The ordinance authorizes the Director of the Department of Development to enter into a grant agreement with the Hudson Investment Fund V, LLC for the acquisition and redevelopment of 94 units at 399 S. Grant Avenue, now known as Market Mohawk Apartments. The project, valued at $1,250,000.00, ensures that 70% of the rental units are capped at 80% of AMI, and 30% are limited to 60% of AMI. The redevelopment plan focuses on improving affordability while upgrading the quality and energy efficiency of the housing, essential for residents relying on public transit and wishing to stay in downtown Columbus.
This project significantly contributes to addressing the affordable housing shortage in Columbus by providing quality, affordable living spaces at a time when market rate developments are increasingly unaffordable.