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Franklin County commits up to $12.5 million to Affordable Housing Trust to support Nuveen projects
Summary
The Board of Commissioners approved a contingent commitment of up to $12.5 million to the Affordable Housing Trust to be used toward a loan to Nuveen for roughly 1,000 affordable rental units at Sawyer Boulevard and Wedgwood; the grant is contingent on negotiated terms, additional funding and a City of Columbus commitment of at least $37.5 million.
The Franklin County Board of Commissioners on March 11 authorized a grant commitment of up to $12,500,000 to the Affordable Housing Trust, intended to be used as a loan to Nuveen Global Investments LLC (or an affiliate) to support the construction or rehabilitation of approximately 1,000 affordable rental units at two project sites (525 Sawyer Boulevard and 777 Wedgwood).
Assistant prosecuting attorney Robin Morehead presented the resolution and said the county’s grant is intended to fill part of the projects’ funding gap. The commitment is contingent on the Affordable Housing Trust, Nuveen and the county negotiating and agreeing to all loan terms and on the City of Columbus committing no less than $37,500,000 toward the Sawyer Boulevard and Wedgwood projects; Morehead said the county will reduce the grant amount if additional funding sources are secured.
Morehead noted the county previously granted $6,000,000 to Nuveen for construction at 620 Norton Road and an additional $19,000,000 to be divided among the Sawyer Boulevard and Wedgwood projects; the final grant amount will depend on other funding secured for the projects. The resolution also authorizes staff to proceed with negotiating the terms of the grant and loan agreements.
The board adopted the resolution with Commissioner Boyce recording an abstention. The adopted motion requires subsequent negotiated grant and loan documents and additional approvals once other funding sources and City commitments are secured.
Next steps listed in the meeting packet and described by counsel include finalizing loan terms among the county, the Affordable Housing Trust and Nuveen, securing City of Columbus participation, and returning to the board for formal grant agreements once those conditions are met.
