Nonprofit Developer Eyes Potential Projects in Columbus

 

A nonprofit developer with a reputation for tackling large, complicated mixed-income projects is opening an office in Columbus.  The Community Builders (TCB) was founded in Boston in 1964.  The organization says it has “completed or preserved” more than 30,000 homes and developed over 855,000 square feet of commercial and retail space, in addition to maintaining a portfolio of more than 11,000 homes that it either owns or manages.

( . . . )

TCB’s previous work in Ohio has mostly been in Cincinnati, where the 700-unit City West project was completed in 2001.  Like Legacy Pointe at Poindexter on the Near East Side, City West is mixed-income development that was built on the site of aging public housing.  Other developments in the region include the renovation of the Commodore Place Apartments in Cleveland, Cascade Village in Akron and the Villages at Mill Crossing in Indianapolis.

 

Among the first local projects the group will be taking on is in Bexley, where Beam said that the Bexley Community Improvement Corporation has selected TCB to work on “preserving affordable family units and revitalizing” the Ferndale-Mayfield area, in the southwestern corner of the suburb.  The organization also hopes to work in the Linden neighborhood, and is in the process of submitting a proposal for the area in response to a recent posting from the City of Columbus.

 

MORE:  https://www.columbusunderground.com/nonprofit-developer-eyes-potential-projects-in-columbus-bw1

New Residents Are Spending Big in Columbus

The Ohio capital is the fastest-growing Midwestern city, pushing up real-estate prices and spurring major transformations of traditional neighborhoods and historic properties

 

Susan McManus and Ashley Lawson were confident they would get a great deal on a big home when they decided to relocate back to the Midwest after five years in Southern California.

 

It didn’t quite happen that way.

 

After a year of searching in Columbus, Ohio, they upped their target price by $500,000. Still, it was another 17 months before the couple closed on a four-bedroom, five-bathroom home in the historical German Village neighborhood—for $1.5 million. To win their home, they had to put in an offer the day the property went on the market.

 

...

 

More here: https://www.wsj.com/articles/good-buy-columbus-11573145397?mod=searchresults&page=1&pos=2

Edited November 7, 20195 yr by TH3BUDDHA

https://www.dispatch.com/business/20200127/buyers-pushed-up-prices-in-central-ohiorsquos-affordable-neighborhoods-in-2019

 

Report from the Dispatch about changes in median sales prices from 2018 to 2019:

 

4 Central Ohio projects awarded Affordable Housing Program grants

 

Four developments promising 194 units of affordable housing have landed grants from the Federal Home Loan Bank of Cincinnati.  The bank awarded $3.2 million in grants to Huntington National Bank, the Affordable Housing Trust of Columbus & Franklin County, and CareSource to help finance projects for low-income and permanent supportive housing.

 

The projects in Columbus include:

 

-- $1 million for the Creekside Place project, a $12.6 million, 63-unit project for very low-income households.  Community Housing Network is the developer of the project planned off I-670 near Woodland Park, which would also be financed with equity from tax credits, HOME funds, a county grant and deferred developer fees.

 

-- $1 million for part of Carol Stewart Village, a project by the Finance Fund that aims to acquire and rehabilitate four Franklinton motels into 59 units of permanent supportive housing for low- and moderate-income households that are aging out of foster care, with five market-rate units as well.

 

-- $750,000 for Marsh Brook Place, a 40-unit permanent supportive housing development on Chatterton Road.  Community Housing Network is building that $9 million project which is also seeking tax credits, HOME funds, deferred developer fees and cash contributions from Huntington and CHN.

 

-- $440,000 for the Hamilton Crossing Annex developed by Homeport, a $6.5 million 32-unit multi-family project in Whitehall that would be for low- and moderate-income elderly households.  The project is also seeking tax credits, HOME funds as well as debt and cash contributions from Huntington and Central Ohio Housing Development Organization.

 

MORE:  https://www.bizjournals.com/columbus/news/2020/02/19/4-central-ohio-projects-awarded-affordable-housing.html

Why 10 affordable homes in Franklinton represent a new model for the city-county land trust

 

The first homes built by a for-profit developer on lots owned by the Columbus-Franklin County land trust could lead to similar partnerships with other homebuilders.  Thrive Cos. plans to build 10 single-family homes in Franklinton as an offshoot of its redevelopment of the Mount Carmel West campus.  Two will be on parcels it donates to the trust from the hospital site; the rest are scattered vacant lots in the city land bank.

 

Central Ohio Community Improvement Corp., which manages both the land bank and trust, will pay for the construction with $1.5 million from the city and a $1.5 million revolving loan funded by Trinity Health, the parent of Mount Carmel Health System.  “If the land trust is successful on the first 10, we’re looking to do many more in the area,” said Steve Bollinger, partner and development vice president at Thrive, formerly Wagenbrenner Development.

 

COCIC already is in talks with other developers.  Until now only affordable housing nonprofits were developing homes for the Central Ohio Community Land Trust.  Including these 10, the trust plans to finish 54 new builds by October.  Three have already sold on the south side, part of a joint effort by Nationwide Children’s Hospital and Community Development for All People.

