FOR IMMEDIATE RELEASE 

April 17, 2024

Contact: Mike Nowlin

Cell Phone: 989-450-0855

CMHA Board approves over $25 million in new investments to create homes for seniors and families that include supportive services

COLUMBUS, Ohio — The Columbus Metropolitan Housing Authority (CMHA) Board of Commissioners approved a combined total of more than $25 million in investments that will develop over 100 new affordable housing apartments for Columbus-area seniors and families with included supportive services.

“This significant investment underscores CMHA’s unwavering dedication to enhancing the quality of life for our community members in Columbus and Franklin County,” remarked James L. Ervin Jr., Chair of the CMHA Board.

“By allocating over $25 million toward the development of new mixed-income housing for seniors and families, we are actively addressing the need for affordable housing in our region,” Ervin said. “This reflects our core values of community, commitment, and collaboration.”

The community investments approved by CMHA’s Board are:

• Cobblestone Manor: Authorizing the issuance and sale of $17 million in general revenue bonds to construct an 82-unit senior housing community. This is CMHA’s first community in Grove City. Columbus-based Elford Construction will serve as general contractor for this project.
• Dering Family Homes Project-Based Voucher (PBV) Contract: Providing voucher assistance for 25 apartments at Dering Family Homes, an investment of over $9 million. This 245-unit family community is being developed by The NRP Group.
• Housing Stability First Program: Housing Stability First will receive a $1 million CMHA investment in 2024. The program is designed to prevent evictions and reduce the likelihood that residents will miss school or work due to housing instability. The funding also will be used to help CMHA residents experiencing economic hardships that may impact their housing stability, including expenses related to housing, utilities, child care, transportation, and basic needs. The program was a joint partnership that was created in 2023 with an initial funding contribution from First Church of God in Columbus.

“As we embark on these investments, we are not just building apartments; we are building hope and stability for the individuals and families we serve,” stated Charles D. Hillman, CEO of CMHA.

“This commitment to affordable housing for all underscores our dedication to fostering inclusive communities and addressing the pressing needs for accessible housing options in our region,” Hillman said. “Through collaborative efforts and strategic initiatives, we aim to create lasting impact and transform lives for the better.”

The additional $17 million in bonds will bring CMHA’s total bond issuance to more than $200 million for the development and acquisition of affordable housing for all and is part of CMHA’s long-term strategy to grow investment in the region’s housing stock that will more effectively address Central [CE1] Ohio’s housing shortage, agency officials said. This was spurred by the A+ rating the authority received from S&P Global.

S&P is considered the largest of the three major credit rating agencies, which also include Moody’s Investors Service and Fitch Ratings. The A+ rating was secured after extensive third-party reviews and reporting from CMHA’s finance team.

“Our S&P A+ rating will significantly reduce the agency’s cost of financing by providing access to the bond markets,” CMHA COO Scott Scharlach said. “These factors create a self-sustaining model that will assist us in delivering on our strategic goal of adding to our portfolio a minimum of 500 units of housing per year over each of the next five years.”

CMHA’s PBV program is part of the federal Housing Choice Voucher Program administered by the U.S. Department of Housing and Urban Development.

Families or individuals in units with PBVs contribute 30% of their income for rent and utilities. The voucher pays the difference between the tenant contribution and the unit’s total rent and utility costs. Tenants in PBV units are assisted as long as they live in the unit and continue to qualify for the program.

PBVs are the largest, most available tool to create new project-based rental assistance, according to the Center on Budget and Policy Priorities, a nonpartisan research and policy institute that works at the federal and state levels on fiscal policy and public programs that affect low- and moderate-income families and individuals.

CMHA cites studies that have shown the average age of residents moving into an elderly housing facility is at least 74 years. Recent surveys indicate that 25% of all residents in federally assisted elderly housing need some level of supportive services.

That’s why CMHA will prioritize promoting awareness and encouraging Cobblestone Manor and Dering Family Home residents to utilize the services offered through CMHA’s RISE (Resident Initiatives for Success & Empowerment) Center. Additional services will be made available to Cobblestone Manor residents by the YMCA of Central Ohio, which receives funding from the Community Shelter Board to offer formerly unhoused adults assistance and support needed to stabilize and maintain independent housing.  

The nonprofit RISE Center, which opened in 2021, creates sustainable partnerships and programs that embody the values of choice, empowerment, and inclusion to support residents’ success in all aspects of their lives. The RISE staff will work with other community organizations to coordinate on-site events and activities such as resource fairs, digital literacy programs, and health clinics.

Data from the Affordable Housing Alliance of Central Ohio (AHACO) shows only 29 affordable housing units are available for every 100 extremely low-income households in the Columbus and Franklin County area. AHACO estimates that 54,000 low- and moderate-income households in Franklin County pay more than half their income toward housing costs. Central Ohio also faces a deficit of 11,000 to 14,000 new housing units every year to support a healthy housing market.

About Columbus Metropolitan Housing Authority

CMHA helps people access affordable housing through collaborative partnerships, promotes neighborhood revitalization, and assists residents in accessing needed social services. CMHA owns more than 5,300 units of affordable housing, and through its Housing Choice Voucher and Project-Based Rental Assistance programs, it provides rental assistance to more than 160,000 Ohio and Washington, D.C., residents. Learn more at cmhanet.com.

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