Columbus Near East Side Affordable Housing: $10M State Tax Credit Backs 380 Apartments at Latitude Five25 Site

A big affordable housing project on Columbus' Near East Side just cleared a key funding hurdle. The Ohio Housing Finance Agency board approved $10 million in state low-income housing tax credits for 525 Sawyer Blvd. on June 18. The money backs a plan to build 380 new apartments for families where the Latitude Five25 towers now stand.

The state agency announced the award as part of a round of financing for seven housing projects across Ohio. The Columbus project also holds a reservation of federal 4% housing tax credits from 2025, according to the agency. The developers are Paths Development LLC, S. Cain Development & Construction, and Simco Corporate.

A troubled site gets a second act

The 15-story twin towers at 525 Sawyer Blvd. were first known as Sawyer Towers. They sit on the Near East Side, near the King-Lincoln Bronzeville neighborhood. The towers have been empty since Christmas 2022. Pipes burst during freezing weather that day. The flooding forced every resident out, and the buildings never reopened.

Investment firm Nuveen bought the towers for $7 million last November, as reported by the Scioto Post. A demolition permit was filed with the city on January 22. On May 21, Mayor Andrew Ginther joined Franklin County Commissioner Erica C. Crawley, City Council Member Tiara Ross, and Near East Area Commission Chair Dr. Nathan Harris at the site to mark the start of demolition. The full redevelopment is expected to cost about $150 million.

How the tax credits work

Low-income housing tax credits are the main tool the state uses to get affordable homes built. A tax credit cuts a company's tax bill dollar for dollar. Developers sell the credits to investors. That cash lowers the cost of building. In return, the owners must keep rents affordable for lower-income households for decades.

What it means for the Near East Side

The Near East Side has watched the empty towers for more than three years. City leaders have long treated the site as a problem property. Replacing the towers with 380 income-restricted apartments would put homes back on a site close to downtown jobs and bus lines. At 380 units, it is a large project for any Columbus neighborhood.

For renters, the project means new units with rents set below market rates. For nearby owners and investors, an active construction site beats a vacant tower. New residents also bring spending that can support nearby shops.

What to watch next

The state approval is a green light, not a ribbon cutting. Watch for demolition to finish and for the developers to close on their full financing package. City building permits will show when construction is set to start.

The takeaway: one of Columbus' most troubled properties now has money behind its comeback. Renters looking for affordable options on the Near East Side should keep this address on their radar. You can follow our coverage of the neighborhood at /areas/king-lincoln-bronzeville.