The Columbus City Council will discuss a proposed apartment complex on property that was formerly part of the Golden Castings foundry site during its meeting Tuesday night. Mayor Kristen Brown says there will be a resolution to authorize the issuance of tax-exempt private activity bonds to fund the construction of 209 rental apartment units at the facility, called Ashford Park. She says the complex would be on the western-most tract of property.
The city’s Community Development Director, Carl Malysz, says the resolution is the first required step in the bond issue process. He told members of the City Council that the borrower is trying to utilize tax-exempt bond financing and low-income housing tax credits in order to fund the project.
Malysz added that 40 percent of the apartments would be set aside for residents with an income of 60 percent, or less, of the Area Median Income. That figure is currently $40,920 for a family of four. He says that the rents for those units would be limited to one-third of the renters’ gross income. Other units will be rented for market rates.
Mayor Brown says that her administration is working hard in the hopes of getting the foundation for this project established before the end of the year. She has consistently said that one of the most important issues facing Columbus is the lack of quality, affordable housing. Brown has said that getting this project underway will help alleviate some of the pressure felt by low-income city residents.
The City Council meets Tuesday at 6 p.m. inside City Hall.