Brad Davis | The Republic The property shown is the prospective site for the Flats on 14th, a new affordable housing complex proposal.
The Columbus City Council will tonight consider a resolution to express support for a potential affordable housing development.
TWG Development is planning a 110-unit project on 3.36 acres at 1520 14th St., across from Central Park Place.
The development, tentatively named “Flats on 14th,” is made up of three parcels, which the county GIS system indicates is owned by Columbus Pallet Corp.
Director of Community Development Robin Hilber wrote in a memo to the council that TWG has a contract in place for the parcels and intends to apply to the Indiana Housing & Community Development Authority (IHCDA) for 4% federal low-income tax credits (LIHTC) along with affordable and workforce state tax credits (AWHTC) to support the project.
The resolution being considered Tuesday night is required as part of TWG’s application to the IHCDA.
TWG is asking for a payment in lieu of taxes (PILOT) agreement, set over 15 years. Hilber said they are waiting to see if the tax credits are awarded before ironing out the details of the agreement but estimated TWG would pay the city $2.5 million or about $166,000 annually. Hilber added that the final annual amount they agree to will be increased by a certain percentage every year to adjust for inflation.
“TWG would like to submit a strong application which will score well and provide them the maximum number of points so, as part of the award, are asking for local contribution via a PILOT (payment in lieu of taxes) agreement, allowing them to claim tax savings toward their total development costs,” Hilber wrote to council members.
Applications to IHCDA are due by the end of this month and awarded in November. If council members approve the resolution, the PILOT agreement itself wouldn’t be considered by the council until early 2025, per Hilber.
The four-story development is planned to have 35 one-bedroom units, 50 two-bedroom units, and 25 three-bedroom units, all reserved for those making 60% of average median income (AMI). This means that one-bedrooms would be for those earning up $39,360, two-bedrooms for those earning up to $44,940 and three-bedrooms for those making up to $50,580, according to Hilber. The development would also have an onsite, licensed daycare center, city documents show.
TWG “does not plan to ask for TIF funding or tax abatement,” Hilber wrote to the council, and the developer will own and manage the property for at least 15 years after construction and “provide at least 40 years of affordable housing to the community.”
The resolution being voted on this week states that as long as TWG meets the requirements under a portion of Indiana Code related to real property exemptions, the city would then later enter into the PILOT agreement and pass any accompanying ordinances and/or resolutions.
Photo provided The property outlined in blue is the prospective site for the Flats on 14th, a new affordable housing complex proposal.
