Latest / Chuck Douglas / Affordable Housing in Columbus

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Affordable Housing in Columbus · Chuck Douglas

• 0:07
  Speaker 1: Greeting, salutations, and welcome my friends to the Monday edition
• 0:10
  Speaker 1: of The Power Hour. I'm Chuck Douglas. You know who
• 0:12
  Speaker 1: you are. We take it from there. We get one
• 0:14
  Speaker 1: hour together, which means I talk really fast and you
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  Speaker 1: must listen even faster. My number eight two one nine
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  Speaker 1: eight eighty six eight two one WTV and or eight
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  Speaker 1: hundred to six' ten wt. Fee and SO i guess
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  Speaker 1: the word affordable is. SUBJECTIVE i. SPEAK i speak of
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  Speaker 1: a story featured today on many of the media outlets
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  Speaker 1: here In Central, Ohio columbus affordable housing project calls raise. Questions,
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  Speaker 1: Now i've, always AND i, guess especially because of my
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  Speaker 1: my real estate work and you, know being a residential
• 0:56
  Speaker 1: realtor for all these, Years i've always questioned the term
• 1:00
  Speaker 1: affordable housing because it, always, always always has seemed less
• 1:06
  Speaker 1: than affordable to. Me and depending upon you, know what
• 1:10
  Speaker 1: space and time we're occupying during the. Conversation i've seen
• 1:14
  Speaker 1: many organizations that you, know basically they just move around
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  Speaker 1: government money to create. Projects there was ONE i recall
• 1:20
  Speaker 1: one time, AGO i might Beloved. Westside they wanted to
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  Speaker 1: and they're still, around but they changed their. Name but
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  Speaker 1: what they, did what they did was to come in
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  Speaker 1: and build basically. Doubles they called them, condominiums but they were.
• 1:37
  Speaker 1: Doubles and here's the. Deal what you did was you
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  Speaker 1: would sign up for a lease on these condominiums that
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  Speaker 1: was for fifteen. Years, yes that's. Right then at the
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  Speaker 1: end of fifteen years you could buy the. Condominiums they
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  Speaker 1: were for people with little or bad. Credit and the
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  Speaker 1: problem was when it came time to. BUY i, said,
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  Speaker 1: okay well, then BECAUSE i was, working you, know a
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  Speaker 1: on a community board back, then and they brought this
• 2:08
  Speaker 1: before us for, approval AND i, said, okay so at
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  Speaker 1: the end of fifteen, years you get into this, thing
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  Speaker 1: you make your, payments you get to buy. It how
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  Speaker 1: much will it be after you've paid essentially rent for
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  Speaker 1: fifteen years on the, Kind, well we don't know that
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  Speaker 1: until we get. There how h. MUH i argued against,
• 2:30
  Speaker 1: it and of course The city Of, columbus being the
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  Speaker 1: city Of, columbus passed. It, ANYWAY i pointed out to,
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  Speaker 1: them at that, time you could not even do what
• 2:39
  Speaker 1: was called an open ended car. Lease have you ever
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  Speaker 1: leased a cars? Act?
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  Speaker 2: NO i almost, did But i'm GLAD i.
• 2:44
  Speaker 1: DIDN'T i, mean it's, great, great payments low payments as
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  Speaker 1: long as you stay within your miles and take care
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  Speaker 1: of the. Vehicle but at the end of the, lease
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  Speaker 1: you have what's called a. Buyout so after leasing it
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  Speaker 1: for twenty four months or thirty six months or, whatever
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  Speaker 1: you know how much much if you want to buy this,
• 3:02
  Speaker 1: car what it's going to cost you is what they
• 3:05
  Speaker 1: call a residual value on the.
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  Speaker 3: CAR i never wanted to get one BECAUSE i always
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  Speaker 3: a lease BECAUSE i thought it just felt like a
• 3:13
  Speaker 3: really extravagant way of renting a.
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  Speaker 2: Car, well the same, thing.
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  Speaker 1: But it's kind OF i, mean here's the deal, Though
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  Speaker 1: if it has a high residual, value as do Most honda's.
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  Speaker 1: Toyotas if the residual value is, high that means you're
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  Speaker 1: going to have to finance a pretty big chunk if
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  Speaker 1: you decide to buy it at the end of the least.
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  Speaker 1: Term if the residual value is, high it also means
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  Speaker 1: that your monthly payments are going to be lower because
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  Speaker 1: the vehicle is going to be worth more at the
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  Speaker 1: end of the. LEASE a low residual value much more
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  Speaker 1: affordable at the end of the, lease should you choose to,
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  Speaker 1: buy also means your payments are likely higher because you're
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  Speaker 1: going to need to eat up a big bunch of
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  Speaker 1: the cost of that car during the course of the.
