Carol Stewart Village
Carol Stewart Village is a long-term housing solution where residents aged 18-24 experiencing homelessness or with special needs can establish a foundation for the future. This community offers education, physical and mental health care and mentorship opportunities. All utilities are included in the rent, and there is no application fee to apply.
UNITS FEATURE:
- One- and two-bedroom apartments
- Modern amenities
- Fully equipped kitchen
- Contemporary design
COMMUNITY AMMENITIES:
- Supportive services including job training and placement, education, physical and behavioral health services and community building
- Newly renovated interiors
HIGHLIGHTS:
- Located near Short North Arts District and The Ohio State University
INVESTMENT
$675,000
Acquisition cost
13
PARTNERS
62
Units
| Sources | Amount | Uses | Amount |
|---|---|---|---|
|
AHT 1st Mortgage |
$2,200,000 |
Acquisition |
$675,001 |
|
AHT 2nd Mortgage |
$300,000 |
Site Work |
$616,734 |
|
OHFA HDAP |
$300,000 |
Hard Costs |
$10,853,146 |
|
City of Columbus HOME |
$825,000 |
Soft Costs |
$2,406,777 |
|
CMHA Loan |
$108,828 |
Developer Fee |
$1,000,000 |
|
Member Donations |
$25,500 |
Reserves |
$119,217 |
|
FHLB AHP |
$1,000,000 |
|
|
|
State Capital Grand |
$300,000 |
|
|
|
OCIC Grant |
$100,000 |
|
|
|
Def. Dev. Fee |
$455,859 |
|
|
|
LIHTC Equity |
$10,055,688 |
|
|
|
Total |
$15,670,875 |
Total |
$15,670,875 |
PARTNERS
The Finance Fund, Fairfield Homes Inc. and Star House
CMHA ROLE
Carol Stewart is part of CMHA’s commitment to ensuring long-term affordable housing options for the most vulnerable and in-need residents of Central Ohio — with the property including vouchers. This property is owned and operated by CMHA in partnership with The Finance Fund, who developed the property. Star House provides on-site supportive services to ensure advancement opportunity for residents. Fairfield Homes Inc. is the property manager.