(COLUMBUS, Ohio) – The nonprofit Ohio Capital Finance Corporation announced today the creation of a $50 million fund to expand Nationwide Children’s Hospital’s affordable housing initiatives in Columbus’ Linden neighborhood. The Linden Healthy Homes Fund II will allow Healthy Homes, the affordable housing arm of Nationwide Children’s Healthy Neighborhoods Healthy Families initiative, to further its commitment to invest in community health with the development of 150 rental units over the next 10 years.
“The fund is made possible with low-interest loans from financial institutions who are committed to the future of Linden,” said Jonathan Welty, president of Ohio Capital Finance Corporation. “Building upon the collaborative success of The 614 for Linden, we are pleased to develop and execute this unique, multi-tiered funding model to support Nationwide Children’s innovative programs and the affordable housing needs of our community while leveraging a variety of private and public resources.”
The funding partners include Nationwide Children’s Hospital, Nationwide, Park National Bank, Affordable Housing Trust for Columbus and Franklin County, Huntington Bank, Key Bank, U.S. Bank, Fifth Third Bank, The Columbus Foundation and Ohio Capital Finance Corporation.
“Helping to expand access to safe, affordable housing continues to be a priority for both Nationwide's investment and philanthropic initiatives, especially here in our own backyard,” said funding partner Nationwide Chief Investment Officer Joel Coleman. “We are pleased to be a part of this project and continue our support for the Healthy Homes program in Linden.”
The fund comprises a $25 million loan and $25 million in grant funding, including support from the City of Columbus via voter-approved bond dollars and Franklin County Commissioners, to support the acquisition, construction, and permanent financing of rental housing units for families in all parts of the neighborhood.
“Park National Bank has had a longstanding commitment to ensuring quality, affordable housing is a reality for all of our neighbors,” said Matthew R. Miller, president, Park National Corporation. “We are proud to stand alongside partners who share this commitment and are stepping forward to make a profound and lasting impact for the Linden community.”
Nationwide Children’s first 30 Healthy Homes units are nearly complete, with the average rent at $875 for a three-bedroom unit. A household would need to make a minimum of $31,500 a year to qualify for these homes or have a permanent subsidy such as a Section-8 voucher.
Healthy Homes is a component of Nationwide Children’s Healthy Neighborhoods Healthy Families initiative that started in 2008 to improve the overall health of communities by addressing factors including affordable housing, education, health and wellness, community enrichment and economic development.
“We know that factors like access to safe, affordable, and high-quality housing can directly impact a child’s physical and mental health. Improving health outcomes requires work that extends beyond our hospital walls into the communities we serve,” said Tim Robinson, CEO of Nationwide Children’s. “By providing and preserving affordable housing in Linden, we are investing in improving children’s health now and in the future. This partnership demonstrates how Columbus is a leader in finding solutions to the affordable housing crisis while investing in the health of families.”
The Healthy Homes initiative started in 2008 in Columbus’ South Side neighborhood, close to the hospital. The initiative expanded to include the Linden neighborhood in 2019. Healthy Homes has impacted more than 730 properties through full-gut renovations, new builds with energy efficient and green features and grants to current residents for home repairs. This includes more than 120 residential properties in the Linden community.
“This new $50 million fund will strengthen quality of life in Linden and beyond by connecting even more of our residents with safe, stable and affordable places to call home,” said Columbus Mayor Andrew J. Ginther. “The collaborative spirit propelling this partnership forward is a testament to our collective commitment to create a more vibrant and equitable Columbus while continuing to grow in a way that is both dynamic and inclusive of everyone in our city.”
In addition to the 150 rental units, Healthy Homes will oversee, over the next five years, more than 300 home repair grants and more than 60 home ownership projects through the Central Ohio Community Land Trust. The work of Healthy Homes is a piece of a larger puzzle involving partnerships across the region working to increase access to affordable housing.
“We are not going to solve our housing issues overnight or alone, but this fund serves as a great example of the local collaborations needed to work toward a solution,” said Lark T. Mallory, president and CEO of the Affordable Housing Trust for Columbus and Franklin County. “The Trust is proud to join this partnership of public, private and nonprofit sectors, leveraging resources to provide essential financing required for the development and preservation of affordable housing."