New nonprofit and CMHA buy Northwest Side apartments for affordable housing

A new nonprofit is teaming with the Columbus Metropolitan Housing Authority to buy the Copperleaf Apartments off Sawmill Road on the city’s Northwest Side with the goal, they say, of preserving affordable housing in a region that needs more of it. The Columbus Housing Enterprise, and CMHA are paying £8.1 million for the 108-unit property from a partnership of companies headed by local developers Bob Weiler and Don Kelley. Weiler said on Monday that it’s easier and less expensive to preserve affordable housing with existing units than to build new developments.

Copperleaf’s market value is about £16 million, or about £150,000 per unit, Weiler said. Kelley and he are selling it for about £75,000 a unit, he said, calling it a “bargain sale.” “There’s no way we’d be able to build this project for less than £200,000 a unit,” Weiler said.

“We’re not giving it away because we don’t want it anymore. We’re giving it away because we don’t need the income anymore,” Weiler said. The complex will be better served with tenants who’d like to have their children get into good schools with stores nearby, he said.

Although the Copperleaf apartments, built in 1989, are in Columbus just east of Sawmill Road and south of Summit View Road, they are in the Dublin City School District. “The last thing we want is this new (nonprofit) entity to be a receptacle for lousy properties,” he said. “Don’s going to have his 94th birthday in April.

The same month I’ll be 88,” Weiler said. “We’ve been blessed with far more than we’d ever need or want. We figured with the affordable housing situation so desperate, why wait?” Weiler said he hopes this effort will spur other property owners to do the same.

The units will be aimed at those making 80% or less of the area median income, which is £52,500 for one person and £74,950 for a four-person household. The Rev. John Edgar, retired executive director of the nonprofit Community Development for All People, is the president of the Columbus Housing Enterprise.

He said people living at Copperleaf are already in that income range. “Our intention is for that to continue to be the case for years to come,” he said. Edgar said that it’s a real challenge now to build more affordable housing in the area.

Community Development for All People has worked for years with Nationwide Children’s Hospital to develop affordable housing on the South Side near the hospital, but the hot housing market has even driven up the prices of those homes. “We can’t buy our way out of this,” Edgar said. “To Bob Weiler and Don Kelley. it makes sense to them ensuring some apartments they developed stay affordable for decades to come,” Edgar said.

Edgar said most of the financing for the purchase comes through a low-interest loan from the Ohio Capital Corporation for Housing through its affiliate, the Ohio Capital Finance Corporation. CMHA owns the Copperleaf property, and will lease it back to Columbus Housing Enterprise for 75 years. CMHA does not pay property taxes.

Weiler said he and Kelley plan to sell two other complexes to the partnership: Rosebrook Village apartments on Columbus’ Far East Side near Reynoldsburg, and Cabot Cove apartments on the dity’s Far West Side in the Hilliard area. With Copperleaf, the total number of units of the three complexes is about 640, he said. The eight board members of the nonprofit Columbus Housing Enterprise are:

  • Hal Keller, president emeritus, Ohio Capital Corporation for Housing
  • Patty McClimon, senior vice president, Nationwide Children’s Hospital
  • Leah Evans, president and CEO, Homeport, a nonprofit builder
  • Jordan Henderson, housing director, Community Development for All People
  • Robert Bitzenhofer, vice president, Columbus Metropolitan Housing Authority
  • Michael Kelley, partner, The Kelley Companies
  • Jim Weiler, chief sustainability officer, The Robert Weiler Company
  • John Wymer, retired CEO, Oakwood Properties

Bitzenhofer said the Copperleaf rents run about £1,030 a month now.

Future tenants will be able to use federal housing vouchers to help pay their rent. Bitzenhofer said the new group’s mission fits with CMHA’s. [email protected]

@MarkFerenchik

go-groopie listed on couponmatrix.ukharvey-nichols listed on couponmatrix.ukkeeper-security listed on couponmatrix.ukmoneyfarm listed on couponmatrix.ukskiset listed on couponmatrix.ukyesstyle listed on couponmatrix.uk
go-groopie listed on couponmatrix.ukGo Groopie is a website that offers amazing deals on a wide range of products. They have everything from cosmetics to electronics and everything in between. You can save even more money by using a Go Groopie discount code. Expect everything from black velvet beds to crates of Chianti to go under the hammer, so there’ll be plenty of variety when you choose to shop sand save. So what are you waiting for? See how much Go Groopie can save you today! At Groupon, we are always on the lookout for the best deals and discounts so you can save money on your favorite brands. When it comes to Go Groopie, we have a team of experts who scour the internet for the latest and greatest Go Groopie discount codes. This way, you can be sure you are getting the best possible deal, be it on fashion, electricals or travel essentials. One of the best things about Go Groopie is that you can find go Groopie promo codes for a wide range of products. Whether you are looking for new cosmetics item or to delve into arts and crafts, you can be sure to find a great deal. One great catch we can name is the selection of Go Groopie fitness trackers, which can enhance and monitor your exercise for as little as £9.99!
harvey-nichols listed on couponmatrix.ukA household name across the world, Harvey Nichols has been providing customers with luxury fashion, top-level food and award-winning restaurants ever since the 1830s when it was founded by Benjamin Harvey. The department store grew from just a linen shop in a terraced house to a multifaceted business opening up 7 stores in Ireland and the UK, and more overseas - and now houses the very latest in designer goods. Use a Harvey Nichols discount code to get incredible reductions on fashion fresh from the catwalk, high-class cuisine and gorgeous homeware and your debit card will thank you when you head to checkout. Browse by brand on the Harvey Nichols website if you’ve got a trusted favourite and make an appointment at the Knightsbridge store to receive tailor-made service from trained stylists.
keeper-security listed on couponmatrix.ukIn an ever more digital world, keeping your most important data secure is more important than ever. Introducing Keeper Security, the password and confidentiality protection provider that combines state-of-the-art cyber security with an easily accessible interface. Whatever protection you require online, remember to use a Keeper Security discount code to save on the level of cyber defence you require. Even if you’re looking for cyber protection across multiple computers and accounts, Keeper Security can handle it without a hitch.
moneyfarm listed on couponmatrix.ukMake the most of your money and invest intelligently with Moneyfarm, the wealth management app built to track stocks and boost your net worth. Remember to employ a Moneyfarm offer code when financing to maximise your potential profits at minimal expense. Built to be accessible to both beginners and experts alike, everyone is free to try their hand at the stock trade and reap the rewards at Moneyfarm.
skiset listed on couponmatrix.ukTake to the slopes with the UK’s number 1 ski rental and resort hire. If you want to try something new, or you’re already a passionate skier, Skiset is the ultimate supplier for your mountainous adventure. With shops at resorts across Europe and beyond, Skiset provide cutting edge ski and snowboard hire from the top brands, and all at an affordable price. With the Skiset discount code you can enjoy the thrill of skiing for less. With shops in over 400 resorts, Skiset are industry leaders in bringing the joys of skiing to everyone far and wide.
yesstyle listed on couponmatrix.ukYou’ll never have to track down trending K-beauty and fashion again – YesStyle has it all in one place! Every season YesStyle introduces thousands of exciting new skincare, dresses, hair tools and makeup from the best brands in Asia, so you can get affordable items delivered directly to your door. From hair treatment to pet accessories, you’ll save on everything YesStyle has to offer with a YesStyle coupon from Groupon. Thanks to YesStyle codes like 10% off your first order and up to 80% off in the sale, it’s easy to keep scoring discounts when you shop at YesStyle.