 

The land trust is designed to keep housing affordable through future sales even as property values increase in the neighborhood.  The trust owns the land itself, so that value isn't included in the price. City or other government dollars allay construction costs.

 

MORE:  https://www.bizjournals.com/columbus/news/2020/02/05/why-10-affordable-homes-in-franklinton-represent-a.html

CMHA plans to spend $247M on new and updated housing in 2020

 

Riding Central Ohio's development boom, the Columbus Metropolitan Housing Authority says 2020 could be its most active year yet.  The public housing agency has been gradually increasing the size of its portfolio and renovating and updating existing properties.  In 2020, it plans to invest $247 million to acquire or renovate more than 1,400 units of housing, including workforce and affordable housing units.

 

Mixed-income development has been a part of that strategy, said CEO Charles Hillman, noting the $120 million, 450-unit redevelopment of Poindexter Village which is coming to a close with a final phase. ... One of the most high-profile of its now-underway projects is a $7.8 million 30-unit expansion of the Scholar House development that will help CMHA serve youth aging out of foster care.  The King-Lincoln project – which houses young parents while they complete a degree – was awarded state tax credits last year.

 

CMHA has added almost 1,600 units to its portfolio from 2013 to 2019 with $101.6 million in acquisition value – including 10 LIHTC awards with $94 million in equity. ... CMHA's activity coincides with a number of other efforts around the city to develop affordable housing.  This summer, Franklin County approved increasing the real estate conveyance fee to raise $65 million that would help renovate or build about 2,050 units affordable to low- and moderate-income households over a decade.

 

MORE:  https://www.bizjournals.com/columbus/news/2019/11/19/cmha-plans-to-spend-247m-on-new-and-updated.html

This article seems to be getting a lot of attention around town. It goes into several issues including the lack of affordable housing around town and how cheaper rentals often have way more "personal" rules in the lease than expensive ones:

 

I Don’t Love Columbus Because I Can’t Participate In It

Kevin Williams

 

Columbus is full of new construction, but it’s never for the people who actually need it. It’s always one or two-bedroom apartments, rarely ever three or more bedrooms, and almost always “luxury”.

It seems obvious that the developers and the powers that be don’t want families or working-class people living in there. Although there are fair housing laws that are supposed to curb discrimination, in practice that doesn’t always happen. There are ways that you can craft policy and design your units to create a defacto sort of discrimination.

 

https://medium.com/@kevinwilliams_76732/i-dont-love-columbus-because-i-can-t-participate-in-it-4e2f62f9699d

2 hours ago, GCrites80s said:

This article seems to be getting a lot of attention around town. It goes into several issues including the lack of affordable housing around town and how cheaper rentals often have way more "personal" rules in the lease than expensive ones:

 

I Don’t Love Columbus Because I Can’t Participate In It

Kevin Williams

 

Columbus is full of new construction, but it’s never for the people who actually need it. It’s always one or two-bedroom apartments, rarely ever three or more bedrooms, and almost always “luxury”.

It seems obvious that the developers and the powers that be don’t want families or working-class people living in there. Although there are fair housing laws that are supposed to curb discrimination, in practice that doesn’t always happen. There are ways that you can craft policy and design your units to create a defacto sort of discrimination.

 

https://medium.com/@kevinwilliams_76732/i-dont-love-columbus-because-i-can-t-participate-in-it-4e2f62f9699d

 

 

I read that one awhile back.  I can completely relate to it, but I was able to escape the world he describes because Cincinnati, as of Feb 28, 2020, is still cheap - assuming you're willing to buy a house with one bathroom and no central AC.  Cincinnati simply has way more of this sort of "starter" home than Columbus does, despite each now having roughly equal metro populations. 

 

Stuff like this still exists in Cincinnati:

https://www.sibcycline.com/Listing/CIN/1652728/5778-Colerain-Ave-Mt-Airy-OH-45239

 

2 hours ago, jmecklenborg said:

 

 

I read that one awhile back.  I can completely relate to it, but I was able to escape the world he describes because Cincinnati, as of Feb 28, 2020, is still cheap - assuming you're willing to buy a house with one bathroom and no central AC.  Cincinnati simply has way more of this sort of "starter" home than Columbus does, despite each now having roughly equal metro populations. 

 

Stuff like this still exists in Cincinnati:

https://www.sibcycline.com/Listing/CIN/1652728/5778-Colerain-Ave-Mt-Airy-OH-45239

 

 

Get thee to the Uncool Crescent, which is brimming with listings such as this one:

 

https://www.realtor.com/realestateandhomes-detail/1743-Alcoy-Dr_Columbus_OH_43227_M40141-29656?view=qv

 

Nonetheless, things have really gotten out of hand in the past few years. These 90K properties would have been only $65K four years ago. A house on my street that sold in 2014 for $79K is listed at $130K. Yeah the inside has been "updated" (gray paint and trim painted white) but nothing like an all new kitchen or bathroom:

 

https://www.realtor.com/realestateandhomes-detail/336-West-St_Groveport_OH_43125_M36052-50883?view=qv

Edited February 29, 20205 yr by GCrites80s

The problem with those homes is that they need to pass an FHA inspection in order to attract many if not most first-time homebuyers, which is a little stricter than a bank's inspection.  So it can be tougher to buy a $90,000 house than a flipped $130,000 house. 

