Homeport is on track to build the largest project in its 34-year history by creating 200 low-income housing units among commercial and retail uses in downtown Easton.
The non-profit developer and Georgetown Company, co-creator of Easton, are collaborating on Phases I, II and III of Easton Place Homes at Easton Loop West and Charter Oak Way.
âIt meets the needs of a large number of families with affordable housing in an area with a large number of jobs,â said Bruce Luecke, President and CEO of Homeport. “It’s just a big win there.”
Phase I, which consists of 50 units, is a $ 12.6 million project that received 9% low-rental housing tax credits from the Ohio Housing Finance Agency. The remainder of the cost will be subsidized through traditional commercial bank loans and other sources of finance.
Phase II, which would add 100 units, is a $ 24 million effort that received 4% tax credits and could leverage $ 4.5 million in capital improvements from Columbus City Council, which is considering budget for the capital improvement project for next year. The balance would come in the form of repayable federal funds and deferred development costs.
If approved, the first two phases would begin around the same time, in the spring of 2022, and not end until the end of 2023, Luecke said. It is expected to cost around $ 12.6 million, but that’s not a firm estimate, he said.
âMost of the time it depends on the funding used,â Luecke said. âFor example, when low-income housing tax credits are used, the people who would qualify cannot earn more than 60% of the region’s median income, and it depends on the size of the family.â
Rent will start at $ 438 for one bedroom, $ 830 for two and $ 1,200 for three. Utilities will be included.
A 4.65-acre lot will be divided to allow for the development of all three phases, Luecke said.
Adam Flatto, President and CEO of the Georgetown Company, said the developer, in accordance with its agreement with the City of Columbus, “is focused on providing quality housing for the workforce in Easton.” .
âOur collaboration with Homeport continues to guide this development and the recent announcement of a low-income housing tax credit for the first phase of housing helps move the project forward,â said Flatto.
âWith thousands of jobs in Easton, we are confident employees and employers alike will welcome this residential option,â he said.
The final phase, to offer 50 units, has passed the planning stages but the construction schedule is not clear at this time, Luecke said.
âWe haven’t moved forward with phase III funding, but it’s something we’re working on right now,â he said.