Woda Cooper JV Breaks Ground on Columbus-Area Affordable Community
The Enclave on Main will comprise 102 residential units.
Co-developers Woda Cooper Cos. and IMPACT Community Action have broken ground on The Enclave on Main, a 102-unit affordable housing community in Whitehall, Ohio.
The Enclave on Main will serve residents earning between 30 and 80 percent of the area median income. The community will also have several units for residents with sight and hearing disabilities and/or mobility difficulties.
IMPACT will oversee the supportive services provided by The Enclave on Main, such as case management, financial literacy, workforce development and emergency assistance.
Designed by New Avenue Architects & Engineers to achieve LEED certification, the property will include energy-efficient features. Woda Construction Inc. serves as general contractor, along with American Structure Point as civil engineer and Sol Design + Consulting as sustainability consultant.
Upon its completion, the four-story building will incorporate one-, two- and three-bedroom floorplans ranging between 688 and 1,133 square feet. Amenities will include washers and dryers, Energy Star appliances, a community room and a management office.
The development is located at 3520 E. Main St., which provides easy access to downtown Columbus. A COTA bus stop, Walmart Supercenter and several dining options are within walking distance of the site.
Financing for a fully affordable project
The Enclave on Main marks Woda Cooper and IMPACT’s first community developed together. According to Construction Journal, the project’s cost is estimated at $29 million. The joint venture obtained funding from various sources. These include soft funds, a tax-exempt bond issuance and 4 percent low-income housing tax credits provided by the Ohio Housing Finance Agency through its Bond Gap Financing Program.
Additional funds include: permanent mortgage and construction financing provided by CF Bank, equity financing from Alliant Capital; soft mortgage provided by Franklin County through the Magnet Fund program; a linked deposit fund created by the Franklin County Treasurer; financing from the Brownfield Redevelopment Fund; a property tax abatement provided by the City of Whitehall and additional support from the Affordable Housing Trust for Columbus & Franklin County.