UPDATE ON BROAD STREET
AFFORDABLE HOUSING INITIATIVE
October 23, 2001

Campus Partners reports steady progress on the plan for the acquisition and rehabilitation of the Broad Street affordable housing portfolio. This has been a lengthy and complex transaction -- and it is far from complete -- but several significant milestones have been achieved.

Campus Partners last summer retained a Washington, D.C., law firm with extensive experience in federal housing law to work on its behalf with legal counsel from the U.S. Department of Housing and Urban Development (HUD) and the Office of Multifamily Housing Assistance Restructuring (OMHAR).  Campus Partners' attorney reported back earlier this month that HUD’s chief legal counsel now is in agreement that there are no major legal or regulatory roadblocks to implementation of the alternate plan for the Broad Street portfolio (i.e., acquisition, rehabilitation, higher post-rehab rent subsidies, dispersal of some Section 8 units into the wider community).  This is very good news.

At this time, Campus Partners expects OMHAR to reach an agreement with the current owner to restructure the portfolio by Nov. 30, 2001, or shortly thereafter.  A key element of that restructuring agreement with the current owner will be the execution of a binding agreement to enter into a subsequent second-stage restructuring and transfer of ownership in the next 6 to 18 months.  (There isn't yet a clearer timetable.)

With strong support from The Ohio State University, Campus Partners last spring approached Central Ohio's congressional delegation about a special appropriation of $15 million to this affordable housing initiative to help fund property rehabilitation and supportive services for the residents. Senator Michael DeWine and Congresswoman Deborah Pryce have sponsored this request. Campus Partners appreciates their interest and support.  In addition, a number of civic leaders have written letters in support of this request.   Although the situation in Congress is uncertain due to the terrorist attacks, Campus Partners remains optimistic that this request may be funded.

At its annual assembly on Sept. 24, the B.R.E.A.D. Organization voted to endorse the alternate restructuring plan for the Broad Street portfolio.  Terry Foegler, president of Campus Partners, spoke at the assembly and was well-received.   B.R.E.A.D. distributed postcards to all in attendance to write a note of support to members of Congress.

Next steps

A key priority is to create an ownership entity for the Broad Street portfolio. Consistent with Campus Partners' restructuring vision, this entity should be a community-based, tenant-endorsed, non-profit organization.  Campus Partners staff will initiate discussions with prospective partners in such an entity to consider how it might be organized and financed.  Once there is a clearer understanding of the alternatives, Campus Partners also will bring this topic to the Broad Street Affordable Housing Advisory Panel for further discussion and advice.

Campus Partners would like to expand the Advisory Panel or create a new Advisory Panel to include representatives of neighborhood civic associations, such as the Olde Towne East Neighborhood Association and the Weinland Park Community Collaborative, and of B.R.E.A.D.   We also want to work with COHHIO to identify resident leaders who could serve on the Advisory Panel.  If you have any suggestions on the size and representation on the Advisory Panel, please contact Steve Sterrett, community relations director of Campus Partners.

MORE:  Fact Sheet on the Broad Street affordable housing portfolio

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          March 2001 News Release

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