Columbus City Council Considers George's Creek Apartment Renovation Agreement
A proposed housing development agreement would commit $4.8 million in bond funding to support renovations and extend affordability for 30 years at the southeast Columbus complex.
Columbus legislation would authorize the city's development director to enter into a housing development agreement with Columbus Housing Partnership Inc. in support of the rehabilitation of George's Creek apartments.
Council records designate consent status for the proposed ordinance. A council vote is scheduled for Monday, Nov. 2, following an initial reading on Oct. 26. Under the proposed agreement, the city would commit $4.8 million from future Affordable Housing Bond funds once money becomes available. According to the ordinance, the city's funding commitment provides evidence of local funding that is critical for closing to proceed.
George's Creek is a 120-unit apartment complex for families spread across 21 one- and two-story residential buildings and a community building on a 12-acre site in southeast Columbus. Constructed in 1995 under the Low Income Housing Tax Credit program, the property has not been extensively renovated since its initial opening. The complex offers two- and three-bedroom flats and townhomes alongside four-bedroom flats, with on-site amenities including a playground, community room, after-school programs, and social services.
The property's current affordability covenant will expire in 2029. George's Creek currently limits rents to households earning up to 50 percent of the area median income. The planned rehabilitation will offer units to households earning up to 60 percent of the area median income, while dedicating 26 units to project-based vouchers to assist families with extremely low incomes. Upon completion of construction, a new covenant will extend the complex's affordability period by 30 years.
Columbus Housing Partnership Inc., known as Homeport, is the majority owner of the general partner and will serve as sole developer of the rehabilitation. Renovations are scheduled to begin in 2026 and last 24 months, with work conducted on a rolling basis to minimize displacement of current residents.
For the George's Creek renovation, Homeport also secured state loans, bonds, and tax credits, including $2.5 million in development loans, $3 million in assistance program funds, up to $12 million in multifamily housing revenue bonds, and a 4 percent housing tax credit reservation. State officials approved the financing package on Oct. 21.
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Supporting evidence (12)
Columbus legislation would authorize the city's development director to enter into a housing development agreement with Columbus Housing Partnership Inc. in support of the rehabilitation of George's Creek apartments.
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BE IT ORDAINED BY THE COUNCIL OF THE CITY OF COLUMBUS: SECTION 1. That the Director of the Department of Development is hereby authorized to enter into a Housing Development Agreement with Columbus Housing Partnership Inc., in support of the rehabilitation of George’s Creek apartments, an affordable housing community; and
Council records designate consent status for the proposed ordinance.
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Under the proposed agreement, the city would commit $4.8 million from future Affordable Housing Bond funds once money becomes available.
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BACKGROUND: This legislation will allow the Director of the Department of Development to enter into a Housing Development Agreement (HDA) with Columbus Housing Partnership Inc., for the rehabilitation of George’s Creek apartments, which will ultimately be funded with $4,800,000.00 from future Affordable Housing Bond funds. Once funds become available, an ordinance will be brought to Council to authorize a grant agreement.
According to the ordinance, the city's funding commitment provides evidence of local funding that is critical for closing to proceed.
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WHEREAS, it is necessary in the usual daily operation of the Department of Development to authorize the Director to enter into a Housing Development Agreement with Columbus Housing Partnership Inc., in order to provide evidence of city funding; the City’s funding commitment is critical for the closing to proceed; and
George's Creek is a 120-unit apartment complex for families spread across 21 one- and two-story residential buildings and a community building on a 12-acre site in southeast Columbus.
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George’s Creek is a 120-unit apartment complex for families in southeast Columbus. The property consists of 21, one and two-story residential buildings and a community building on a 12 acre site.
Constructed in 1995 under the Low Income Housing Tax Credit program, the property has not been extensively renovated since its initial opening.
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The property was constructed in 1995 by Homeport and financed by Low Income Housing Tax Credits (LIHTC), the property has not been extensively renovated since it was first built.
The complex offers two- and three-bedroom flats and townhomes alongside four-bedroom flats, with on-site amenities including a playground, community room, after-school programs, and social services.
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George’s Creek offers a mix of housing types, including two and three-bedroom flats and townhomes and four-bedroom flats. On-site amenities consist of a children’s playground, community room, after-school program and social services.
The property's current affordability covenant will expire in 2029.
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The community currently operates under LIHTC program with 40% and 50% of Area Median Income (AMI) rents, and the current affordability covenant will expire in 2029.
The planned rehabilitation will offer units to households earning up to 60 percent of the area median income, while dedicating 26 units to project-based vouchers to assist families with extremely low incomes.
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The proposed rehabilitation of George’s Creek Apartments using LIHTC financing will offer units at 50% and 60% of AMI, including 26 units with project-based vouchers (PBV), to expand the range of eligible households to include those with extremely low incomes who are in particular need of quality, affordable housing.
Upon completion of construction, a new covenant will extend the complex's affordability period by 30 years.
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As part of the rehab project there will be a new restrictive covenant that extends the affordability period by another 30 years once construction is complete.
Columbus Housing Partnership Inc., known as Homeport, is the majority owner of the general partner and will serve as sole developer of the rehabilitation.
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Community Housing Partnership Inc. aka Homeport is the majority general partner in the property’s current ownership structure. Homeport will be the sole developer of the property’s rehab and remain the majority owner of the general partner.
Renovations are scheduled to begin in 2026 and last 24 months, with work conducted on a rolling basis to minimize displacement of current residents.
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The renovations will start in 2026 and last 24 months on a rolling basis to minimize tenant displacement.
Supporting evidence (1)
For the George's Creek renovation, Homeport also secured state loans, bonds, and tax credits, including $2.5 million in development loans, $3 million in assistance program funds, up to $12 million in multifamily housing revenue bonds, and a 4 percent housing tax credit reservation.
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George’s Creek: Homeport received $2.5 million in HDL funding, $3 million in HDAP funding, up to $12 million in multifamily housing revenue bonds, and a 4% LIHTC reservation to rehabilitate 120 affordable units in Columbus.