COLUMBUS, Ohio — Monday night, Columbus City Council approved funding for a new affordable housing development called Elevate 340.

What You Need To Know

  • Columbus city council approved up to $1.25 million for new affordable housing complex in Downtown Discovery District called Elevate 340

  • Elevate 340 will contain 74 units with 55 until specifically targeted to anyone who makes less than 60% of the median income in the downtown discovery district

  • Less than 60% of the median income for a family of four in the Discovery District is about $55,000. 

This, along with many other projects council has approved, was created to help combat the ever-growing need for affordable housing. As the Columbus community grows, so does the need for housing, especially affordable housing.

“This project is important because we are facing a housing crisis in the city of Columbus to the tune of 40 plus people a day, moving to Columbus. And so we’re really talking about supply and demand here,” said Columbus City Council member, Shayla Favor. 

Elevate 340 is an affordable housing apartment complex. It will contain 74 units; 55 of them will specifically target anyone who makes less than 60% of the median income in the city’s downtown Discovery District. For a family of four, that’s about $55,000.

“When we think about how insecurity is felt in our community, it does disproportionately impact our low-income individuals and our community,” said Favor. 

Favor is the head of the housing, homelessness and building committee and a champion for change with affordable housing. She shares that this project is just one solution to the housing crisis.

“This project will provide one solution to address our housing crisis. But that’s also on top of the other measures that we’re taking here at council. We are helping to lead the rewriting of our zoning code, which will help put more units on the ground. We are also solidifying more a tenant protections to make sure that our residents are not being unfairly discriminated in our community,” said Favor. 

Now that Elevate 340 is approved, the process of development can begin. Officials have not disclosed a timeline for when construction will be completed, but the goal is to get things done as soon as possible.