Officials in Columbus, Ohio have shared their plans for a $500 million plan to invest in affordable housing across the city.
The plan is aimed at helping provide more housing options and community resources amid rising rents, limited supply, and increasing home prices amid the rapid growth the city is experiencing and will likely continue to experience, city officials said.
The plan, which is part of a $1.9 billion bond package approved by voters last November, involves:
- Spending $125 million of the funds on improving the shelter system, making improvements for low-income homeowners and reinvesting in existing affordable housing.
- $175 million will for acquiring land and building denser housing to create more economic diversity in neighborhoods. Priorities include increasing access to community services such as child care, workforce development and healthcare.
- $150 million to help build and preserve affordable housing, including helping with financing for income-restricted affordable rental units and reinvesting in current homes.
- $50 million to reduce development costs and invest in public-private partnerships.
Voters also approved affordable housing bond packages of $50 million in 2019 and $200 million in 2022.
City officials said those funds helped create or preserve more than 6,000 affordable rental units, nearly 700 permanent supportive housing units and 280 affordable homeownership units and more than $7 million for emergency home repairs.
Photo by Matt Ashworth from Pexels
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