OAQDA Approves $6.85 Million Bond Financing for Energy-Saving Improvements in Franklin County Workforce Housing Development

FOR IMMEDIATE RELEASE
March 25, 2026

Media Contact: Lindsey Sanders
[email protected]

419-618-1708

OAQDA Approves $6.85 Million Bond Financing for Energy-Saving Improvements in Franklin County Workforce Housing Development

Action includes updated fee schedules for bond transactions to align with current market standards

COLUMBUS - The Ohio Air Quality Development Authority (OAQDA) has approved $6.85 million in air quality revenue bond financing for Cotter's Grove LLC through its Clean Air Improvement Program (CAIP). The project, approved at a special board meeting on March 18, will support clean air and energy-efficient upgrades at Cotter's Grove - a 96-unit, multi-building extended-stay residential apartment community located in Columbus, Ohio, designed to meet the growing housing needs of the region's workforce.

The OAQDA-financed improvements are expected to deliver meaningful operational savings, including an estimated 21.7% reduction in energy use and approximately $54,000 in annual utility cost savings. Planned upgrades include enhancements to the building envelope, installation of LED lighting, high-efficiency HVAC systems, and electrical improvements.

The project will help sustain 7 full-time jobs and create 1 new full-time position, contributing to ongoing economic growth in the region and offering additional housing options for the growing workforce.

"The OAQDA Board considers this project to be in alignment with local economic development plans in Central Ohio, supporting local jobs and providing housing for workers in the region," said Christina O'Keeffe, executive director of OAQDA. "Our financing programs are a tool that our local partners can use to make clean air and energy-efficient upgrades more accessible, benefiting both the health and economic prosperity of businesses and communities."

During the March 25 meeting, the Board also reviewed fee schedules for both CAIP and the Small Business Clean Air Program. There are no changes to fee types or amounts for the Clean Air Improvement Program other than clarifying language to increase transparency for applicants. The fee schedule for the Small Business Clean Air Program includes realignment based on a tiered structure that allocates fees to the projects ranging in size and complexity. Additional language adjustments are included to increase transparency for applicants. A notice of fee schedule adjustments is posted on the OAQDA website.

The Board is scheduled to vote on the proposed adjustments at its April 22 meeting. The proposed adjustments will take effect on July 1, 2026. To learn more about OAQDA's programs, visit ohioairquality.ohio.gov.

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The Ohio Air Quality Development Authority (OAQDA) is an independent state agency that partners with cities, counties and other municipalities across the state to stimulate job growth, drive economic benefits and improve community health through financing air quality projects. OAQDA's primary activity is to further economic development in Ohio by providing financing and incentives for projects that cause a reduction in air emissions, regardless of whether the project uses coal, natural gas, oil or another resource type. Since its creation in 1970, OAQDA has issued more than $6 billion in revenue bonds for air quality projects to help Ohio employers achieve energy cost reductions and improve air quality. For more information about OAQDA and its services, please visit ohioairquality.ohio.gov.