COLUMBUS, OHIO — Merchants Capital has secured $35.1 million in tax credit equity on behalf of Woda Cooper Cos. and IMPACT Community Action. The co-developers will use the equity to fund an adaptive reuse project in Columbus called Lofts at 40 Long. The city identified the project in its 2022 plan. Developers will convert a vacant YMCA building into 121 apartments reserved for families earning between 30 and 80 percent of area median income.
Merchants Capital secured $18.5 million in 4 percent Low-Income Housing Tax Credit equity (LIHTC), $11.4 million in federal historic tax credits (HTC) and $5.2 million in Ohio LIHTC for Lofts at 40 Long. Ohio Housing Finance Agency allocated the federal and state housing tax credits, and the National Park Service allocated the federal historic credits. In addition to the equity provided by Merchants Capital, other funding came from the City and the County as well as from agency loans and private sources. Construction on Lofts at 40 Long began in August 2025 and is expected to be completed in late 2027.