Franklin County OKs $5M to help minority, female developers create affordable housing

Nathaniel Shuda, The Columbus Dispatch
·3 min read
A number of affordable housing units are being built in Franklinton, like this one at 1137 West Broad St., as seen on September 24, 2021.
A number of affordable housing units are being built in Franklinton, like this one at 1137 West Broad St., as seen on September 24, 2021.

With more than 30,000 evictions in Franklin County since the COVID-19 pandemic began and one-fourth of renters saying they lack confidence they will be able to pay their rent, county officials have further committed to addressing the affordable housing crisis in the Greater Columbus region.

The Franklin County Board of Commissioners on Tuesday approved a $5 million grant from its federal COVID-19 funds to the Affordable Housing Trust of Columbus and Franklin County. The trust is an independent, nonprofit lender that works with private, nonprofit and public sectors to develop affordable housing in the city and county.

The grant will help launch the Emerging Developers Accelerator Program, which aims to:

  • Increase the amount of affordable housing in the Greater Columbus region by engaging more minority developers, including women and people of color;

  • Boost spending capacity for emerging developers who are women and people of color whose projects are transforming neighborhoods; and

  • Provide training, education and networking opportunities to participants.

"It's vital that we continue to increase the stock of affordable housing for our residents and doing that in a way that also gets more women and minorities into the real estate development business is a win-win," Franklin County Board of Commissioners President Erica Crawley said.

Franklin County Commissioner Erica Crawley
Franklin County Commissioner Erica Crawley

In 2021, the county invested in 600 new units across seven affordable housing projects and spent more than $3.2 million to prevent homelessness and help those who don't have a place to live, Crawley said previously.

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The city of Columbus also committed $5 million over three years for the program, Affordable Housing Trust President and CEO Lark Mallory said. JPMorgan Chase also contributed funding.

Lark Mallory
Lark Mallory

Applicants for the grant money must already have an idea for an affordable housing project, live in or near Franklin County and commit to "inclusive growth in the community," according to the Affordable Housing Trust. A committee of the trust's staff and board members will review and select a cohort of 15 people, with 10 in the first cohort.

Participants must pay $1,250, attend six months of biweekly training sessions and remain active in developing affordable real estate for at least two years, according to the Affordable Housing Trust. They will learn the nuances of the county's real estate market and how to navigate affordable housing programs. Outside experts and industry peers will help with networking and building relationships.

Graduates of the training will also get one-on-one consulting services and become eligible for loan funding from the trust, which currently requires a 5% equity contribution of all borrowers. The county's grant will help reduce those barriers by matching or supplementing personal contributions.

According to a 2017 study by the Affordable Housing Alliance of Central Ohio, 54,000 low- and moderate-income families in Franklin County pay more than half their income on housing.

Dispatch reporters Jim Weiker and Erica Thompson contributed to this report.

nshuda@dispatch.com

@NathanielShuda

This article originally appeared on The Columbus Dispatch: Emerging Developers Accelerator Program will create affordable housing