$100 Million for Affordable Housing in Columbus, Ohio
While Columbus, Ohio is certainly a more affordable housing market than some I can think of in the country, it is quickly becoming less so. To combat the growing problem Columbus Officials announced today that a $100 million Housing Action Fund has been created to address that need.
The mayor stated that 54,000 in Central Ohio live at or near poverty and spend half or more of their income on housing. As the region quickly grows and price increases far outstrip inflation, we have a problem ahead. Also 8,000 housing units are added per year, but 14,000 are needed so the $100 million fund will rehab or add 2,150 units. This is sounding more and more like Los Angeles.
The fund will offer below market rate loans to developers and organizations that meet affordability requirements at an average of 60% of medium incomes rents or below, and will work in addition to the $50 million in bonds passed by voters in May.
See the link below to Columbus underground for more detail. Columbus commercial Realtors and Columbus Ohio Commercial real estate agents
By the way, anyone who is considering selling a central Ohio multifamily complex, I sure have buyers for multifamily in the range of 30 units and up. Contact me, Scott Harris Realtor at 310-905-6614.