Campus Partners confirmed their commitment to the affordable housing initiative yesterday by signing the Building Responsibility Equality and Dignity’s statement of principles for the acquisition of the Broad Street properties.

Members of BREAD unanimously endorse their project.

“Terry Foegler, the president of Campus Partners, made a public commitment to the community,” said Ed Hoffman, a former vice president and a member of the BREAD housing committee. “That reached a new level last night.

“That’s a long-term undertaking.”

Hoffman said Foegler also agreed to arrange a meeting between BREAD and Ohio State President William “Brit” Kirwan to address their principles and desires.

Campus Partners hopes to provide an alternate restructuring plan for the Broad Street portfolio with the help of BREAD

The Broad Street portfolio is a series of 1,335, subsidized units in 242 buildings located in various places such as Weinland Park, Near East Side neighborhood, Italian Village, Harrison West, Linden and Franklinton.

The tenants pay a fixed percentage of their incomes to the owners. It is usually about $100, Steve Sterrett, Campus Partners spokesman, said. Then the rest of the money is paid by the government, in this case the U.S. Office of Multi-family Housing Assistance Restructuring. The money paid is theoretically supposed to be used to renovate the houses.

Currently OMHAR is renewing its Section 8 contracts with the existing owners, the Broad Street Company, Sterrett said. Under the renewed contract, the owners are asking the government to reduce the subsidy by 25 percent, which will reduce the amount of money that can go into renovating the subsidized houses.

According to Foegler the housing conditions are desperate. The tenants have no showers, washer-dryer hook-ups, carpeting or air conditioning.

Campus Partners wants to fix these problems and asked BREAD for support of its plan.

The goal is to invest $35 million into renovating the housing, Sterrett said.

“By committing to pull together the investment, the government would recognize the higher rate of a subsidy for the houses,” Hoffman said.

Sterrett said OMHAR will restructure the contract agreements with Broad Street owners by Oct. 31. Adding an amendment will provide for more time to institute their alternative plan. Within a six to 18 month period, they must provide ownership and financing for the property, transfers of ownership, and developments of new contracts between the new owners and the government.

In the principles outlined by BREAD, Campus Partners will not be the owner of the Broad Street portfolio. Instead, another community-based owner should be found for the project.

Finding an owner is one challenge that Foegler faces. “No one wants to step up and buy the portfolio, because it’s difficult to manage, it’s scattered throughout neighborhoods and it’s not lucrative,” he said.

Financing is another obstacle for Foegler. Finding money to finance the project is difficult too, he said. So far, the finances provided by the government through Section 8, tax credits and federal assistance will be some of the money used.

Along with renovation, there will be support services provided as well, such as day care and job training, Foegler said.

“This could be a positive and great thing for the neighbors,” Hoffman said. “The hope is that people can get up on their feet.”