Funding for Munson, McKinley housing comes through
ZANESVILLE − A funding hurdle has been cleared to build up to 100 affordable housing units across two locations in Zanesville.
Woda Cooper, a Columbus-based housing developer, signed a deal with the Muskingum County land bank earlier this year to develop the former Munson Elementary School property on Brighton Boulevard. The deal was dependent on finding gap funding to make the project economically feasible, and that funding came through on Wednesday.
The Ohio Housing Finance Agency will provide $5 million in funding from the Ohio Housing Trust Fund for the project, as well as a 4% tax credit. The total cost of the development is expected to be $13.7 million, said Jonathan McKay, vice president of development for Woda Cooper Companies.
Andrew Roberts, land bank executive director, said he expects the former elementary school to be demolished by February. McKay said Woda Cooper will be securing title to the land once the building is down and putting the finishing touches on the financing before starting construction next summer.
There will be a total of 43 units built on the Munson site, McKay said − 14 one-bedroom apartments, 23 two-bedroom apartments, and six three-bedroom apartments. It is the company's second project, as it also built Troon Crossing on East Pike in the early 2000s. Rent for the Munson housing will be 80% of market value.
Woda Cooper will be the owner and developer as well as build and manage the project. It will also build and manage a similar-sized project at the former McKinley Elementary School. The Buckeye Community Hope Foundation will be the owner and developer for that project. The foundation does similar tax credit housing, as its website states it is a non-profit developer of affordable housing and based in Columbus. Calls to the company were not returned Wednesday morning. The building is privately owned, and planning was underway to convert the building into apartments.
The project will help both residents in need of housing, but also companies coming to the area.
"The biggest problem we are having is some of the companies coming in right now, there is nowhere for anyone to live. This is going to have a multiplying effect, not only getting people in units that are more appropriate to them, but also helping businesses," Roberts said.
"We have a lot of people who can't find housing period," he added. "We also have a lot of people who are in housing they can't afford."
"There were certainly a lot of tireless hours" in bringing the project this far, said McKay. "A good effort from both the private and public sectors to bring something quite nice to Zanesville, we couldn't be happier and we are thrilled to move on with this."
"This didn't happen by one of us doing this, this happened by all of us working together, the city, the county, the land bank, Woda Cooper and the Ohio Housing Finance Agency," Roberts said.
"We are excited, this will be about 100 families that will have the opportunity to live in quality housing," Zanesville Mayor Don Mason said. "This will help us expand our workforce, and attract a workforce into the city."
"By putting another 80 to 100 units into the marketplace at a lower-than-market rent, that will relieve the pressure of others trying to find housing. It should help keep everyone's rent from rising," he said.
'The success of landing two projects in Zanesville is due to the cooperating of the city, county and land bank working together," Mason said. "I can't stress that enough."
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This article originally appeared on Zanesville Times Recorder: Funding for Munson, McKinley housing comes through
