CMHA Board authorizes over $125 million in combined investments to expand affordable housing opportunities for nearly 1,000 households Among those who will benefit are disabled veterans, low- and middle-wage-earning families and older adults

COLUMBUS, Ohio – The Columbus Metropolitan Housing Authority (CMHA) Board of Commissioners announced approval today of $125 million in combined investments that will finance the acquisition, preservation, and new development of 451 units of affordable housing, serving approximately 935 residents across Central Ohio.

CMHA’s decision underscores the agency’s growing leadership as a construction lender, enabling affordable housing developments at an unprecedented scale in its 92-year history through bond financing. Since 2020, CMHA has issued approximately $500 million in bonds, supporting the acquisition or preservation of nearly 3,000 affordable housing units in 14 Franklin County communities.

“Preserving and expanding affordable housing requires bold financial innovation,” said CMHA Chief Operating Officer Scott Scharlach. “By developing new funding strategies, leveraging creative partnerships, and unlocking untapped capital, we can protect existing communities while creating lasting opportunities for generations to come.”

The CMHA bonds provide developers with access to competitive financing that can significantly reduce borrowing costs, making it possible to deliver high-quality housing at more affordable rents. This approach is central to CMHA’s strategy for strengthening the region’s housing stock and addressing central Ohio’s shortage of attainable housing. These initiatives are bolstered by CMHA’s A+ rating from S&P Global Ratings, which helps secure favorable financing terms and investor confidence.

The properties where CMHA plans to invest include:

Project-Based Voucher Contract:

·       $10.7 million for Commons at Livingston, 3349 E. Livingston Ave., in Columbus, which will provide 50 affordable housing apartments to disabled Franklin County veterans. CMHA is providing federally funded Project-Based Vouchers for all 50 units for a period of 15 years, ensuring the rents will remain affordable over that span through 2040.

Preservation and Renovation:

·       $36 million to finance the complete renovation of The Meadows, a 95-apartment home community at 4855 Pintail Creek Drive, in Canal Winchester, where 255 residents will be provided with quality affordable housing through a full-scale refurbishment.

·       $27 million renovation of North Community Place & Village Place, a 90-unit community serving older adults located at 120 Morse Rd. and 1489 October Ridge Court in Columbus. The project will preserve long-term affordable housing through a partnership with CMHA, Lutheran Social Services (LSS) and TFG Housing Resources.

 “North Community Place and Village Place represent what can be accomplished when organizations share a commitment to serving the community," said LSS President and CEO Rachel Lustig. "Our collaboration with CMHA and TFG reflects a shared vision of preserving quality, affordable housing for older adults while investing in neighborhoods that will continue to serve residents for years to come."

 New Development:

·       $54 million, as well as $1.7 million to purchase the property, as part of the acquisition and redevelopment of a new 216-unit mixed-income and “workforce” housing community at the former Garver YMCA site, 1827 Livingston Ave., which will benefit an estimated 540 new residents upon its anticipated grand opening in 2028. Workforce housing refers to housing that is affordable for households earning moderate incomes—typically people who earn too much to qualify for traditional subsidized affordable housing but not enough to comfortably afford market-rate housing in the communities where they work.

 CMHA’s proactive investments are a response to the acute shortage of affordable housing in central Ohio, with only 29 units available per 100 extremely low-income households, according to data from the Affordable Housing Alliance of Central Ohio (AHACO).

Estimates show 54,000 low- and moderate-income households in Franklin County pay more than half their income towards housing costs, AHACO reports. Central Ohio also faces a deficit of 11,000 to 14,000 new housing units every year to support a healthy housing market.

 The challenge is compounded by rising rents and low vacancy rates, underscoring the urgency for sustainable housing solutions. Rents nationally have risen 14% overall since 2021, going up much more than wages, according to census data. Experts say the spike is partly due to landlords making up for their inability to raise rents during the COVID-19 pandemic and current vacancy rates at their lowest point in 35 years.

 Together, the board actions approved today reinforce CMHA's dual commitment to expanding affordable housing opportunities while preserving the history and quality of neighborhoods that have shaped Columbus for generations.

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