Columbus Housing Partnership (CHP) dba Homeport
Project: South East Columbus Homes
Single Family - Scattered-site Portfolio Refinance
Columbus Housing Partnership (CHP), doing business since 2011 as Homeport, is filling a gap in central Ohio by providing much-needed, high-quality affordable housing, financial education, and social service referrals to low- and moderate-income working households. Homeport is not only building homes, it is preparing people to become successful homeowners. With the latter in mind, CHP partnered with Community Housing Capital to refinance an $800,000 existing mortgage for 39 Low Income Housing Tax Credit (LIHTC) scattered-site homes, earmarked as “lease-to-own,” and within 2 years of its expiring compliance period. Refinancing the mortgage allows CHP to fund required replacement reserves and to make property updates while the homes are sold.
The newly constructed and recently rehabilitated homes are in a small neighborhood south of downtown Columbus, about 2 miles from downtown. The homes are restricted to families earning 30-44% of area median income (AMI), or $21,000-30,800 annual household income, and will sell for approximately $25,000. Existing renters will receive a $1,000 credit for every year they have already been in the home. In addition, prior to purchase, up to $10,000 in repairs (roof, new furnace and water heater) will be completed on the home.
Homeport is working with its homeownership program to provide interested residents in training that includes homebuyer education, training on interior and exterior maintenance and financial fitness and budgeting. Residents also have access to supportive services including one-on-one counseling and an array of place-based programs for youth and adults. These programs are, such as after-school programs, summer camps, and health and resource fairs are designed to stabilize families where they live.