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  Speaker 1: Lease so it depends on what you want to. Do
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  Speaker 1: and if you're always going to be somebody who has
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  Speaker 1: a car, Payment i'm not one of those. PEOPLE i
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  Speaker 1: like to buy, stuff cheap stuff cash and just drive
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  Speaker 1: it into the ground and get something. Else i'm not
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  Speaker 1: a not a car payment. Guy but if you're always
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  Speaker 1: going to you know yourself well enough to Do i'm
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  Speaker 1: always going to want a newer, Car i'm always going
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  Speaker 1: to have a car. Payment leasing may be the way to.
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  Speaker 1: Go but the point of that whole thing is they
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  Speaker 1: are closed end. Leases whether it's a high residual value
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  Speaker 1: or a low residual, value at the beginning of the,
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  Speaker 1: lease the inception of the, lease you know what it's
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  Speaker 1: going to cost you at the end of the lease
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  Speaker 1: to buy. It these, condominiums on the other, hand and
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  Speaker 1: again government money shuffled around through organizations and so forth
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  Speaker 1: that all themselves housing. ORGANIZATIONS i think the kind of,
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  Speaker 1: minims If i'm not, mistaken were renting at that, time
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  Speaker 1: and it's been twenty five years. Ago for around eight
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  Speaker 1: hundred dollars a. Month but at the end of fifteen
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  Speaker 1: years of paying that it was open. Ended they couldn't
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  Speaker 1: tell you what it was going to cost you to
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  Speaker 1: buy after your long term fifteen year. Lease AND i,
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  Speaker 1: thought that's. Ridiculous fifteen years is. Ridiculous first of, all
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  Speaker 1: you can't get any other. Contract you can't do an
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  Speaker 1: employment contract over seven. Years you start getting into in
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  Speaker 1: indentured servants at that. Point, SO i, mean you, know
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  Speaker 1: fifteen years was, crazy but fifteen years and not being
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  Speaker 1: able to know what it was going to cost you
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  Speaker 1: to buy it at the end of that fifteen years
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  Speaker 1: was even. Crazier, nonetheless the city Of columbus approved the
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  Speaker 1: project now with all of that. Upfront according to THE
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  Speaker 1: wsyx website, Here columbus met Or Politan Housing authority E
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  Speaker 1: cmaj has embarked on a twenty nine million dollar project
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  Speaker 1: to provide affordable housing in Downtown. Columbus the, development located
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  Speaker 1: on the site of the Former United way. Headquarters listen to,
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  Speaker 1: this will feature eighty two. Apartments of those eighty two,
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  Speaker 1: apartments there will be some, studios there will be some three.
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  Speaker 1: Bedrooms they, say primarily serving middle and low income. Families
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  Speaker 1: that's what you would expect from affordable. Housing despite the
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  Speaker 1: project's noble, intentions the story, says the cost per unit
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  Speaker 1: has raised eyebrows at you're, ready here's affordable housing for
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  Speaker 1: low income. People, here you're. Ready three hundred and fifty three,
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  Speaker 1: thousand six hundred and fifty eight dollars per. Unit the
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  Speaker 1: price significantly exceeds the average cost of building a apartment In,
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  Speaker 1: ohio which typically ranges from sixty five thousand to eighty
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  Speaker 1: six thousand.
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  Speaker 2: Dollars and what's the rent going to?
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  Speaker 1: Be national estimates for apartment construction range from eighty thousand
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  Speaker 1: to two hundred eighty. Thousand these are like purchase. DEPARTMENTS
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  Speaker 1: i guess maybe that's what they're paying for construction of each.
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  Speaker 3: Apartment, well it also would depend if there's any regulations
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  Speaker 3: on where they can, build what they can, build what
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  Speaker 3: materials to, use if it's some sort of environmental. THING i,
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  Speaker 3: MEAN i don't know about this particular, insisence but that
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  Speaker 3: could raise the price.
