How Franklin County Is Using Data, Public Land, and Opportunity Zones to Turn a Housing Plan into Action

In the process of creating its newly released Housing Action Plan (2026–2030), Franklin County used insights from data, public land, and a timely policy window – nomination for Opportunity Zones 2.0 – to create a more actionable housing strategy, even without direct control over many of the levers that shape housing outcomes. 

From Strategy to Pipeline 

Like many fast-growing regions, Franklin County, home to the city of Columbus and more than 15 cities and townships, is experiencing growing pressure on its housing market. Years of population and economic growth have increased demand, while wages have not kept pace with rising housing costs. The result is a growing affordability challenge for both renters and prospective homeowners. 

As Franklin County embarked on the process to create its housing plan, it was clear that action was needed, but that action also needed to be grounded in the reality of county authorities, assets, and levers of influence. In Ohio, cities – not counties – typically control land use decisions, while the State shapes many policies related to taxation, housing regulation, and tenant protections. At the same time, many local jurisdictions – including counties – are facing a constrained funding environment as pandemic-era federal resources expire and affordable housing financing faces economic headwinds. 

These circumstances required the County to be strategic about the action it can take and available levers of influence: land,  programs, partnerships, and coordination across jurisdictions. 

Unlocking the Potential of Public Land 

One of the primary tools included in Franklin County’s Housing Action Plan is publicly owned land, which can be a powerful tool for expanding housing opportunities. 

HR&A analyzed public parcels across Franklin County and evaluated their potential for different types of housing development, including Low-Income Housing Tax Credit (LIHTC)-financed projects, mixed-income housing, and single-family infill development. 

The analysis considered both site feasibility and local market conditions for parcels owned not only by the County, but also other local public entities. By pairing parcel data with submarket analysis, the County gained a clearer picture of where public land could help address housing needs. 

The result is an interactive parcel viewer developed by Arjun Sarma and HR&A’s Data & Analytics practice that allows the County and its partners to identify opportunities, coordinate investments, and advance conversations with potential developers. This type of market-informed land strategy allows public entities to be more proactive, helping reduce uncertainty for developers and better align public resources with community priorities. 

Why Opportunity Zones Matter for Housing 

Franklin County also identified an important opportunity through the upcoming Opportunity Zone nomination process. Governors have 90 days beginning July 1, 2026, to nominate Census tracts as Opportunity Zones. 

Established in the 2017 Tax Cuts and Jobs Act, Opportunity Zones – a federal tax incentive program that encourages private investment in qualifying, designated Census tracts – are not a housing program per se, and it has historically supported primarily market-rate investment. However, when paired with local requirements, this federal incentive can serve as one tool among many to support housing goals. 

Opportunity Zones were made permanent in the One Big Beautiful Bill of 2025 (OBBBA), creating a long-term tax incentive for which designated geographies are updated every decade. While not initially designed as a housing investment tool, Urban Institute analysis of data from Ohio demonstrates how Opportunity Zones can support mixed-use and multifamily rental development. 

• 64% of OZ capital supported residential development, followed by commercial development at 20%. Takeaway: OZ enabled residential development more than commercial.  

• 78% of OZ-funded units in multifamily developments rented for more than median rent in the census tract; 70% of OZ-funded units in multifamily developments rented for 120% of median rent. Takeaway: OZ is an insufficient tool for affordable housing production.   

• Multifamily developments with below-market rate units typically combined OZ equity with other subsidy sources (OHFA, HUD HOME, etc.). Takeaway: Combined with affordability requirements, OZ can improve financial feasibility for affordable housing projects.   

Overall takeaways: OZ can encourage market-rate / workforce housing development and help deliver affordable housing when paired with support from a mission-driven partner. As I discussed several months ago, designating tracts where public entities are well positioned to support projects can help make projects with affordable housing more viable, and also generate more community benefits than such investments might otherwise produce. 

Building on these insights, combined with HR&A’s housing and parcel analysis, the County identified census tracts where future Opportunity Zone designations could align with housing priorities. This approach helped the County and its regional partners understand where public-private partnerships may be most effective, particularly in areas where public land, market opportunities, and community needs intersect. 

How Opportunity Zones Affect the Capital Stack

So what kind of impact does OZ have on the capital stack of a typical housing project? While OZ ownership requirements make it complicated to pair with traditional LIHTC projects, the tax benefits offered work well in other multifamily workforce and market-rate products. According to my colleague Daniel Warwick, who reviews transactions from markets as diverse as DC, Nashville, and Seattle, the combination of tax benefits and bonus depreciation without recapture if held for the full term can increase investor internal rates of return upwards of 500 basis points (5%) over a 10-year hold. This results from the various tax benefits afforded by the incentive: 

• Temporary Deferral of taxes on previously earned capital gains that are reinvested in a QOF, up to five years 

• Basis Step-Up after five-year deferral period; investors receive a 10% reduction on their deferred capital gains tax liability (30% for investments in rural areas) 

• Permanent exclusion of taxable income on new gains; if investors hold QOF investments for at least 10 years, any appreciation is excluded from federal capital gains tax. 

• In Ohio, the state provides additional tax incentives via the Ohio Opportunity Zone Tax Credit. 

Additionally, OBBBA restored 100% bonus depreciation permanently for qualifying real property placed in service after January 19, 2025. Before OBBBA, bonus depreciation had been phasing down from the 2017 Tax Cuts and Jobs Act’s original 100% level Bonus. While this is not an OZ-specific benefit, it boosts the OZ benefit by allowing for a significant depreciation benefit in the first year alongside other tax advantaged treatment. 

A Model for County Leadership 

Franklin County’s Housing Action Plan demonstrates how counties can play a meaningful role in addressing housing challenges, even when many critical decisions are controlled at the municipal or state level. 

The strategy shows the value of: 

• Using data to identify where investment can have the greatest impact 

• Leveraging public land as a catalyst for development 

• Seizing a timely opportunity 

• Tapping the shared interests of partners to align actions 

At a time when housing challenges are growing, and resources are constrained, Franklin County offers a model for how communities can make strategic choices, build partnerships, and use every available tool to expand housing opportunity. 

About the Author 

Sharon Carney helps public sector leaders create economic and housing strategies that leverage their core assets, including land, policy, processes, and partnerships, to support equitable growth.