.”
Marble Cliff Capital invested in the tax credits to provide equity financing. “Marble Cliff Capital is thrilled to celebrate the grand opening of Columbus Renaissance Housing. A heartfelt thank you to our valued partners, Woda Cooper Companies and Community Development for All People, for developing 46 units of muc- needed new housing to support a thriving community on the south side of Columbus,” said Jack Kukura, President & Founder of Marble Cliff Capital, LLC. “I want to recognize all the partners in Columbus Renaissance Housing and investors in MCC Community Equity Fund 2, LP, whose belief in affordable housing makes projects like this possible.”
CF Bank provided a first mortgage and S & T Bank provided the construction loan. The Affordable Housing Trust for Columbus & Franklin County provided an equity bridge loan and also a permanent mortgage. Columbus Renaissance Housing also received a sales tax exemption via the Columbus-Franklin County Finance Authority.
“We appreciate the collaboration and vision with our co-developer Community Development for All People, as well as direct financial investments from the City of Columbus and Franklin County, plus support from many other commercial and public entities to bring the new housing to the South Side,” said Jeffrey J. Woda who is the founder of Woda Cooper Companies, Inc.
Architect was PCI Design Group, Inc, with civil engineering by American Structurepoint, Inc. and general contracting by Woda Construction, Inc. Woda Cooper’s management affiliate Woda Management & Real Estate, LLC performs leasing and property management.