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  Speaker 1: Too this here's a. Quote this is an L lihtc,
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  Speaker 1: community meaning it's got low income tax credits in. It
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  Speaker 1: oh isn't that? Wonderful and that raises the cost of. Construction,
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  Speaker 1: again tax, credits your money raises the cost of construction
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  Speaker 1: of these kinds of. Projects this is why it might
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  Speaker 1: be a little higher than. Normal, again let me quote
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  Speaker 1: that three hundred and fifty three, thousand six hundred and
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  Speaker 1: fifty eight dollars per unit average cost In ohio typically
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  Speaker 1: sixty five thousand to eighty six, thousand and he says
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  Speaker 1: whyatt might might be a little bit higher than. Normal
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  Speaker 1: additional factors contributing to the higher costs include compliance with
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  Speaker 1: green energy standards and specific building finishes that are required
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  Speaker 1: by THE lihtc. Program there's some green energy, standards we
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  Speaker 1: have to, do certain kinds of finishes and the way
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  Speaker 1: we build the building that the project requires us to.
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  Speaker 1: Do obviously we comply with that because of the to
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  Speaker 1: get THE htc equity in order to build these, projects
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  Speaker 1: and without the equity from our partnership with SO, mpaj
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  Speaker 1: this would not be able to actually be. Built so,
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  Speaker 1: again government, money government, standards shuffling stuff. Around average costs
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  Speaker 1: to build similar apartments sixty five to eighty six thousand.
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  Speaker 1: Dollars we're going to spend three hundred and fifty three,
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  Speaker 1: thousand six hundred and fifty eight. Dollars this is affordable.
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  Speaker 2: HOUSING i can't get over the.
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  Speaker 3: Guys it might that's why prices might be a little.
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  Speaker 3: Higher that's like me, Saying, chuck you're a little taller than.
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  Speaker 1: Just a tad big a little. Bit, yeah, yeah this
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  Speaker 1: is just this is. Sad but, again it's your tax
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  Speaker 1: dollars at. Work all these, organizations all those INITIALS i
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  Speaker 1: was just. Reading trust, me they're living as nonprofits and
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  Speaker 1: tax exempt organizations and all that kind of. Stuff this is.
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  Speaker 1: Stupid the money that we could just you, know pump
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  Speaker 1: pump it into the citizens. Pockets let us go out
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  Speaker 1: and build our own. Homes three hundred and fifty three
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  Speaker 1: thousand dollars Per, yearnit give to me that kind of.
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  Speaker 1: Grant see what kind of HOUSE i could? BUILD i,
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  Speaker 1: mean you could literally build a six, hundred seven hundred
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  Speaker 1: thousand dollars house if you had three hundred and fifty
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  Speaker 1: three thousand dollars in government, money nonprofit, money whatever coming at.
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  Speaker 1: You couldn't.
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  Speaker 2: You, YEAH i can figure that out.
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  Speaker 1: Myself that would be too, difficult just absolutely. Distressing but
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  Speaker 1: this is the kind of smoking mirrors that continues to
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  Speaker 1: pass as affordable. Housing AND i don't know what If
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  Speaker 1: i'm assuming these will all have to be, purchased it
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  Speaker 1: doesn't make. Sense by the, way there's going to be
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  Speaker 1: the eighty two. APARTMENTS i mentioned that, earlier there are
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  Speaker 1: seventy parking. Spaces maybe that's a green energy. Incentive we're
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  Speaker 1: assuming twelve of the twelve of the people will will
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  Speaker 1: take a. BUS i don't, know, Man, no this doesn't
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  Speaker 1: make any sense at. All what we have to meet
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  Speaker 1: these standards in these conditions and use these finishes and
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  Speaker 1: these green. Things but we're gonna build something with eighty
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  Speaker 1: two units and seventy parking. Spaces why would you even
• 11:17
  Speaker 1: build two or three auto all be studios if you're
• 11:21
  Speaker 1: not even gonna have parking one parking space per.
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  Speaker 3: Unit wouldn't you even try to LIKE i don't condone.
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  Speaker 3: Line wouldn't you try to fake it and just put
• 11:30
  Speaker 3: like twelve motorcycle spots at the end there that are
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  Speaker 3: really small and be, like we have eighty two parking.
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  Speaker 1: Spots this is where your rental scooter, goes big bike. Rack,
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  Speaker 1: YEAH i just seventy spaces allocated for the eighty two.
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  Speaker 1: Apartments remaining parking will be available on a paid hourly,
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  Speaker 1: basis which means parking meters on the. Street nothing like
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  Speaker 1: coming home to your new apartment in Downtown columbus with you,
• 11:56
  Speaker 1: know armful of groceries because you can only you, know
• 11:58
  Speaker 1: there's you gotta buy your grocery a little at a.
