Housing Proposed by Wallick (et al) at 18th and Main
September 6, 2015 3:34 pm at 3:34 pm #1092087
The presenters indicated that they would be putting the renderings, site plan and overhead presentation up on their Facebook page. They received a great deal of feedback on them (enough to lead one to believe that they may just head back to the drawing board).
So would leave us to wonder if they would bother to upload the renderings (4 different designs), which they stressed were very conceptual and preliminary.September 7, 2015 3:21 pm at 3:21 pm #1092173
They are targeting the $30-$45K income levels and as such will keep 70% of the site as affordable. This does not mean Section 8. New tenants would have to prove that they make that level of income when they fill out application. Market rates indicate that you can get close to $1,200 for a 2 bedroom and they are going to keep them in the $850 to $900 range.
The developers are hoping to fund this project in part by using federal tax credits to build affordable housing. As I understand it, that means they aren’t allowed to refuse Section 8 tenants.September 8, 2015 5:48 pm at 5:48 pm #1092410September 9, 2015 1:37 pm at 1:37 pm #1092542
I don’t think this development really follows the new HUD rules released this summer.
The new rules require state and local agencies to “affirmatively further affordable housing.” (That means less low income housing development in low opportunity areas, and more development in high opportunity areas.)
Per this map on Ohio Housing Finance Agency’s website, East Main is considered a low opportunity area – https://ohiohome.org/lihtc/opportunitymaps.aspx (I had to click “View Larger Map” to see it). OHFA by their own words are not really looking for additional low income development in low opportunity areas like East Main.
And if you look at the LIHTC (Low Income Housing Tax Credit) map, the NES is already highly concentrated with LIHTC development. http://www.huduser.org/qct/qctmap.html
On the flip side, Wallick is well-connected to those who administer tax credits to developers, since they already have hundreds of low income developments under their belt.
It’ll be interesting to see how it shakes out.October 13, 2015 9:12 pm at 9:12 pm #1097292
Two important meetings coming up re 827 East Main Street (southwest corner of 18th and Main, formerly known as the Buster Douglas lot)
On Thursday, October 15th at 6:30pm at the 12th Precinct Substation, 950 East Main Street (conference room). The developers (Wallick, et al) will present updated renderings proposed to the Planning Committee of the Near East Area Commission.
On Tuesday, October 20th at 6:30pm at the 12th Precinct Substation, 950 East Main Street (conference room). The developers (Wallick, et al) will present to the Zoning Committee of the Near East Area Commission regarding Council Variance Application (#CV15-048, submitted 8/4/15).
THE COUNCIL VARIANCE APPLICATION IS AVAILABLE IN OUR DIGITAL LIBRARY (http://FranklinParkAssociation.org) (See Near East Area Commission – Zoning)February 9, 2016 9:20 am at 9:20 am #1113933
Josh BaumanParticipantFebruary 25, 2016 4:37 pm at 4:37 pm #1115881
Can anyone update on this?
Their facebook page has been deleted which tells me this project has been scrapped? I know they were relying on a tax crefit but i thought the results would be in April?
ThanksFebruary 26, 2016 8:22 am at 8:22 am #1115916
Is the Low Income Housing Tax credit program just a giveaway to developers? I tried to find out how it worked and it seems incredibly complicate– the tax credits are actually sold to investors. Why is it always referred to as “affordable housing tax credits” in articles at this site. I don’t know of any “affordable housing tax credit program”. Is there such a thing?
850-900 does not seem “low income” to me. What happens when the credits expire?March 18, 2016 2:42 pm at 2:42 pm #1119106
I was just looking for their Facebook page as well and saw it was gone. I wonder what’s up…
@clancy12 – When it comes to federally funded developments like this one is hoping to be, the term “affordable housing tax credits” is just a euphemism for “low income housing tax credits”. Developers find that they face less NIMBYism if they use the term affordable, rather than low income. But when it comes to the eyes of the federal government, the terms are interchangable.
However, low income might not be as low as you think. It’s based on the median income for an entire metropolitan area. In the case of Franklin County, that can be quite high. Those thresholds can be found here.
You are also correct in that this money is a giveaway to private developers. The LIHTC program (low income housing tax credit) allows developers to raise money by selling tax credits to investors. This money is not a loan and does not have to be paid back. However, it does serve an important public purpose. Without this federal money, developers would rarely build new housing for lower income people because it’s just not lucrative.
In order to qualify, the developers must meet very specific criteria: How many low income/affordable units that must be included (typically 70% minimum); Maximum income thresholds of residents (pasted above); And how long they have to remain low income/affordable (15 years minimum, although can be up to 30 years.)
It’s also common that developers will double-dip by renting some of the units to section 8 voucher holders, on average about 40% of the units.March 18, 2016 3:01 pm at 3:01 pm #1119108
I had heard that the deal is off for now. The developer could not come to final terms with the land seller. It could come back around again but for now its dead.
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