 

The inspection process is just one more confusing episode for first-time home buyers.  Unfortunately people are scared away from good homes due to some "doomsday" detail in the inspection. 

Hmmm, so something like the roof is 20 years old or the furnace is from 1972 will get the boot from an FHA inspection but an individual buying it with cash or a conventional bank loan would be like "meh" then?

Edited February 29, 20205 yr by GCrites80s

1 minute ago, GCrites80s said:

Hmmm, so something like the roof is 20 years old or the furnace is from 1972 will get the boot from an FHA inspection but an individual buying it with cash would be like "meh" then.

 

FHA guidelines require an estimated 2 years left in the life of a roof.  I'm not sure about the furnace.  You do need "all mechanicals" in working order.  This means the seller needs to pay for this stuff BEFORE the closing.  It puts the seller in a tough spot if the FHA buyer backs out after the piddly repairs are made, since they likely won't recover that expense if they sell to someone with a conventional mortgage or a cash buyer. 

 

With FHA they obviously don't want people who can barely afford a house to get one that faces a lot of immediate repairs.  Also, if they do lose the house, there is some hope for the house to get a bit more at auction since it did achieve a level of decency in the recent past. 

Also, I have heard that the FHA does not approve loans in the fall zones of radio towers.  This has been a major issue for Cincinnati because the various broadcast towers loom over prime starter home zones like Mt. Auburn and Price Hill.  I bought my house with a conventional loan - as I type this I am in the fall radius of the WLWT broadcast tower. 

You do get more square footage and a larger lot on average in Columbus, but the necessity of those things is often overblown even for people with kids. Like with newer houses and their barren 12x16 bathrooms with only one pedestal sink. What good does that do?

...but at the same time, anecdotally it appears to me that walking has gone down in Cincinnati even as the population has increased in recent years.  It's now popular to buy a home in a prewar walkable neighborhoods, but not to actually walk aside from walking the designer dog. 

9 hours ago, GCrites80s said:

Nonetheless, things have really gotten out of hand in the past few years. These 90K properties would have been only $65K four years ago. A house on my street that sold in 2014 for $79K is listed at $130K. Yeah the inside has been "updated" (gray paint and trim painted white) but nothing like an all new kitchen or bathroom:

 

https://www.realtor.com/realestateandhomes-detail/336-West-St_Groveport_OH_43125_M36052-50883?view=qv

A couple weeks ago I thought about offering $60,000 for this house right down the street: https://www.cutlerhomes.com/p/393-Kinsel-Avenue-Groveport-OH-43125/dmgid_136743730

 

I’d have to get it for that much to turn more of a profit than I’m spending on my cheap rent right now. That’s with me doing literally all of the work. I’m interested to see what the offer that’s pending ends up being, and then seeing that house sell for $120,000+ in three years.

That could definitely happen if the market stays like this. Looks like it's going to need windows.

It's not going to get the move-in ready premium which is steep these days.

All these issues and more are why the city desperately needs to change its entire zoning code rules.  No more of this "we'll alter the codes for one corridor in a neighborhood to slightly less strict guidelines" kind of thing, but real, city-scale changes.  They need to do away with single-family only zoning, remove height guidelines in most areas and eliminate all parking requirements beyond Downtown.  And the Land Bank should focus more on rehabilitation than demolition.  These moves won't totally solve the supply problem, obviously, but they'll help.  

Edited February 29, 20205 yr by jonoh81

I'm trying to think of things cities can do to get that move-in ready premium down. Rehabbing properties themselves helps.

Columbus is one of the country's toughest markets to find a home, report says

 

After months of being one of the nation's hottest housing markets, Central Ohio just landed a new label.  Realtor.com has now named us one of the toughest places in the country to buy a house.

 

Central Ohio ranked seventh on the website's list of the toughest markets for homebuyers, based on the area's 9% decline in listings year-over-year in January and 13% increase in median listing prices year-over-year to $285,000. ... The squeeze on homes for sale at any one time means homes are selling faster and seeing more competition for buyers, driving prices up.

 

Currently, houses priced below $350,000 are selling in an average of 27 days, with those $350,000 to $500,000 selling in about 46 days.  In a healthy market with more supply, those same houses sell in about 90 days.

 

MORE:  https://www.bizjournals.com/columbus/news/2020/02/19/columbus-isone-of-the-countrys-toughest-markets-to.html

There is no reason to do away with single-family zoning for lots that are currently occupied by single-family homes.  There is no conceivable way to tear down a single single-family home and replace it with a 4 or 6 unit and make money.  So they can change the zoning all they want but the things aren't going to be built. 

 

What is possible is the rezoning of vacant lots in single-family zones to multi-family or to allow lot splitting to very small lots to allow multiple single-family homes.  But be careful what you wish for - Nashville opened the flood gates back in 2010 and the results have been hideous.  Yes, more "homes" are being jammed into neighborhoods, but they're usually cheap-looking despite being $400k and everyone's still driving. 

