A new 42-unit development is providing seniors with affordable housing in Columbus, Ohio.
The Woda Group developed Wheatland Crossing Senior Apartments for residents 55 and older who earn 60% or less of the area median income.
“Central Ohio’s population of those 65 and older is expected to double in the next 35 years,” said Andrew Ginther, mayor of Columbus. “We want to ensure our community’s older adults remain in their neighborhoods independently with access to services, amenities, and opportunities for community engagement.”
Partnerships between private and public entities that collaborate to create much-needed affordable housing like Wheatland Crossing “are absolutely critical now and will be even more in future,” Ginther added.
The primary source of funding for the $8.6 million development was made possible through the allocation of low-income housing tax credits, private-activity bonds (PABs), and other loans from the Ohio Housing Finance Agency (OHFA), including $1 million in Ohio Housing Trust Funds. The Ohio Capital Corporation for Housing (OCCH) committed approximately $4.1 million in equity for the housing tax credits, with investment partner Huntington National Bank.
Key Bank provided $4.6 million in construction financing. The Affordable Housing Trust of Columbus and Franklin County provided a bridge loan of $2.5 million, and the city of Columbus pledged $500,000 through a Housing Preservation Bond Grant.
Sean Thomas, OHFA’s executive director, emphasized the importance of the bonds used to partially fund Wheatland Crossing. “In Ohio, PABs helped fund 40% of all affordable housing. This equates to 1,700 units, $150 million in development, and over 1,000 jobs created in jobs in 2016,” he said.
The recent House tax reform bill calls for the elimination of PABs, a move that could reduce affordable housing production by approximately 800,000 homes over 10 years.
“This building is proof of what bonds and tax credits can accomplish and the value of public/private partnerships,” said Thomas.
Hal Keller, OCCH president, added that new housing developments contribute toward prosperity in local neighborhoods by creating new jobs and spurring the purchase of goods and services by residents and property owners. “Economic development and affordable housing go hand in hand,” he said.
Wheatland Crossing features a mix of one- and two-bedroom units in a three-story building. Each unit has an open-concept living space and Energy Star appliances. There is a multipurpose community room, on-site management office, a wellness room for health professional visits, and laundry facilities. There is also an outdoor sitting area and a bocce ball court.
Several units are handicapped accessible with roll-in showers and other universal design elements. The development is expected to be certified LEED Gold, and it was designed and built to meet the city of Columbus and Franklin County AWARE green and universal design manual and performance standards.
Woda Management & Real Estate will oversee day-to-day management.
Services such as daily meal services, health and wellness screenings and referrals, planned social activities, financial and credit counseling, and other supports will be coordinated by Homes on the Hill—Community Development Corp.
Joseph M. McCabe, Woda’s vice president of development, led the development of the new property.
Headquartered in Westerville, Ohio, the firm and its affiliates are experienced developers, general contractors, and property managers specializing in affordable multifamily apartments, senior communities, and single-family homes. The Woda Group has developed and currently manages over 300 communities and over 12,000 units.
