Columbia’s Housing and Community Development Commission approved the allocation of funds for two affordable housing developments.
The commission approved $2 million in HOME-ARP funds for the Columbia Housing Authority’s plan to develop 24 new units of subsidized affordable housing at the intersection of West Sexton Road and North Garth Avenue.
The development, falling in the boundaries of the Ridgeway Neighborhood Association, will include 2-bedroom, 3-bedroom, and 4-bedroom units and give CHA properties to move residents into as they renovate 120 units of public housing.
Housing Authority CEO Randy Cole said the funds would help CHA access $4.7 million in state tax credits for the project. CHA’s ability to tie the properties to housing vouchers would also ensure affordability into the future.
“I know 24 units may not sound like a lot ... but it’s a big deal because our waitlist goes up and down,” Cole said. “It’s just going to bring a lot more capacity to our organization.”
HOME-ARP funds from the American Rescue Plan Act are distributed through the Department of Housing and Urban Development and are separate from the city’s $25 million in ARPA funds.
Central Missouri Community Action, a non-profit that serves eight mid-Missouri counties, got approval for $205,000 in HOME funds to develop one single-family home for a large low-income family. The family that buys the home will receive 20% equity for CMCA to help them build assets.
“We really want to focus on an increase in home ownership for families to develop assets because those long term assets [are] what helps them become more self sufficient and provides economic stability for the entire family,” CMCA Housing Development Director Sheila Vorce said.
The land that the home sits on would also go to the Columbia Community Land Trust, which CMCA Executive Director Darin Preis said will ensure permanent affordability of the property to add to Columbia’s affordable housing.
Before funds can be dispersed, the proposals will go to City Council for approval. The city’s Housing Programs Division anticipates that funds will be made available in the spring.
