Columbus City Council to consider bond agreement for Pheasant Run apartments renovation
The agreement with Homeport would extend affordability covenants by 30 years and fund accessibility improvements across the 136-unit family complex.
The Pheasant Run Community Center at 2680 Orono Pike in Columbus, where Homeport plans to renovate 136 family apartments and extend income restrictions for 30 years.
Credit: Homeport Image source
A pending Columbus City Council measure would authorize the city to enter into a Housing Development Agreement providing $5 million in future Affordable Housing Bond funds to rehabilitate the Pheasant Run apartment complex.
City records designate the Pheasant Run ordinance for the consent agenda. Columbus City Council is scheduled to consider the measure on Monday, Nov. 2. The city's financial commitment is critical for the closing to proceed with the broader financing package.
Pheasant Run is a 136-unit apartment complex for families on a 13.98-acre site on the western edge of Fairfield County within the City of Columbus, consisting of 25 two-story residential buildings. Nonprofit developer Homeport developed Pheasant Run between 1999 and 2000 using Low Income Housing Tax Credits, and the property offers two-, three-, and four-bedroom apartments. Pheasant Run has not been extensively renovated since it was first built, and its current affordability covenant is scheduled to expire in April 2030.
As part of the renovation, Homeport will place a new 30-year affordability covenant on the property, restricting units to households whose annual income is at or below 60% of Area Median Income.
Planned renovations at Pheasant Run will include improvements to buildings such as siding, windows, and exterior doors, along with interior unit renovations and replacements of plumbing, electrical systems, furnaces, and hot water heaters. The project will also make improvements to the community building and playground, and reconfigure apartment floor plans to add accessible units complying with Section 504 regulations and Ohio Housing Finance Agency design standards.
At Pheasant Run, Columbus Housing Partnership Inc., also known as Homeport, is the majority general partner in the property's current ownership structure and will serve as the sole developer of the rehabilitation. Community Housing Network Inc. will serve as minority general partner for tax compliance purposes, with project financing also including federal 4% Low Income Housing Tax Credits and a soft loan awarded by the Ohio Housing Finance Agency.
Once bond funds become available, city officials plan to bring a subsequent ordinance before council to authorize a formal grant agreement with Columbus Housing Partnership Inc. as a pass-through entity.
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Supporting evidence (14)
A pending Columbus City Council measure would authorize the city to enter into a Housing Development Agreement providing $5 million in future Affordable Housing Bond funds to rehabilitate the Pheasant Run apartment complex.
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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 Pheasant Run apartments, which will ultimately be funded with $5,000,000.00 from future Affordable Housing Bond funds.
City records designate the Pheasant Run ordinance for the consent agenda.
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The city's financial commitment is critical for the closing to proceed with the broader financing package.
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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 NOW, THEREFORE,
Pheasant Run is a 136-unit apartment complex for families on a 13.98-acre site on the western edge of Fairfield County within the City of Columbus, consisting of 25 two-story residential buildings.
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Pheasant run is a 136-unit apartment complex for families on the western edge of Fairfield County within the City of Columbus. The property consists of 25, two-story residential buildings on a 13.98 acre site.
Nonprofit developer Homeport developed Pheasant Run between 1999 and 2000 using Low Income Housing Tax Credits, and the property offers two-, three-, and four-bedroom apartments.
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The property was developed between 1999 and 2000 by Homeport (Columbus Housing Partnerships Inc.) and financed by Low Income Housing Tax Credits (LIHTC), the property has not been extensively renovated since it was first built. Pheasant Run offers a mix of housing types, including two, three, and four-bedroom apartments.
Pheasant Run has not been extensively renovated since it was first built, and its current affordability covenant is scheduled to expire in April 2030.
Read supporting passage
The property was developed between 1999 and 2000 by Homeport (Columbus Housing Partnerships Inc.) and financed by Low Income Housing Tax Credits (LIHTC), the property has not been extensively renovated since it was first built. Pheasant Run offers a mix of housing types, including two, three, and four-bedroom apartments.
Pheasant Run has not been extensively renovated since it was first built, and its current affordability covenant is scheduled to expire in April 2030.
Read supporting passage
As part of the renovation, Homeport will place a new 30-year affordability covenant on the property, restricting units to households whose annual income is at or below 60% of Area Median Income. The property’s current affordability covenant is scheduled to expire in April 2030.
As part of the renovation, Homeport will place a new 30-year affordability covenant on the property, restricting units to households whose annual income is at or below 60% of Area Median Income.
Read supporting passage
As part of the renovation, Homeport will place a new 30-year affordability covenant on the property, restricting units to households whose annual income is at or below 60% of Area Median Income. The property’s current affordability covenant is scheduled to expire in April 2030.
Planned renovations at Pheasant Run will include improvements to buildings such as siding, windows, and exterior doors, along with interior unit renovations and replacements of plumbing, electrical systems, furnaces, and hot water heaters.
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Pheasant Run’s rehab will include improvements to buildings that will include siding, windows, and exterior doors as well as renovations on the insides of the units. There will also be replacements of plumbing and electrical systems, furnaces, and hot water heaters. The improvements will also be made to the community building, playground, and other site improvements.
The project will also make improvements to the community building and playground, and reconfigure apartment floor plans to add accessible units complying with Section 504 regulations and Ohio Housing Finance Agency design standards.
Read supporting passage
Pheasant Run’s rehab will include improvements to buildings that will include siding, windows, and exterior doors as well as renovations on the insides of the units. There will also be replacements of plumbing and electrical systems, furnaces, and hot water heaters. The improvements will also be made to the community building, playground, and other site improvements.
The project will also make improvements to the community building and playground, and reconfigure apartment floor plans to add accessible units complying with Section 504 regulations and Ohio Housing Finance Agency design standards.
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Reconfigurations of some of the apartment’s floor plans to add accessible apartments and comply with current Section 504 regulations and the Ohio Housing Finance Agency’s (OHFA) design standards will take place.
At Pheasant Run, Columbus Housing Partnership Inc., also known as Homeport, is the majority general partner in the property's current ownership structure and will serve as the 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.
Community Housing Network Inc. will serve as minority general partner for tax compliance purposes, with project financing also including federal 4% Low Income Housing Tax Credits and a soft loan awarded by the Ohio Housing Finance Agency.
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Community Housing Network Inc. (CHN) will be the minority general partner for tax compliance purposes. Homeport applied to the Ohio Housing Finance Agency for federal 4% Low Income Housing Tax Credits (LIHTC) and a soft loan through OHFA’s Housing Development Assistance Program (HDAP) and was awarded both. The project will be financed by LIHTC equity, a permanent loan, seller loan, new City bond funds, new OHFA HDAP, a resubordinated loan via the original HOME Funds used for the development, and deferred developer fee.
Once bond funds become available, city officials plan to bring a subsequent ordinance before council to authorize a formal grant agreement with Columbus Housing Partnership Inc. as a pass-through entity.
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Once funds become available, an ordinance will be brought to Council to authorize a grant agreement. Columbus Housing Partnership Inc. will enter into a grant agreement with the city for the bond funds as a pass-through entity. Columbus Housing Partnership Inc. is the majority ownership entity of Pheasant Run Housing Rehab, Inc., the managing members of the pass-through entity, Pheasant Run Homes Rehab LLC.