Columbus City Council Approves Landmark Affordable Housing InitiativeColumbus City Council Approves Landmark Affordable Housing Initiative In a major step towards addressing the city’s affordable housing crisis, the Columbus City Council has unanimously approved a landmark initiative that aims to create and preserve thousands of units for low-income households. The initiative, known as the Mayor’s Affordable Housing Action Plan, includes a comprehensive set of measures designed to: * Increase affordable housing supply: The city will invest $150 million over the next five years in grants and incentives for the development of new affordable units, targeting households earning up to 120% of the area median income (AMI). * Preserve existing affordable housing: The city will establish a rental assistance program to help low-income tenants stay in their homes, as well as acquire and renovate existing affordable housing developments. * Reform land use policies: The city will streamline zoning regulations and reduce fees for affordable housing developments, making it easier and more affordable to build. * Support homeownership: The city will expand down payment assistance programs and provide financial counseling to help first-time homebuyers overcome barriers. The initiative also includes a commitment to equity and inclusion, with a focus on ensuring that the benefits of affordable housing are distributed fairly across all neighborhoods. “This is a bold and ambitious plan that will make a real difference in the lives of thousands of Columbus residents,” said Mayor Andrew J. Ginther. “By working together, we can create a more just and equitable city where everyone has a safe, affordable place to call home.” The initiative was developed over the past year through a collaborative process involving city staff, housing advocates, developers, and community members. It is estimated to create or preserve over 5,000 affordable housing units by 2026, with the goal of ultimately meeting the city’s estimated need of 30,000 new affordable units. The approval of the initiative marks a significant milestone in Columbus’s efforts to address its affordable housing crisis. The city now has a roadmap for creating a more equitable and sustainable housing market for all its residents.