It’s no secret that Central Ohio’s population is experiencing extraordinary growth, with MORPC estimating that Columbus grew by 118 people per day in 2018. By those same estimates, the region is on track to grow to a population of 3 million by 2050. With the influx of new residents, both the job and housing markets must keep pace.
As the cost of living grows along with the population, sustainable and affordable housing has become a top priority among Central Ohio policy-makers. The Columbus-Franklin County Finance Authority is proud to have partnered on a variety of developments that have played a part in increasing accessibility to affordable housing to better meet the needs of our growing community, including:
805 Cleveland – The Finance Authority issued $20 million in capital lease financing to aid Avenue Partners and Elford Development in the construction of a 192-unit apartment community. The development will provide accessible housing to the workforce in the Milo-Grogan neighborhood and is estimated to be complete by early 2020.
Long and Front -To facilitate energy efficiency throughout a 7-story mixed used building, the Finance Authority provided over $3 million in PACE bonds through the Central Ohio Regional Bond Fund. The development, consisting of 37 for-rent micro units and retail space, will benefit from HVAC, plumbing, LED lighting and other energy- and cost-saving upgrades.
Gravity -The Finance Authority provided $48 million in capital lease bonds to aid the Gravity development, a 6-story mixed-use building that includes 240 multifamily units, retail and office space, and a structured parking garage. This new space was designed to help address a crucial need for additional housing options in Franklinton.