COLUMBUS, Ohio (WCMH) -- A new apartment building Downtown will feature affordable units as some say the city is experiencing a housing crisis. Columbus is one of the fastest-growing cities in the country and is trying to keep up with that growth through multiple projects, but it's also dealing with a different yet related issue, affordable housing. How a 70-year-old law could apply to pro-Palestine protesters at Ohio State "We're grappling with supply and demand here," Columbus City Councilmember Shayla Favor said. "We are growing at a rapid rate to the tune of around 40 folks a day and, unfortunately, we don't have enough housing units." Carlie Boos, executive director at the Affordable Housing Alliance of Central Ohio, called the city's housing crisis "unprecedented." "We've never seen a pinch like this, not in central Ohio, not ever," Boos said. "I think we've always been the kind of community that defines ourselves by our quality of life, where we're a place where you can raise a family and you can start a business and you can create. And it's getting harder and harder to do that." Columbus OKs funds for summer youth programs The alliance said that in Franklin County alone, 52,000 families are severely cost-burdened; on the regional level, it says that number is 80,000. "The way the alliance is going to look at affordable housing, it primarily is going to be how many of our families are paying more than half their income towards housing," Boos said. "It's a really dangerous spot to be in." On Monday, Columbus City Council took a small step toward creating more affordable housing with the approval of Elevate 340. The development was approved for $1.25 million in grants. The apartment building will carry 74 units, with 51 reserved for families at or below 60% of the area median income. Another four units will be set aside for those 30% below. Two proposals could raise Ohio’s minimum wage to $15/hr "We're talking about 74 units," Favor said. "Does it solve the immediate housing need? Absolutely not, but it is another tool that we are utilizing to address housing insecurity in our community." Elevate 340 will be located at 340 E. Fulton St., on the corner of Fulton and Grant Avenue in the Discovery District. The council's legislation emphasized its proximity to employers including Nationwide Children's Hospital, Grant Medical Center, and Franklin University. "This just provides another point of housing for folks who are looking to be a little bit more centrally located," Favor said. Ohio to begin ‘enhanced’ voter roll purge ahead of November election Building affordable housing is difficult, according to Favor. She said that's what makes Elevate 340 an exciting project. "It is incredibly expensive to build right now," Favor said. "It is the perfect storm for high interest rates, population boom and so we're trying to grapple with those things as best as possible."