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

Tags:

circulon listed on couponmatrix.ukmissy-empire listed on couponmatrix.ukparcelforce listed on couponmatrix.uksarah-raven listed on couponmatrix.uksnapmad listed on couponmatrix.ukweight-watchers listed on couponmatrix.uk
circulon listed on couponmatrix.ukSizzle up something delicious with Circulon – the quality cookware brand with over 30 years’ experience in tackling culinary challenges. From the company’s signature hard-anodized pans to carbon steel baking trays, you can fill the empty gaps in your kitchen with superior cooking equipment thanks to a Circulon discount code from Groupon. So next time you’re thinking of firing up the stove for a paella or heating up the oven for a roast dinner, trust Circulon to deliver the results you want with every cook.
missy-empire listed on couponmatrix.ukWelcome to Missy Empire, for the girls who like to rock their own style with attitude. With a large selection of casual wear, swim wear, night wear and all-round every wear, Missy Empire is the one stop outlet for all your fashion clothing and accessories and now, with your Missy Empire discount codes, you can enjoy fast fashion for less. Love being you with the fashion range from Missy Empire.
parcelforce listed on couponmatrix.ukDon’t risk your precious parcels being lost in the post. Send and receive parcels securely with the trusted delivery services of Parcelforce. Once part of the Royal Mail, Parcelforce has continued the upstanding deliveries, making sure all your packages get from A to B safely. The next time you need to pop something in the post, use your Parcelforce discount code and save both money and hassle. Operating out of depots across the UK, you’re never far from Parcelforce.
sarah-raven listed on couponmatrix.ukIntroducing Sarah Raven, three-time winner of the ‘Best Gardening Brand’ award and the ultimate destination for reinventing your outdoor space. When you need to find the perfect poppies or freshest foxgloves, budding gardeners should make a beeline for the seeds, bulbs and plants at Sarah Raven. Helping you transform your garden for less, we’ve got you covered with all the Sarah Raven discount codes, offers and sale picks you’ll need—so you can shop even more of the Sarah Raven plants you love.
snapmad listed on couponmatrix.ukImmortalise your favourite photos with a little assistance from Snapmad, experts in putting your best snapshots onto frames, prints and personalised gifts. Be it a personalised star map, a photographed mug or a collection of new baby photos, put together your preferred photo gift for less with a Snapmad discount code. Even if you’re seeking suitably-sized photos for a new passport, you can snag a set of six for far less than normal at Snapmad. At Groupon, we know that saving money is important to our customers. That's why we work hard to find the best discount codes for Snapmad.com. We scour the web for the latest coupons and deals, so you can be sure you're getting the biggest discount possible. And because we update our coupons regularly, you'll always have access to the most current offers. So whether you're looking for a discount on your next purchase, or you want to save big on your next project, Groupon has you covered. A modern way to relive some classic memories, Snapmad canvas prints combine convenience with quality. Single out a particular favourite, create a collage or make it more ornate by converting to a wood canvas, then knock the cost of your finished product with a Snapmad coupon code from Groupon. Aspiring artists can even ditch the print part entirely and instead pick up a blank canvas on which to create their next inspiration.
weight-watchers listed on couponmatrix.ukExchange excess pounds for pounds in your pocket with our excellent Weight Watchers offers to support you on the road to a healthier life. The new and improved Weight Watchers scheme offers a choice of plan for every body with a variety of nutritional goals to choose from. With step-by-step guides, interactive tools, food plans, recipes, health tips and inspiring success stories all from the click of a button, joining Weight Watchers is the first step towards a healthier, happier you.