ADVERTISEMENT

    $100 Million Allocated to Affordable Housing in Columbus

    Central Ohio is lacking in affordable housing (ie: low-income housing), but a new fund hopes to change that. Local civic and business leaders announced today that a $100 million Housing Action Fund would help address that need.

    ADVERTISEMENT

    “We know that more than 54,000 people in central Ohio live at or near poverty and spend more than a half of their income for housing,” stated Columbus Mayor Andrew Ginther. “As the city and region continue to grow, we must make sure that residents who work in the region can afford to live here, too.”

    The Housing Action Fund is a collaborative project between the City of Columbus, Franklin County, The Columbus Foundation and multiple corporate partners including Columbus Gas/NiSource, Fifth Third Bank, Heartland Bank, Huntington, L Brands, Nationwide Insurance, Park National Bank and PNC.

    “This is an historic investment into our community that will address a critical need today and pay dividends for generations to come,” said Doug Kridler, President and CEO of The Columbus Foundation. “With Franklin County projected to grow by another 200,000 people to a population of nearly 1.5 million by the year 2050, by collectively supporting housing affordability in this way now, we have the opportunity to grow in a more inclusive way throughout the rest of the 21st century.”

    The fund will offer loans at a below-market rate to housing development companies and organizations that meet affordability requirements (an average of 60 percent area median income rents or below — or less than $1,200 a month for a three-person household), and will work in addition to $50 million in bond money that was approved by voters in May.

    While this new fund will help address the affordable housing shortfall, there is still additional work to be done. According to the Building Industry Association of Central Ohio, approximately 8,000 new housing units are added to the market every year while 14,000 per year are needed to keep up with demand. The $100 million Housing Action Fund is expected to add or renovate 2,150 units.

    READ MORE:

    ADVERTISEMENT

    Subscribe

    More to Explore:

    Updated: Madison County Solar Farm Would Be One of the Largest in U.S.

    UPDATE (3/21/24): The Ohio Power Siting Board voted seven...

    The Confluence Cast: Downtown with Michael Brown

    We're exploring the evolution of downtown with Michael Brown, who has been a cornerstone in the city's development planning and worked both in and outside city government to cheer on its growth. Columbus Underground editor Walker Evans and Mike delve into the city's challenges and triumphs, the synergy between projects, the balance between iconic and neighborhood-level public art investments, and the concerted efforts to address systemic issues like homelessness and affordable housing. Through anecdotes and insights, they highlight Columbus's young, creative energy and the dynamic urban policies that continue to drive its growth.

    The Confluence Cast: Grave Matters – Unearthing the North Graveyard

    There is often a complex interplay between preservation and progress. A year into his exploration, Columbus Underground reporter Jesse Bethea continues to sift through the story of how the removal of remains from what was once the North Market parking lot unfolded. From the contentious removal of centuries-old graves to the forensic analysis of unearthed remains, today’s episode navigates the ethical, legal, and emotional complexities surrounding the issue.  In the quest to honor the past while embracing the future, we examine what lies beneath the surface of urban development and confront the ghosts of history that still shape our city today.

    ‘Experimental Museum’ Planned for Whittier Peninsula

    A local company plans to bring a "first-of-its-kind experimental...
    Walker Evans
    Walker Evanshttps://columbusunderground.com
    Walker Evans is the co-founder of Columbus Underground, along with his wife and business partner Anne Evans. Walker has turned local media into a full time career over the past decade and serves on multiple boards and committees throughout the community.
    ADVERTISEMENT