Columbus: City Council Approves $25 Million for Affordable Housing Development

Columbus City Council Invests $25 Million in Affordable Housing DevelopmentColumbus City Council Invests $25 Million in Affordable Housing Development In a significant move to address the city’s affordable housing crisis, the Columbus City Council has approved the allocation of $25 million for the development of affordable homes. This funding will be used to construct or rehabilitate housing units for low- and moderate-income residents. The investment is part of the city’s “Housing for All” plan, which aims to create or preserve 30,000 affordable housing units by 2030. The $25 million will be provided through the Housing Development Loan Fund (HDLF), which provides loans to developers and non-profit organizations that build affordable housing. “This funding will make a real difference in the lives of our residents who are struggling to find affordable housing,” said City Council President Shannon Hardin. “It will help us build more homes that are within reach for hardworking families, seniors, and those living on fixed incomes.” The HDLF funding will be used to support a range of affordable housing projects, including: * Construction of new multifamily buildings * Rehabilitation of existing affordable housing units * Homeownership assistance for first-time buyers * Rental assistance for low-income tenants The city estimates that the $25 million investment will create or preserve over 1,200 affordable housing units. The projects will be located throughout the city, with a focus on areas with high concentrations of low-income residents and high rental costs. “Affordable housing is a critical need in our community,” said Mayor Andrew Ginther. “This funding will help us make a down payment on our goal of providing every Columbus resident with a safe and decent place to live.” The approval of the $25 million investment is the latest step in the city’s ongoing efforts to address the affordable housing crisis. In recent years, Columbus has implemented a range of initiatives, including zoning changes to encourage affordable housing development, the creation of a Rent to Own program, and the expansion of rental assistance.