Vision 2030

Columbia Housing has embarked on an aggressive plan to reposition our real estate portfolio.

Repositioning is a mechanism through which properties are removed from the federal public housing restrictions and converted to project based rental assistance allowing access to private capital for renovation and redevelopment.

Decreased federal funding has resulted in a backlog of capital needs for public housing across the country of over $60 Billion dollars. Columbia Housing estimates our capital needs at over $500,000 million.

Through a combination of tax-exempt bonds; federal and state tax credit equity; private mortgage funds and limited soft secondary financing, Columbia Housing will touch every property in our inventory over the next 1 to 8 years.

Our real estate repositioning strategy will improve the quality of affordable housing and assure there is no loss of affordable housing units in our community. Our strategy will ultimately expand the number of affordable housing units to serve our community.

COLUMBIA HOUSING AFFORDABLE HOUSING PORTFOLIO

Public Housing Portfolio 1998

2,911 units

Public Housing Portfolio 2021

1,684 units

Vision 2030 Units to be Eliminated

(323 units)

Vision 2030 Public Housing Converted

1,361 units

2030 TOTAL PUBLIC HOUSING = 0 UNITS

VISION 2030 NEW DEVELOPMENT = 1,550 UNITS

2030 TOTAL AFFORDABLE HOUSING = 2,911 UNITS

Through a formal solicitation process, we have selected 8 Development Partners that will work with Columbia Housing in the redevelopment of existing properties and in development of new replacement projects.

Please see below for additional information on our redevelopment plans and partnerships.

COMPLETED:

LORICK PLACE

A newly constructed community of 2 and 3 bedroom units located at 3800 West Ave.

Lorick Place

This new, well-equipped property began leasing units in March, 2020.
Built on 5.8 acres, there are a total of 8 buildings, seven residential buildings and a small community building which includes a management office.
CH partnered with Liberty Solutions of Charlotte to design, develop and construct this site.
The project was financed with tax exempt bonds and 4% Low Income Housing Tax Credits.
The bonds were short-term bonds and were replaced with an FHA mortgage for permanent financing. The City of Columbia also contributed disaster relief funds towards the project.

UNDER CONSTRUCTION:

HAVEN AT PALMER POINTE -

Estimated Completion Date - May 31, 2024

150 apartments for seniors age 62 plus in three story elevator building and approximately 2500 square feet of office space.

Replacement of Marion Street Highrise units on site owned by Columbia Housing at 1135 Carter Street

Apartment complex

Project consists of 150 apartments for seniors age 62 plus in three story elevator building and approximately 2500 square feet of office space.
Brinshore is the Development Partner and is a national leader in affordable housing development.
Total Development Costs are $31,212,954 and consists of the following sources of funding:
- Federal Low Income Housing Tax Credit Equity
- State of SC Low Income Housing Tax Credit Equity
- Tax Exempt Bonds issued by Columbia Housing
- Tax Exempt Loan
- Grant from SC Department of Mental Health

Construction underway

work in progress at site

OAKS AT ST. ANNA'S PARK -

Oak Park - Estimated completion date: August 2023
Oak Terrace - Estimated completion date: April 2024

Former Gonzales Gardens site.

New development will consist of two components:

Oak Terrace - 95 apartments for seniors age 62 and older; 3 story elevator building
Oak Park - 190 two and three bedroom townhomes for families

Apartment building

Total Development Costs for both components is $58,148,544 and consists of the following sources of funding:
- Federal Low Income Housing Tax Credit Equity
- State of SC Low Income Housing Tax Credit Equity
- Tax Exempt Bonds issued by Columbia Housing
- Grant from SC Department of Mental Health
- All zoning and plans have been approved by the City
- Mortgage lender - Citi Community Capital
- Anticipated financial closing November 17, 2021
- Construction start December 1, 2021
- Construction completion June 30, 2023
- Full Occupancy December 31, 2023

ALLEN BENEDICT COURT

Former Allen Benedict Community. New development will consist of 168 senior units, 96 family units, and 99 work force housing units.

Total development costs $88 million
Development Partners are The Benoit Group from Atlanta and SC Uplift of Columbia.

PLANS IN PROGRESS:

LATIMER MANOR -

Conversion Strategy - RAD Demolition
Repositioning Strategy - New Construction with approximately 220 affordable rental units and 50 homeownership units
Development Partners - Pennrose and The Hallmark Companies, Inc.

ARRINGTON MANOR -

Conversion Strategy - RAD Demolition
Repositioning Strategy - New Construction with approximately 80 Senior units
Development Partners - Pennrose and The Hallmark Companies, Inc.

RESERVES AT FARAWAY -

Conversion Strategy - RAD Demolition
Repositioning Strategy - New Construction
Development Partners - Mercy Housing and FA Johnson

DORRAH RANDALL -

Conversion Strategy - RAD Demolition
Repositioning Strategy - New Construction
Development Partners - Mercy Housing and FA Johnson

SCATTERED SITES -

Small Properties: 18 Properties/476 Units
- 70 Units Demolished
- 407 Units Rehabbed
Single Family Homes: 295 Homes
- 155 Rehab/Lease Purchase
- 140 Sell or Demolish
Development Partner - SC Affordable Housing Initiatives, Inc.

WILLOWS AT WATEREE - New Construction

160 Family Units
104 Senior Units
Development Partners - SOHO Housing Partners and Paces Preservation Partners

HUNT CLUB - New Construction

160 Family Units
Development Partners - SOHO Housing Partners and Paces Preservation Partners

HUNTINGTON COURT - New Construction

228 Family Units
Development Partner - Connelly Builders Inc,

last updated May 26, 2023