Nuveen tells Ohio Senate committee it will invest about $400 million in housing, asks public partners to fill $25 million gap

Nuveen, the investment arm of TIAA, told the Ohio Senate Committee on Housing on Dec. 5 that it plans to invest about $400 million in preservation and new construction for affordable and mixed-income housing across the state and asked public partners to help fill a remaining funding gap.

"We're gonna invest a total of about $400,000,000," said Nadia Settles, who introduced herself as the global head of Nuveen's impact investing team. Settles said the firm's work combines preservation of existing subsidized properties and new mixed-income development, with long-term regulatory agreements and on-site property management.

The presentation focused on several Columbus-area projects Settles named from the podium: Sawyer Towers (described as about 400 units, to be demolished and rebuilt and—she said—named in honor of Congresswoman Beatty), a new building at 620 Norton (about 220 units on county-owned land) and Wedgwood (characterized as roughly 650 units). Settles said the firm also maintains preservation work in Canton at Skyline Terrace and offered to host tours of demonstration sites.

Settles described Nuveen's model as a public–private partnership that uses tax credits, bonding and other public supports. On funding, she said the project capitalization target is about $75 million for the first phase (as stated in committee) and that "$25,000,000 got committed from the county" and the city has committed an equal amount, leaving what she described as a roughly $25 million gap for additional public or private contributions.

Senators used the question period to press on geography and mechanics. "You briefly mentioned you have some projects in Canton, Ohio, which is my district," said Senator Timken, who asked for details on local work; Settles pointed to Skyline Terrace in Canton and invited Timken to tour the property. Another senator raised Northeast Ohio and Youngstown; Settles said Nuveen has not yet had those local introductions but would pursue them if local leadership asks for the firm to do so.

Committee members also explored rural feasibility. Settles said new development is more challenging outside dense urban markets because of scale and cost, and that Nuveen tends to take preservation opportunities in smaller markets or rely on local partners to aggregate projects, donate land or provide tax abatements to make development viable.

Settles described program design intentions: initial phases aimed at households at or below 60% of area median income (AMI) with later phases sized to produce mixed-income communities, 20-year regulatory agreements on affordability for preserved units and an ongoing property-management presence. She emphasized coordinating with elected officials and tailoring services and retail to neighborhood needs.

The presentation did not produce committee votes or formal action. Committee members thanked the presenters and encouraged follow-up meetings and site visits; Nuveen agreed to coordinate tours of existing properties.

Next steps: Nuveen and committee members said they would continue discussions about funding mechanisms and potential site visits; no legislative or budgetary commitment was recorded in the hearing.