Explanation
BACKGROUND: The Ohio Housing Finance Agency (OHFA) operates the Low Income Housing Tax Credit Program (LIHTC). This program is designed to increase the supply of quality affordable rental housing. These federal income tax credits provide the private housing development community the incentives to develop affordable housing by offsetting building acquisition, new construction or substantial rehabilitation costs.
LIHTC is a competitive review process based on the applicant meeting selected criteria. Some of the criteria are public benefit, location and organizational capacity. A resolution of support from Columbus City Council would provide the applicant with fifteen (15) competitive points. The LIHTC applications are due to OHFA on March 16, 2006.
Emergency action is requested for this resolution in order to comply with the time line for the OHFA applications.
FISCAL IMPACT: No funding is required for this legislation.
Title
To support the application of Columbus Housing Partnership (Grace Walk Homes) for Low Income Housing Tax Credits; and to declare an emergency.
Body
WHEREAS, The Ohio Housing Finance Agency (OHFA) is requesting applications for the Low Income Housing Tax Credit Program (LIHTC) from developers to create affordable housing in areas of high need and for special populations having the highest need; and
WHEREAS, the allocation plan offers competitive points for local government support in the form of a City Council resolution; and
WHEREAS, Columbus Housing Partnership (Grace Walk Homes) is proposing new lease/purchase housing units in the Linden and northeast area of the City of Columbus; and
WHEREAS, the project will contain a total of thirty-two (32) units; and
WHEREAS, seven (7) of the project's units will be affordable to extremely low income persons at thirty percent (30%) or less of Area Median Gross Income (AMGI); and
WHEREAS, twenty-five (25) of the project's units will be affordable to low income persons at fifty percent (50%) or less of Area Median Gross Income (AMGI); and
WHEREAS, all of the project's units will be 4 bedroom; and
WHEREAS, the project meets the additional income targeting category of set aside for extremely low income households; and
WHEREAS, the project meets the Single-family Lease Purchase category; and
WHEREAS, the project conforms with the goals of the Consolidated Plan in that it increases the supply of affordable rental housing; and
WHEREAS, Columbus Housing Partnership (Grace Walk Homes) has presented the proposal to the North Central Area Commission, South Linden Area Commission, North Linden Area Commission, and Argyle Park Civic Association; and
WHEREAS, an emergency exists in the usual daily operation of the City of Columbus in that it is immediately necessary to approve the resolution below, all for the immediate preservation of the public health, property, safety and welfare; NOW, THEREFORE,
BE IT RESOLVED BY THE COUNCIL OF THE CITY OF COLUMBUS:
Section 1. That the City of Columbus supports the application by Columbus Housing Partnership (Grace Walk Homes) for Low Income Housing Tax Credits to attract financial investment for the preservation and rehabilitation of housing throughout Columbus.
Section 2. That for reasons stated in the preamble hereto, which is hereby made a part hereof, this resolution is declared to be an emergency measure and shall take effect and be in force from and after its adoption and approval by the Mayor, or ten days after adoption if the Mayor neither approves nor vetoes the same.