 

You can't get to true walkable density with single-family homes without doing attached homes on small lots.  Look at - of all places - Liverpool, England.  Get the google earth measure tool ready and you'll see that block after block of attached row homes are built on shallow lots.  Most city lots in Ohio's cities are somewhere between 90 and 150 feet deep.  These lots in Liverpool are only 50 feet deep.  So the block width is 100 feet - the depth of a typical Ohio city lot.  So the density for single-family homes is 2x before the lot width is considered, and obviously attached row homes are relatively rare in Ohio. 

 

 

 

I actually don't consider that good, walkable urbanism unless there's some neighborhood businesses I'm not seeing.

There probably are, but there aren't, the walk from one side of this area to the other is very, very short.  It's only 600 feet from one side to the other, or the length of a NYC subway train. 

On 2/29/2020 at 8:21 AM, aderwent said:

A couple weeks ago I thought about offering $60,000 for this house right down the street: https://www.cutlerhomes.com/p/393-Kinsel-Avenue-Groveport-OH-43125/dmgid_136743730

 

I’d have to get it for that much to turn more of a profit than I’m spending on my cheap rent right now. That’s with me doing literally all of the work. I’m interested to see what the offer that’s pending ends up being, and then seeing that house sell for $120,000+ in three years.

 

I actually stalked this one on my morning walk. It's near the end of road after West changes into Kinsel which means property values are a little lower than they are closer to Main. So it might not go that high but who really knows since the subdivision machine isn't likely to fire back up in the next three years. I don't know how much the motocross bike converted to a chopper as yard art across the street affects things, but this street definitely has a muscle car and motorcycle culture.

 

Have you been in it?

9 hours ago, GCrites80s said:

 

I actually stalked this one on my morning walk. It's near the end of road after West changes into Kinsel which means property values are a little lower than they are closer to Main. So it might not go that high but who really knows since the subdivision machine isn't likely to fire back up in the next three years. I don't know how much the motocross bike converted to a chopper as yard art across the street affects things, but this street definitely has a muscle car and motorcycle culture.

 

Have you been in it?

I have not been inside. That yard art has always intrigued me. Sometimes my walks take me down that way, and that's when I saw it for sale. The fenced in yard goes almost all the way to Rohr with a shed as well. However, the parcel ends well short of Rohr so if the city ever decided to widen Rohr or something they could cut into the yard. The path will probably lead to an extension of the Wirt Rd path they have.

 

But yes, as far as the culture, it's always interesting walking back there at night. Very different feel.

Also those farm fields west of there on the other side of Rohr are owned by the Metro Parks so they might become part of the system. 

On 2/29/2020 at 10:34 AM, jmecklenborg said:

There is no reason to do away with single-family zoning for lots that are currently occupied by single-family homes.  There is no conceivable way to tear down a single single-family home and replace it with a 4 or 6 unit and make money.  So they can change the zoning all they want but the things aren't going to be built. 

 

What is possible is the rezoning of vacant lots in single-family zones to multi-family or to allow lot splitting to very small lots to allow multiple single-family homes.  But be careful what you wish for - Nashville opened the flood gates back in 2010 and the results have been hideous.  Yes, more "homes" are being jammed into neighborhoods, but they're usually cheap-looking despite being $400k and everyone's still driving. 

 

You can't get to true walkable density with single-family homes without doing attached homes on small lots.  Look at - of all places - Liverpool, England.  Get the google earth measure tool ready and you'll see that block after block of attached row homes are built on shallow lots.  Most city lots in Ohio's cities are somewhere between 90 and 150 feet deep.  These lots in Liverpool are only 50 feet deep.  So the block width is 100 feet - the depth of a typical Ohio city lot.  So the density for single-family homes is 2x before the lot width is considered, and obviously attached row homes are relatively rare in Ohio. 

 

 

 

 

Doing away with single-family exclusionary zoning does work, though.  And it's not simply about tearing those houses down.  In many neighborhoods, particularly historic ones, that wouldn't happen.  What the zoning would do is allow either larger or higher density projects to be interspersed within them where space allows, projects that are often blocked by NIMBYs because of zoning restrictions. Just because the zoning restrictions are removed does not mean that every location is going to work out. It just provides for more opportunities for density when and where appropriate.

 

I personally don't like that type of English housing or neighborhood.  Row housing can have a place and work well when incorporated into mixed neighborhoods,, but I'm not a fan of the endless monotone design and heights, the lack of office/retail, the lack of green space, the lack of trees, etc.  It's an ugly, soulless neighborhood to me, and just the English version of sprawl, albeit with a bit higher density than the American version.

Edited March 2, 20205 yr by jonoh81

If it was 1978 you picture dudes from Angel Witch, Def Leppard and Witchfinder General living with their mums spread out over the complex yelling at each other to come down to jam and mean-mugging members of the other bands as they pass each other... or at least I do.

Cross-posted from the Franklinton development thread:

 

On 4/18/2020 at 12:36 PM, ColDayMan said:

Three Affordable Housing Developments Moving Forward

 

 

The City of Columbus announced this week that three affordable housing developments in Franklinton will be moving forward. The projects, which will bring a total of 150 units to three different sites in the neighborhood, will offer senior housing, apartments and single family homes that will be affordable to those making between 30% and 80% of the area median income .

