Co-developers Healthy Homes, Community Development for All People, Nationwide Children’s Hospital and Woda Cooper Cos. have recently opened Lockbourne Greene, a 60-unit fully affordable housing community in Columbus, Ohio.
The developers broke ground on the project in early 2022. PCI Design Group designed the property, while Woda Construction served as general contractor.
Project partners also included the City of Columbus, Franklin County, the Ohio Housing Finance Agency, the Affordable Housing Trust for Columbus & Franklin County, the Columbus-Franklin County Finance Authority and Bank of America.
Woda Cooper’s management division will oversee the community’s leasing and maintenance. The company, alongside co-developer Housing Services Alliance, recently opened a 57-unit fully affordable and age-restricted housing property in Walton, Ky.
In a recent interview with Multi-Housing News, Woda Cooper President David Cooper talked about the ongoing challenge of meeting the demand for quality affordable housing while facing increased building costs and too-little available capital for affordable housing.
Lockbourne Greene, up close
Lockbourne Greene serves residents earning between 40 and 70 percent of the area median income. A total of five units are designated for tenants with disabilities.
The three-story building incorporates 12 one-bedroom, 40 two-bedroom and eight three-bedroom floorplans ranging between 689 and 1,116 square feet, according to Yardi Matrix information. Common-area amenities include a fitness center, a community room, a playground, laundry facilities and controlled access. The 71,000-square-foot property featuring energy-saving elements achieved the LEED Gold certification.
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Community Development for All People will provide supportive services at the community, such as financial literacy resources, wellness and nutrition classes, job skills and parenting enrichment resources.
Located at 1840 Lockbourne Road in the Far South submarket, the 2.2-acre property is 1 mile from Fairwood Park and within walking distance of several dining options. Downtown Columbus is 4 miles northwest.
The project’s private and public funding sources
The developers transformed the vacant Columbus Land Bank property into Lockbourne Greene with support from various public, private and nonprofit sources. The land is subject to a 40-year unsubordinated net ground lease held by Columbus-Franklin County Finance Authority, Yardi Matrix shows.
Financing for the $16 million project included:
- $10 million loan provided by the Ohio Housing Finance Agency
- $1.5 million construction loan from the Community Development for All People
- $1.2 million construction loan from Woda Cooper Cos.
- $1 million construction loan from Cedar Rapids Bank and Trust Co.
The equity financing was provided through federal low-income housing tax credits allocated by the OHFA, which also issued multifamily housing revenue bonds for the project.
In addition, Bank of America invested $7.3 million in tax credits and provided a construction loan. A second permanent mortgage was originated by Healthy Homes and financed through a grant received from the City of Columbus.
The Lockbourne Greene community will also benefit from taxable lease revenue bonds issued by the Columbus-Franklin County Finance Authority.
