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Franklin County approves $1.35 million Magnet Fund award for Ares Lofts in Whitehall
Summary
The board approved a $1,350,000 Magnet Fund development agreement on Oct. 14 to support Ares Lofts, a 315-unit affordable housing project at 3515 East Main Street in Whitehall developed by LDG Multifamily LLC in partnership with Rita June Foundation Inc. The project will deliver units across 50%, 60% and 70% AMI tiers.
The Franklin County Board of Commissioners voted Oct. 14 to authorize a $1,350,000 affordable housing development agreement under the Magnet Fund program with LDG Multifamily LLC and Rita June Foundation Inc. for a project to be called Ares Lofts at 3515 East Main Street in Whitehall.
Emmanuel Torres, assistant director of Economic Development and Planning, said the award stems from the 2023 Magnet Fund application round. Under the agreement LDG and its partners will deliver 315 affordable housing units: 66 units at 50% of area median income (AMI), 83 units at 60% AMI and 66 units at 70% AMI. Torres described LDG as a Kentucky LLC with experience delivering affordable housing projects and named local partners involved in the project's financing and construction.
Commissioner comments included a call for additional due diligence on out-of-market developers. One commissioner said the county should review the "totality of projects" and the developer's history before awarding public funds. In response, Joseph Woodroffe, development coordinator for LDG, said LDG already has one project under construction in Lancaster, Ohio, and that the company is a long-term owner. Woodroffe named Resili Construction, the Columbus-Franklin County Finance Authority and local architects and engineers as project partners and confirmed support from the City of Whitehall.
Ending: The board approved Resolution 76025 by roll call. Staff and developer representatives said they will remain engaged with the county on local partnerships and project oversight.
