NeighborWorks Capital is pleased to extend a $2,000,000 line of credit to Homeport to finance predevelopment expenses for four planned LIHTC developments and future projects in Columbus, OH. Collectively, these developments will create and preserve 424 affordable housing units in Columbus. It is anticipated that the four projects will be completed within the 36-month loan term. Two of the four developments will be new construction, totaling 120 affordable apartments for families. The other two will be the rehabilitation of Homeport’s existing properties built in 1995 and 2000, comprising 314 units.
Homeport has a pipeline of 1,069 rental units and plans to use the LOC for predevelopment expenses for four of the ten projects in its pipeline. In addition to these projects, Homeport has been asked to respond to an RFP to construct 50 affordable housing units adjacent to a public library, in partnership with the Columbus Metropolitan Library. Homeport has also been invited to respond to an RFP to lead the adaptive reuse of Pilgrim School into affordable housing.
There is a high demand for affordable housing in the Columbus, OH area. An article from the Columbus Dispatch dated March 13, 2025, stated that “there are fewer affordable housing units per capita in Columbus than in some of the nation’s biggest and most expensive cities, such as New York and San Francisco.” According to the article, Columbus needs about 58,000 new affordable housing units. Based on this information and Homeport’s market studies on three of the four projects, it is likely that Homeport’s developments will be well received in the market.
NeighborWorks Capital has successfully partnered with Homeport on 12 prior loans, and we are pleased to continue partnering with them in their mission to create strong communities by developing quality, affordable homes for low- to moderate-income individuals.
