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Housing commission outlines 417 affordable units tied to Downtown Columbia agreement
Summary
Peter Engel of the Housing Commission told the council the Development Rights and Responsibilities Agreement (DRA) includes about 417 affordable units across sites; Engel said the housing finance structure relies on tax credits and an enterprise syndicator and noted county actions affect the schedule.
Peter Engel, speaking for the Housing Commission, told the council the housing component of the Downtown Columbia DRA includes roughly 417 affordable units distributed among several properties and that financing hinges on low‑income housing tax‑credit syndication.
Engel said the ownership and financing structure would rely on a limited investor partner; the Housing Commission selected Enterprise (the Columbia Foundation/Enterprise syndicator) to place tax‑credit equity after an RFP. Engel said the commission expects tax‑credit financing to be finalized nearer to construction closing and that many agreements are now in LOI form. He also said that delayed county actions on public facilities have postponed housing closings: "We applied for tax credits in 2019. It could have been ready to close on this in 2020 prior to the inflation," Engel said.
The commission’s presentation stressed that the housing parcels and developer commitments are interdependent with public‑facility decisions in the DRA, and Engel said removing the county’s project commitments could jeopardize tax‑credit timing or other deal elements. He described typical tax‑credit deal structure (a small general partner interest for the commission and a large limited partner tax‑credit investor) and said the commission is working to secure debt and private construction financing alongside state bond programs.
What’s next: The Housing Commission said it will continue to finalize syndication and debt arrangements and that council clarity on the county’s role in the DRA will affect whether housing pieces can proceed on the previously projected schedule.