 

Each of the projects will utilize gap financing from the city as well as a relatively new tax credit program from the Ohio Housing Finance Agency called FHAct50. The program targets neighborhoods that are seeing an influx of new market-rate housing.

 

The three projects are featured in a new Franklinton area plan (PDF), released this month. Similar to the city’s Envision Hilltop and One Linden plans, the new Franklinton document contains information on the neighborhood’s history, as well as data on employment, crime, transportation and other topics.

 

More below:

https://www.columbusunderground.com/three-affordable-housing-developments-moving-forward-bw1

 

 

Franklin County invests in affordable housing projects

 

The Franklin County commissioners approved $2.375 million Tuesday to go toward building homes on property controlled by the Franklin County Land Trust.  The county hopes to build 20 homes on county land bank property.  Officials plan for construction to begin in the third quarter of this year, said Hope Paxson, vice president of programs and housing for the Central Ohio Community Improvement Corporation, the county land bank.

 

The land trust will own and control the property, with home buyers owning the home itself and having a 99-year lease on the land it’s on.  If the owner sells the home, the buyer owns the house but the trust continues to own the land.  “It puts affordable housing into areas for the long-term,” said James Schimmer, Franklin County’s director of economic development and planning. ... Paxson said the homes will be built with development partners in unincorporated areas of the county such as Prairie and Mifflin townships.

 

In 2019, the commissioners approved a plan to invest about $65 million over the next decade to create more than 2,000 more units of affordable housing. ... The city of Columbus also invested $3.8 million last year into land trust projects within the city, Paxson said.

 

MORE:  https://www.dispatch.com/news/20200428/franklin-county-invests-in-affordable-housing-projects

On 3/2/2020 at 10:31 AM, jonoh81 said:

 

Doing away with single-family exclusionary zoning does work, though.  And it's not simply about tearing those houses down.  In many neighborhoods, particularly historic ones, that wouldn't happen.  What the zoning would do is allow either larger or higher density projects to be interspersed within them where space allows, projects that are often blocked by NIMBYs because of zoning restrictions. Just because the zoning restrictions are removed does not mean that every location is going to work out. It just provides for more opportunities for density when and where appropriate.

 

I personally don't like that type of English housing or neighborhood.  Row housing can have a place and work well when incorporated into mixed neighborhoods,, but I'm not a fan of the endless monotone design and heights, the lack of office/retail, the lack of green space, the lack of trees, etc.  It's an ugly, soulless neighborhood to me, and just the English version of sprawl, albeit with a bit higher density than the American version.

Just replacing strip malls, other dead big box stores, other empty business buildings/etc. with a mix of ground floor activity and apartments on top would help densify many suburban areas. It is just the matter of convincing the residents(NIMBYS)of these areas that it will not mean the downfall of civilization if this happens. I guess in more upscale areas they could be condos instead of apartments?

 

Also aren't these areas I have mentioned already zoned for non-residential purposes?

 

And I agree that Liverpool neighborhood looked heinous and I don't think most Americans(particularly Ohioans)would tolerate that streetscape. Maybe something more like the homes in Harrison West along Perry and Harrison Park Place, just cheaper versions of course. I think that is still a decent density and more acceptable to American tastes. Add in some apartments and ground floor "activity" and that neighborhood could be recreated where a dead big box/department store/etc. is now. This could happen in relatively newer areas built up post war, while the individual infill type stuff could happen in older areas.

 

What is happening in Italian Village/Weinland Park-where non residential areas are built up densely with homes and apartments replacing older non-residential uses should be applied to other areas-there are plenty of dying or dead nonresidential areas scattered all over the city-but of course the NIMBYS!!!!! smh.

 

*I do agree with jmecklenborg that much of the Nashville infill(at least what he showed) was awful. 

Edited April 29, 20205 yr by Toddguy

The Uncool Crescent provides a refuge from inflated housing prices in Seabus but you've got to be willing put up with its lack of amenities. It's under-retailed, the bars aren't "cool" and a lot of people don't like the schools.

 

Divide between Columbus' wealthy and poor neighborhoods growing, OSU study finds

 

A new analysis of nearly 500,000 Columbus-area home sales over 15 years shows that the gap between the city's richest and poorest neighborhoods is getting bigger.

Ohio State University researchers found that between 2000 and 2015, traditionally high-priced neighborhoods including Upper Arlington, Grandview Heights and Bexley became even more prosperous, as measured by mean housing values. But neighborhoods including Linden and Franklinton lost value in their housing prices.

14 hours ago, GCrites80s said:

The Uncool Crescent provides a refuge from inflated housing prices in Seabus but you've got to be willing put up with its lack of amenities. It's under-retailed, the bars aren't "cool" and a lot of people don't like the schools.

 

Divide between Columbus' wealthy and poor neighborhoods growing, OSU study finds

 

A new analysis of nearly 500,000 Columbus-area home sales over 15 years shows that the gap between the city's richest and poorest neighborhoods is getting bigger.

Ohio State University researchers found that between 2000 and 2015, traditionally high-priced neighborhoods including Upper Arlington, Grandview Heights and Bexley became even more prosperous, as measured by mean housing values. But neighborhoods including Linden and Franklinton lost value in their housing prices.

