Columbus Dispatch reports that a former CMHA building on Columbus' Near East Side has just been sold for SEVEN TIMES the sale price of just 5 years ago. How's that for profit! "Skyview Towers, known as Sawyer Towers when it was owned by the Columbus Metropolitan Housing Authority, has recently been sold to an international real estate company. The units are open to market-rate and Section 8 renters.
Two former public-housing complexes once thought destined for the wrecking ball have changed hands again, fetching more than seven times the price paid by the previous private owner.
Having paid a premium for this building, wlll the new owners continue to rent to HCV tenants? A spokesperson for the company which helped broker the deal told the Dispatch."...the new owners might accept more Section 8 renters than did VTT...[ ] They like affordable housing, workforce housing...”
Probably time for Columbus City Council to consider SOI protections for voucher holders before local social service agencies face another displacement situation. posted March 20, 2016
Seniors and advocates question sale of Bollinger TowerThe Columbus Dispatch reports: "The Bollinger sale follows that of another senior apartment building that's being converted. In December, the New Jersey-based owner of the Bryden House apartments on the Near East Side told senior residents to move out by the end of January, then renamed it West Bexley Apartments. Some say it's not fair for the housing authority or other building owners to push out seniors to attract residents who can afford to pay more. 'I don’t like to see these seniors, largely with disabilities, living in apartment buildings where they’ll be displaced, even though they will get a voucher,' said Ben Horne, managing attorney for the housing unit of the Legal Aid Society of Ohio. posted March 5, 2016
Selling affordable senior housing--does this make sense?
Maybe, if you are Columbus Metro. The Dispatch reports that "The Columbus Metropolitan Housing Authority is selling its 100-unit Bollinger Tower in the Short North to the Schiff Capital Group. In a news release, CMHA said it plans to use the proceeds from the sale of the 11-story building at 750 N. High St. to provide about 300 more affordable housing units.The move is the latest in the public housing authority’s moves to rid itself of properties. In recent years, the authority has shed itself of Lincoln Park, Poindexter Village, Riverside-Bradley and Sawyer Towers. 'This transaction furthers our plan to divest ourselves of high-maintenance real estate in order to invest directly in people’s lives,' Charles Hillman, CMHA’s president and CEO, said in the release. 'Residents will receive portable housing vouchers enabling them to live in apartments of their choice in neighborhoods of their choice.' ” For backgrohnd, the Short North is a popular area for urban newcomers (gentrification) and investors can make a profit from the purchase. If CMHA can use their profit from the sale to INCREASE THE SUPPLY OF AFFORDABLE UNITS, then everyone wins. But if Bollinger tenants with a voucher cannot find safe and decent units in the overheated rental market in Columbus, the Bollinger tenants will be losers. And if seniors with vouchers take up spaces needed by single person households who don't have vouchers, the misery just flows downhill towards homeless shelters. Think about it. The housing market is not shaped by single transactions. It's the system., X (you fill in the appropriate term).posted February 27, 2016
UPDATE: "The Bird" responds to Bollinger sale
The Bird: "It's a bunch of Bullshit! First, I don't think it's going to happen right away, it may take a year or two. Second, they'll be coming in telling all kinds of stories and making promises to residents and people may just believe them cuz they don't feel like they don't have a choice" Bollinger resident known as "The Bird" read more at Columbus Aboveground
posted February 28, 2016