• 12:00
  Speaker 1: Time you can't buy for a week and a half
• 12:02
  Speaker 1: two weeks LIKE i. Do you had to buy them
• 12:04
  Speaker 1: for a little. Time you got to park at a
• 12:06
  Speaker 1: meter and walk through the snow and the rain and
• 12:08
  Speaker 1: the ice and pass the excuse, me and to get
• 12:12
  Speaker 1: to your apartment with your your grocery store bounty hourly.
• 12:18
  Speaker 1: Parking this Is i'm, sorry this is a, stupid absolutely.
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  Speaker 3: Stupid it's even the little things that are bothering me,
• 12:26
  Speaker 3: about like if you, park you have a lot of
• 12:28
  Speaker 3: groceries to carry, in and then you got to get
• 12:30
  Speaker 3: them all, out and you got to pay the, meter
• 12:32
  Speaker 3: and then'd like you forget to lock the doors because
• 12:34
  Speaker 3: it's downstairs public. Parkiing so now you're afraid people are
• 12:38
  Speaker 3: gonna steal your. Son now you gotta go back outside
• 12:40
  Speaker 3: and lock Your it's a whole.
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  Speaker 2: Thing this is a whole.
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  Speaker 1: THING i would not be surprised if another requirement of
• 12:46
  Speaker 1: residency there is probably to install like the city parking,
• 12:49
  Speaker 1: apps so that you can just push a button and
• 12:52
  Speaker 1: have your credit card dinged at the parking, meter because
• 12:57
  Speaker 1: they're going to that. Now instead of putting money into a,
• 12:59
  Speaker 1: meter you scan A qr code or.
• 13:02
  Speaker 3: Whatever and, yeah the last few TIMES i parked, DOWNTOWN
• 13:05
  Speaker 3: i DOWNLOAD i had downloaded the, app and that's HOW i,
• 13:08
  Speaker 3: paid not to pay for.
• 13:10
  Speaker 1: It oh, MAN i just WHEN i think about the
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  Speaker 1: housing situation in Central ohio and the fact that we
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  Speaker 1: desperately need more, housing but we need. Houses we need,
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  Speaker 1: houses people to live in the, houses people to build the,
• 13:25
  Speaker 1: houses and everybody put all their money On intel And
• 13:27
  Speaker 1: microsoft And amazon And google and so. Forth which one
• 13:30
  Speaker 1: is it that that said they're stopping or slowing their
• 13:34
  Speaker 1: uh their data center up there in The New albany.
• 13:37
  Speaker 1: Area was That? Intel, No intel was the chips so
• 13:39
  Speaker 1: it must Be. Microsoft, yeah it Was. Microsoft AND i
• 13:43
  Speaker 1: don't know what that. MEANS i have no idea other
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  Speaker 1: housing coming to The Central ohio. Area this is going
• 13:50
  Speaker 1: to be a traffic nightmare right overund the corner from
• 13:54
  Speaker 1: the radio station here On Trabue. Road if you guys
• 13:57
  Speaker 1: are familiar with where what is It fairway Or. Fairweathers
• 14:00
  Speaker 1: it's a little strip there next to the railroad tracks
• 14:04
  Speaker 1: On Trabue, road between between where Hag avenue empties out
• 14:08
  Speaker 1: and where McKinley avenue. Empty THERE'S u and they're going
• 14:13
  Speaker 1: to the APPARENTLY apparentlyld two and eighty Nine i'm, sorry
• 14:17
  Speaker 1: two hundred and fifty apartments on that, site plus a
• 14:20
  Speaker 1: restaurant and, UH i guess some commercial will be involved there,
• 14:25
  Speaker 1: too but traffic. Coming you, Know trabue is only two.
• 14:28
  Speaker 1: Lanes what's it gonna if it Abuts Old Dublin. Road
• 14:33
  Speaker 1: that's only two. Lanes plus they need to smooth out
• 14:37
  Speaker 1: that whole railroad track situation because you're you, know if
• 14:40
  Speaker 1: you're over twenty miles an, hour you're doing a dukes
• 14:42
  Speaker 1: of hazard going through. There but on top of what
• 14:46
  Speaker 1: we've already got over, there we're looking at another two
• 14:50
  Speaker 1: hundred and fifty apartments on that. Space that's. Crazy That's
• 14:55
  Speaker 1: i'm all for, Development i'm all for. Housing we desperately need.
• 14:58
  Speaker 1: Housing but, Man i'm, sorry this just doesn't make sense to.
• 15:02
  Speaker 1: Me they're putting all the wrong stuff in all the wrong.
• 15:04
  Speaker 1: Places as far AS i can, see