COLUMBUS, Ohio (AP) — The Columbus Metropolitan Housing Authority has purchased a historic downtown apartment complex for $29.3 million in an effort to address the city’s affordable housing crisis.
The acquisition includes the Vera on Broad complex, a 114-unit mixed-income development located at 366 E. Broad St. The property features a historic three-story building constructed around 1926, alongside an eight-story addition completed in 2023.
“We see the Vera on Broad acquisition as an opportunity to expand mixed-income housing options in an area of Columbus that’s increasingly attractive to households of all income levels,” said Scott Scharlach, the authority’s chief operating officer. “Our purchase also aligns with our strategy of acquiring multifamily housing that’s located in neighborhoods with close proximity to transit options, easy access to healthcare and education services, and near job centers.”
The purchase comes amidst growing concern over housing affordability in Columbus. A report by the National Low Income Housing Coalition and the Coalition on Homelessness and Housing in Ohio revealed that the city requires more than 52,000 additional rental units to meet demand. The report also found that only 25 affordable units exist for every 100 low-income households, a situation worse than in New York City or San Francisco.
To help bridge this gap, CMHA plans to allocate a portion of the Vera on Broad units to low- and moderate-income renters. Approximately 30% of the apartments will be restricted to tenants earning up to 80% of the area median income, around $62,650 for an individual. The remaining units will be reserved for renters earning up to 100% of AMI, about $87,200 for a two-person household. Some apartments will also be available to tenants using Housing Choice Vouchers.
The Vera on Broad complex offers a mix of studio, one-, two-, and three-bedroom units. It also includes fully leased street-level office and retail space, with amenities such as a hotel-style lobby with concierge service, a rooftop terrace with cabanas, grilling stations, access to a nearby fitness center, and a three-story parking garage with 128 spaces.
Previously owned by the Finance Fund, the site was developed with support from the Columbus-Franklin County Finance Authority. The historic structure was originally designed by the Columbus architecture firm Richards, McCarty & Bulford, which has numerous projects listed on the National Register of Historic Places.
Located in the Columbus Central Business District, the development is near Columbus State Community College, Franklin University, and the Columbus College of Art & Design. While CMHA will own the property, Finance Fund will continue to manage day-to-day operations in partnership with Weiler Management.