It seems like there has been very little building in the uncool crescent except for the fringe suburban areas in Grove City, Pickerington, etc. The far west side has been dead except for a few infill apartment projects. Everything is a bit north in Hilliard Schools or way down in Grove City(avoiding the worst of the SWCSD schools).

 

The Hilltop has really gone downhill and it is sad. I went by my old street in Wilshire Heights and it was really depressing.

CMHA spends $85M to grow its housing portfolio

 

The Columbus Metropolitan Housing Authority has added more than 800 new housing units to its portfolio through a series of acquisitions.  The housing authority announced it has completed the acquisition of four properties since January and is finalizing details to purchase more.  In all it says the deals, with a combined cost of $85 million, will add 832 units of new housing to its portfolio.  It's on track to add another 1,500 housing units by the end of 2022.

 

The acquisitions include Gables West in Hilliard, Crosswinds Village Apartments in Columbus and Tussing Place Apartments and Canals Edge in Canal Winchester.  CMHA also said it is finalizing the purchase of other property nearby in Canal Winchester, though it did not disclose the size or scope of that purchase.

 

“We are seizing opportunities to acquire high-quality properties in neighborhoods with access to great schools, jobs and transportation,” CMHA CEO Charles Hillman said in a statement.  “This year, CMHA is also renovating more than 500 units that we own to improve the quality of life for our residents and maintain them as affordable."

 

MORE:  https://www.bizjournals.com/columbus/news/2020/06/19/cmha-spends-85m-to-grow-its-housing-portfolio.html

Report about Low Income Housing Tax Credits awarded in June to three affordable housing projects located in Columbus:

 

https://www.columbusunderground.com/development-roundup-june-2020-edition-bw1

• Homeport was awarded tax credits to build a 56-unit development in Northland, close to Beechcroft High School
• National Church Residences, to build a 62-unit senior housing development, also in the Northland area, called Bretton Woods
• Community Housing Network, to build a 56-unit development in Southfield called Touchstone Field Place

Franklin County commits $4 million to affordable housing apartments

 

Franklin County officials have committed $4 million to four developments that would create 273 affordable apartments for lower-income residents.  It’s the first planned outlay from a larger effort to jump-start affordable housing construction around the county, particularly in areas along existing or planned public transportation routes and near schools, doctor’s offices and other amenities.

 

The funds are coming from a new “Magnet Fund” program, established in Franklin County’s Economic Development and Planning office as part of an affordable housing initiative approved by the commissioners about a year ago. ... The commissioners plan to allocate about $65 million over the next decade to spur the development of 2,000-plus affordable housing units.  The effort is backed by an increase in conveyance fees, paid as part of real estate transactions, that was implemented by the commissioners in October.

 

Projects selected during the first funding round from the county’s Magnet Fund are proposed at Cleveland and Myrtle avenues in Linden, south of West Broad Street near Lincoln Village and Hilltop, on Lockbourne Road on the South Side, and on Reeb and Morrill avenues on the South Side.

 

MORE:  https://www.dispatch.com/news/20200803/franklin-county-commits-4-million-to-affordable-housing-apartments

Info on four Homeport affordable housing projects in various stages of development in this CU article:

 

https://www.columbusunderground.com/two-linden-developments-moving-forward

• Kenlawn Place at 2959 Cleveland Avenue in Linden, a three-story, 45-unit apartment building facing Cleveland Avenue plus five single family homes to be built on scattered lots in the immediate area, broke ground last month and is scheduled to be completed by the end of 2021.  more info
• Graceland Flats in Clintonville, a 180-unit complex in which half of the apartments will be affordable, is on schedule for completion by next spring.  more info
• Arrowleaf Apartments in Grove City, a 28-unit apartment building, is almost complete.  More info at https://www.homeportohio.org/.
• McDowell Place, a 50-unit apartment building at 79 McDowell Street in Franklinton, will likely break ground next year.  more info

 

https://www.dispatch.com/news/20200815/new-apartments-give-homeless-youth-place-of-their-own

https://www.chninc.org/marsh-brook-place

 

Marsh Brook Place is a new 40-unit apartment building located at 5981 Chatterton Road, just west of Brice Road.  The three-story building is supportive housing for transition-aged youth (ages 18-24).  Community Housing Network developed and manages the property, while Huckleberry House provides on-site, youth-focused supportive services.

 

The 40-unit project was funded with about $9 million in public and private money.  It is the first in Franklin County designed specifically to meet the needs of young people ages 18 to 24 who have faced homelessness and other serious barriers to stability.

Linked-deposit program focused on affordable housing

 

The Franklin County Treasurer’s Office is restarting an initiative to provide additional incentives for the development of affordable housing in the community.  Treasurer Cheryl Brooks Sullivan said an initial project, a four-story, 60-unit apartment complex near the intersection of Lockbourne and Smith roads on the South Side, is the first to participate in the linked-deposit program, through which the county will forgo a portion of its investment return on a certificate of deposit.

( . . . )

It’s the latest effort by Franklin County officials to address a shortage of affordable housing options, particularly for an estimated 54,000 households living in poverty and paying more than half of incomes on housing.

