This ordinance authorizes the Director of the Department of Development to enter into a grant agreement with Hudson Investment Fund V, LLC for the acquisition and redevelopment of the Topiary Park Apartments, LLC project, which includes 163 units across four sites in downtown Columbus. The project aims to ensure long-term affordability, with 40% of the units restricted to a maximum of 80% of AMI and 60% limited to a maximum of 60% of AMI. Additionally, renovations will focus on improving the quality and safety of the units, including upgrades to kitchens, bathrooms, and HVAC systems.
The redevelopment of Topiary Park Apartments is a crucial step in addressing the growing need for affordable housing in downtown Columbus. The project will not only preserve existing affordable units but also enhance the living conditions for residents, many of whom rely on proximity to public transit and other community services.