OAQDA Financing Helps Deliver Additional Housing to Support Economic Growth in Downtown Columbus

FOR IMMEDIATE RELEASE
September 25, 2025

Media Contact: Lindsey Sanders [email protected]-618-1708

OAQDA Financing Helps Deliver Additional Housing to Support Economic Growth in Downtown Columbus

COLUMBUS - The Ohio Air Quality Development Authority (OAQDA) recently issued its revenue bonds for financing on significant air quality improvements as part of an exciting new housing development in downtown Columbus. The Artem on Gay project, developed by non-profit organization Finance Fund, will bring a six-story, 71-unit affordable housing community and a major infrastructure investment to the heart of the city, while also generating significant economic and workforce benefits for the region.

The $8.5 million project financed by OAQDA includes interconnected energy-saving technologies and improvements to the property, which involves studio, one-, two-, and three-bedroom apartments. Rent levels are affordable to households earning between 30% and 80% of the area median income. Several units are also reserved for individuals with special needs, supporting inclusive growth in the Discovery District.

Artem on Gay is designed and will operate to lower long-term energy utility costs through high-efficiency construction features, including advanced HVAC systems, LED lighting, electric water heaters, and enhanced insulation. These improvements are projected to reduce energy use by nearly 60%, which translates into lower expenses for the property and reduced utility burdens for residents.

"This project shows the powerful role OAQDA can play in advancing both economic benefits and community impact," said Christina O'Keeffe, executive director of OAQDA. "By aligning our financing with the economic development goals of the city of Columbus, we're helping bring additional housing options to the downtown area that is more attainable within a family's household budgets while supporting local jobs in the community."

The project will create and preserve dozens of jobs including approximately 29 construction trade positions during development and several permanent roles once the building opens. By investing in critical housing infrastructure, the development ensures long-term economic activity in Columbus and Franklin County, supporting workers now and in the future.

"At Finance Fund, we are committed to revitalizing neighborhoods and creating opportunities for working families," said Tyler Ponder, Director of Real Estate Development at Finance Fund. "Artem on Gay represents a major investment in the Discovery District, providing affordable housing options for residents, supporting jobs for local workers, and helping ensure downtown Columbus continues to grow as a place where people want to live and work."

"Infrastructure investments like Artem on Gay strengthen downtown Columbus, support local workers, and expand housing opportunities for families across Franklin County," said Senator Hearcel F. Craig (D-Columbus). "When state, local, and nonprofit partners come together, we not only build stronger neighborhoods, we grow our economy for the long term.

"Affordable housing and strong workforce opportunities go hand in hand," said Representative Dontavius Jarrells (D-Columbus). "This project reflects our commitment to building communities where people can thrive - close to jobs, education, and the resources they need. It's the kind of investment that pays dividends for years to come."

This project was approved by the OAQDA Board through its Clean Air Improvement Program (CAIP), which serve as a platform for businesses and communities to access financing with third-party investors and capital providers along with other incentives for clean air projects. By reducing upfront costs and improving cash flow, these programs enable projects across Ohio to
move forward with greater financial certainty and long-term benefits for businesses and residents alike.

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The Ohio Air Quality Development Authority (OAQDA) is a non-regulatory government agency working to position Ohio as a leader in harmonizing a strong economy and a healthy environment. Since its creation in 1970, OAQDA has worked to improve air quality by supporting businesses, creating jobs and improving communities while enhancing the health and safety of all Ohioans. To date, OAQDA has awarded more than $6 billion to finance air quality projects. For more information about OAQDA and its services, please visit ohioairquality.org.