Local Officials Break Ground on 180-Unit Affordable Housing Apartments in Columbus, Ohio
The three-building community will replace former legendary music venue Alrosa Villa and help address the City's need for more affordable housing accommodations
COLUMBUS, Ohio, Nov. 18, 2021 /PRNewswire/ -- State lawmakers and local officials joined The NRP Group, a vertically integrated, best-in-class developer, builder and manager of multifamily housing, and the Columbus Metropolitan Housing Authority, to break ground on a 180-unit fully affordable apartment community in Columbus, Ohio.
In partnership with the City of Columbus Housing Division, the transit-oriented project will be developed with tax-credit funding support from the Ohio Housing Finance Agency and Huntington National Bank.
"The Sinclair Apartments are a testament to what Columbus does best: collaboration. Partners have leveraged their resources to build housing our residents can afford, something our growing city desperately needs," said Mayor Ginther.
Located at 5055 Sinclair Avenue, Sinclair Apartments will address the need for high-quality affordable housing for Columbus-area residents earning between 30 and 70 percent of the Area Median Income. Formerly known as Alrosa Villa – the once-heralded live music venue that closed permanently in early 2020 – the site will be transformed into a community of three-building, four-story apartments consisting of one-, two-, three- and four-bedroom units.
"Columbus is a thriving city that has experienced tremendous growth and development over the years," said J. David Heller, Principal, President and Chief Executive Officer at The NRP Group. "We are thrilled to partner with The City of Columbus Housing Division, The Columbus Metropolitan Housing Authority and The Ohio Financing Agency to help fulfill the ever-present need for inclusive best-in-class housing. By providing affordable options that keep resident experience top-of-mind, working professionals and growing families will have more opportunities to be able to live in the great city of Columbus."
Sinclair Apartments will be conveniently located along an active bus line connecting residents to ample restaurants and retail including Target, Kroger and Saraga International Grocery. Less than two miles from the rapidly growing Clintonville neighborhood and a mere seven miles north of downtown Columbus, the community is a short commute from thousands of job opportunities.
"With a large percentage of families in Franklin County spending nearly half of their income on rent, Sinclair Apartments will provide them with relief while simultaneously allowing for the community to grow and flourish," said Columbus Metropolitan Housing Authority (CMHA) President and CEO Charles Hillman. "The affordable housing crisis can only be solved by public and private institutions working together. We're honored to collaborate with our partners who are committed to addressing this problem with world class housing for all income levels."
In addition to providing high-quality rental options for Columbus-area residents, Sinclair Apartments will improve the streetscape on Sinclair Avenue where Alrosa Villa once stood and is supported by local neighborhood association leaders.
"Access to affordable housing is critically important. As a financial institution, we believe it is our responsibility to support efforts that provide individuals and families with access to stable housing so we can build strong communities," said Sue Zazon, Central Ohio Regional President, Huntington National Bank. "At Huntington, we are dedicated to improving the quality of life for our communities and we are proud to work so closely with the City of Columbus, the Columbus Metropolitan Housing Authority, the Ohio Housing Finance Agency, and The NRP Group."
Ohio Housing Finance Agency Director of Legal Affairs Guy Ford added: "Sinclair Apartments will provide unprecedented value to the greater Columbus community. It is a privilege to provide support to our partners who are committed to developing housing opportunities that allow for long-term growth and success in the community."
Completion for Sinclair Apartments is scheduled for 2023.
About The NRP Group
The NRP Group is a vertically integrated developer, owner, builder, and manager of best-in-class multifamily housing. Since its founding in 1994, NRP has developed more than 43,000 apartment homes, and currently manages over 23,000 residential units. The company employs the entire breadth of its in-house capability to fulfill its mission: creating exceptional rental housing opportunities for individuals and families, regardless of income.
Through its disciplined approach to vetting opportunities, NRP has established a track record of delivering impressive returns for investors. The company's formidable size and depth of talent provides the experience and infrastructure necessary to execute developments of varying degrees of complexity and scope in both urban-infill and suburban locations, including market-rate, affordable, and senior housing. As a three-time recipient of the National Association of Builders Multifamily Development Firm of the Year and recognized Top 25 Developer by Multifamily Executive, NRP is leveraging its decades of expertise by also providing construction and property management services to outside owners and developers. For additional information, visit www.nrpgroup.com
About The Columbus Metropolitan Housing Authority
CMHA helps people access affordable housing through collaborative partnerships, promote neighborhood revitalization and assist residents in accessing needed social services. CMHA has more than doubled its portfolio of housing over the last five years, including over $200 million in investment in 2020. We own over 4,000 units of affordable housing and through our Housing Choice Voucher and Project Based Rental Assistance Programs provide rental assistance to more than 250,000 Ohio and Washington, D.C., residents. Half of the authority's apartments are set aside as workforce housing for families earning 80% of the area median income. For more information, visit www.cmhanet.com.
About The Ohio Housing Finance Agency
The Ohio Housing Finance Agency (OHFA) facilitates the development, rehabilitation and financing of low- to moderate-income housing. The Agency's programs help first-time homebuyers, renters, senior citizens, and others find quality affordable housing that meets their needs. Formerly a division of the Ohio Department of Development, OHFA became an independent state agency on July 1, 2005 through Amended Substitute House Bill (HB) 431. OHFA funds competitive fixed-rate mortgage loans and provides financing for the development and rehabilitation of affordable rental housing through the Housing Tax Credit program, issuing tax-exempt mortgage revenue bonds, and other affordable housing programs.
MEDIA CONTACT:
Samantha DePasquale
Antenna | Spaces
[email protected]
SOURCE The NRP Group
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