Franklin County Announces 10 Year Affordable Housing Effort
Franklin County Commissioners are planning to put an additional $65 million into affordable housing efforts over the next 10 years.
The commission will pay for the new efforts by raising the conveyance fee, a surcharge paid by home sellers when they transfer their property.
Commissioner John O’Grady explains under the plan they’ll send about $2.4 million to the Central Ohio Community Land Trust to hold down home prices in some rapidly developing neighborhoods.
“Some of the housing that’s being built in these neighborhoods, that’s being built in these developments, has to be at a level that can be afforded by folks across the income levels,” O’Grady says.
The other portion of the funds will go to a county housing magnet fund which will aims to build housing near employment centers or transportation hubs.
“Transportation is one of the big drivers that we have here so being able to put people closer to their work is a big issue,” O’Grady says.
The conveyance fee is now $3 per $1,000 in sale price, it was increased by $1 to fund these two programs. A third of the fee goes to the state.