Columbus, Ohio, Mayor Andrew Ginther released his plan for the use of the $500 million of affordable housing bond proceeds from the $1.9 billion bond package voters approved in November.
The mayor's framework, a copy of which was shared with The Bond Buyer, includes four areas of investment.
About $150 million would fund the construction and preservation of affordable housing, with bond proceeds helping to close financing gaps and encourage development of new affordable rental units.
Another $125 million would go to capital investments in transitional housing and the shelter system, as well as home improvements for low-income homeowners and bolstering permanent supportive housing.
Roughly $175 million would fund the acquisition of land that supports civic investments, such as LinkUS, a transportation modernization and expansion plan from the Central Ohio Transit Authority.
This bucket would also support investments that lead to denser or expanded housing options and foster economic diversity across neighborhoods; that connect housing with healthcare or childcare services; or that link housing to workforce development.
The final $50 million would fund quality-of-life improvements by supporting "innovation in both construction and financial models that deliver housing," according to the document. The goal of this bucket is to streamline processes and cut costs and wring more value from bond dollars.
"These results give us both a responsibility and a roadmap," Ginther said in a statement. "They demonstrate what is possible when purposeful, intentional investments are sustained and aligned with our residents' most pressing needs."
Over the past six months, he said, the Department of Development contacted 183 housing stakeholders representing 137 organizations; held 17 stakeholder interviews; and met with representatives from 12 city divisions and departments.
"We heard two consistent themes: there's more demand for affordable housing than there is supply," he said. "And housing stability is just as critical as housing production."
He added, "We're grateful for our growth. But we also know that it must be managed intentionally."
The city's two latest affordable housing bond measures — $50 million in 2019 and $200 million in 2022 — guided the mayor's framework for this measure, according to the statement.
City Council President Shannon Hardin outlined nine ideas for the bond proceeds in an opinion column in
Citing the statistic that homelessness in Columbus has doubled over the past decade, Hardin urged colleagues to ensure that existing shelters are habitable and safe and expand transitional options.
He also suggested using bond proceeds to seed a revolving loan fund, pursuing shared-equity models and tying funding to tenant protections. And Hardin urged more mixed-use, public transit-adjacent affordable housing in gentrifying neighborhoods.
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