 

The commissioners have allocated about $65 million in conveyance fees, paid as part of real estate transactions, over the next decade to spur the development of more than 2,000 affordable housing units.  Earlier this year, the commissioners approved a $4 million allotment for four separate developments that would create 270-plus affordable apartments. 

 

MORE:  https://www.dispatch.com/news/20200903/linked-deposit-program-focused-on-affordable-housing

Earlier this month, the Mid-Ohio Regional Planning Commission (in partnership with the City of Columbus and Franklin County) issued an affordable housing report and action plan for Central Ohio.  Below are links to two articles written about this from the Columbus Dispatch (ThisWeekNews) and Columbus Underground.

• https://www.columbusunderground.com/new-report-lays-out-affordable-housing-strategy-for-region-bw1
• https://www.thisweeknews.com/news/20200902/how-can-columbus-region-address-housing-disparities-affordability-report-has-some-ideas

Also below is an excerpt from the CU article about the MORPC report:

 

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New Report Lays Out Affordable Housing Strategy for Region

 

There have been plenty of reports and studies in the last several years on the shortage of affordable housing in Central Ohio.  Last year, a $100 million housing fund was established and Columbus voters approved a $50 million bond package to address that shortage.

 

A new effort was unveiled (earlier this month) which aims to lay out a clear strategy both for the allocation of those types of resources and for making sure that the burden of tackling the challenge doesn’t fall solely on the shoulders of Columbus – that the many suburbs, towns and smaller cities throughout the Central Ohio region also take part.

 

The Mid-Ohio Regional Planning Commission’s new Regional Housing Strategy identifies five core regional housing issues:

• Increased competition for homes - driven by increased population growth, a low rate of housing production, and lasting impacts from the Great Recession.
• Barriers limiting access to homes - including disparities in lending practices, creditworthiness, housing instability, and housing discrimination.
• Limited supply of homes priced for low-income households - as more homes are built at higher price points, the region loses some of its existing affordable options (including single-family rentals and expiring subsidized housing), and demand for rental assistance continues to outweigh supply.
• Demand for more homes that serve a wider range of ages, abilities, and household sizes - which is growing as a result of the region’s changing demographics. This includes trends like the increasing racial and ethnic diversity in Central Ohio and the growing number of both older and younger adults in the region.
• Housing instability among Central Ohioans - as reflected in the region’s rates of cost-burden, evictions, homelessness, and homes in need of repair.

The report also features an “implementers toolkit,” which can be filtered to look specifically at certain housing submarkets, such as late-market suburbs, aging multifamily and emerging demand neighborhoods.  Five action items are singled out as key priorities:

 

MORE:  https://www.columbusunderground.com/new-report-lays-out-affordable-housing-strategy-for-region-bw1

A report from the other side of the Housing Market/Affordable Housing story in Columbus:

 

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King-Lincoln-Bronzeville tops for house flipping

 

The King-Lincoln-Bronzeville neighborhood on the Near East Side saw more house flipping in the first quarter of this year than any neighborhood in the country but one.  The area, just east of Downtown, has been booming the past few years.  It has beautiful old homes, great proximity to Downtown and a burgeoning commercial district.  And now, it has a real estate distinction to match: the nation’s second-highest rate of flipped homes.

 

A new analysis by the real estate service Attom Data Solutions found that 35.7% of homes that sold during the first three months of the year in the 43203 ZIP code were flips.  That ZIP code includes Bronzeville and the King-Lincoln, Mount Vernon and Woodland Park areas, north of Broad Street and east of I-71.

 

Throughout the Columbus area, 8.1% of homes sold in the first quarter were flipped, slightly higher than the national rate of 7.5%.  Attom defines flips as homes that sell within a year of being purchased.

 

MORE:  https://www.thisweeknews.com/business/20200621/king-lincoln-bronzeville-tops-for-house-flipping

The New Suburban Infill Proposals: How They Compare, and the One Thing They’re All Missing

Brent Warren - Oct. 16, 2020

 

"The last month has seen four significant mixed-use developments proposed in Columbus suburbs. ... Collectively, the four developments could bring over 600,000 square feet of commercial space (mostly office) and more than 1,900 new residential units to the region. What they won’t bring, at least according to the plans that have been submitted so far, is any sort of affordable housing – all of those planned residential units will be market-rate."

 

 

https://www.columbusunderground.com/the-new-suburban-infill-proposals-how-they-compare-and-the-one-thing-theyre-all-missing-bw1

200-unit affordable housing complex starts in Jefferson Township

 

Developers Casto and Homeport have begun construction on a 200-unit affordable housing complex they hope can be a "model" for future projects.

 

The Killarney Woods development in Jefferson Township will have 176 garden and 24 townhome apartments starting at 650 and 1,150 square feet, respectively.  Just over half of them will be rented to people making 80% to 100% of the area median income.  This is the third affordable housing development the two companies have collaborated on.

 

The site sits on 28.9 acres at 8400 East Broad Street, near the intersection with Taylor Road.  It's part of a thin stretch of Jefferson Township between the borders of Columbus, Pataskala, and Reynoldsburg.

 

MORE:  https://www.bizjournals.com/columbus/news/2020/10/12/200-unit-killarney-woods-in-jefferson-twp-starts.html

The first phase of spending from a $50 million affordable housing bond issue approved by voters last year has made its way into the latest City capital improvements budget:

 

https://www.bizjournals.com/columbus/news/2020/11/09/columbus-1-4b-capital-budget-2020.html

• The budget allocates $11.5 million, including $1 million dedicated to the Linden neighborhood, toward building or rehabbing more than 500 affordable housing units.  Private developers would invest $83 million; the city funds help complete the financing for affordable development incentivized by federal tax credits.
• Another $2.5 million completes a $5 million initiative developing affordable housing on the city's south side by nonprofit Community Development for All People.

Central Ohio housing market on pace for historic 2020

 

Home sales have rocketed past their spring freeze.  Now, Columbus Realtors predict 2020 will be the most active year ever for the region's housing market.

 

Home sales, normally cool at the onset of winter, continued to surge 12.7% in November, which puts them up 3.6% in the first 11 months of the year, despite record high home prices and record low housing inventory.  That's 2,777 closed sales in November and 30,703 in the first 11 months of the year.

 

And with another 2,900 homes put in contract in the month, December is probably going to keep up the same pace, Columbus Realtors said.  Homes under $350,000 are almost 80% of all sales this year, although that's ticked down slightly of late.

 

MORE:  https://www.bizjournals.com/columbus/news/2020/12/22/2020-on-pace-to-be-most-active-housing-year-ever.html

 

Business First feature on the City of Columbus' new housing incentives that are chipping away at Columbus’ greatest affordable housing challenge - the lack of supply:

 

https://www.bizjournals.com/columbus/news/2020/11/20/incentivizing-affordability.html

And for a report on the "unaffordable" side of the housing market:

 

https://www.bizjournals.com/columbus/news/2020/12/29/bobrovskys-condo-sells.html

 

Former Columbus Blue Jackets goalie Sergei Bobrovsky's 5,474-square-foot condo on the 19th floor at 300 W. Spring Street sold for $2.5 million, after it was on the market for 193 days.

 

The original asking price for the unit located in The Condominiums at North Bank development was $3.2 million in May 2019.  It was later re-listed for $2.75 million in May 2020.  However, the final sale price was still more than the $2.1 million he purchased it for in 2015.

 

Interestingly, former Blue Jackets defenseman Jean-Luc Grand-Pierre of The Raines Group - and current co-host of CBJ broadcasts on Fox Sports Ohio - was the listing agent for the four-bedroom, four-bathroom condo that features “breathtaking views of the river, Huntington Park, Nationwide Arena & more,” according to the listing.

On 2/13/2021 at 6:01 PM, Columbo said:

And for a report on the "unaffordable" side of the housing market:

 

https://www.bizjournals.com/columbus/news/2020/12/29/bobrovskys-condo-sells.html

 

Former Columbus Blue Jackets goalie Sergei Bobrovsky's 5,474-square-foot condo on the 19th floor at 300 W. Spring Street sold for $2.5 million, after it was on the market for 193 days.

 

The original asking price for the unit located in The Condominiums at North Bank development was $3.2 million in May 2019.  It was later re-listed for $2.75 million in May 2020.  However, the final sale price was still more than the $2.1 million he purchased it for in 2015.

 

Interestingly, former Blue Jackets defenseman Jean-Luc Grand-Pierre of The Raines Group - and current co-host of CBJ broadcasts on Fox Sports Ohio - was the listing agent for the four-bedroom, four-bathroom condo that features “breathtaking views of the river, Huntington Park, Nationwide Arena & more,” according to the listing.

Did Patrik Laine purchase it? (I don't believe Jack Roslovic's salary could cover it)

Fund to create affordable housing in Franklin County has loaned $22.3 million so far

 

A housing fund created in 2019 to loan $100 million to create affordable housing in Franklin County has so far financed projects to construct or rehab more than 1,000 units. ... Housing Action Fund has loaned $22.3 million through the end of 2020 and has gone to support nine projects across the county, including five new developments and four rehabilitations.

 

According to information provided by the affordable housing trust, about half of the units so far are for families making up to 60% of the area median income, which is $50,520 for a family of four.  About 14% of the units are for those making up to 30% of the area median income, which is $26,200 for a family of four.

 

The developments are spread throughout the county.  They include these four rehabilitation projects: Homeport's 90 units at Corban Commons on the Northeast Side, the Columbus Metropolitan Housing Authority's 230 units at Rosewind in South Linden and 88 units at Canal's Edge in Canal Winchester, and PIRHL Developers' 232 units at Crosswinds Village on the Southwest Side.

 

New construction includes Homeport's 45 apartments and five-single family homes at its Kenlawn Place development in North Linden, Casto Communities' 200 units at its Killarney Woods development in Jefferson Township, the Community Housing Network's 56 units at its Touchstone Field Place project on the South Side, and two Woda Cooper developments: its 60-unit Jenkins Street Loft project near Merion Village, and its 62-unit Wendler Commons project on the East Side.

 

MORE:  https://www.dispatch.com/story/news/2021/04/02/housing-action-fund-franklin-county-affordable-housing-loans/7045125002/