Explanation
BACKGROUND
This legislation authorizes the Director of the Department of Development, or his designee, to enter into a Housing Development Agreement (HDA) with Central Ohio Community Land Trust, an Ohio Non-profit Corporation (hereinafter the “COCLT”). The COCLT is a subsidiary of the Central Ohio Community Improvement Corporation, the Franklin County Land Reutilization Corporation.
In 2022, City Council authorized a $12,000,000 Housing Development Agreement (“HDA”), permitting the construction of affordable homeownership houses in Columbus neighborhoods using land bank lots. In 2024, City Council authorized a second HDA for $20,000,000.00. This legislation will authorize the Director of the Department of Development, or his designee, to enter into a third HDA for an additional $20,000,000.00, pending future availability of funds under the City’s affordable housing bonds. Entering into an HDA allows the COCLT to enter into development agreements and start expenditures prior to the availability of funds. The Department of Development agrees to submit future legislation to City Council to authorize one or more Agreements for the total funding commitment.
FISCAL IMPACTS
There is no fiscal impact for this legislation.
Title
To authorize the Director of the Department of Development, or his designee, to enter into a Housing Development Agreement with the Central Ohio Community Land Trust, to outline the plans and certain commitments of the parties relating to the proposed redevelopment of land bank and other properties located in various Columbus neighborhoods. ($0.00)
Body
WHEREAS, by Ordinances 0227-2019 and 0872-2020, Columbus City Council authorized the Director of the Department of Development, or his designee, to enter into an agreement with the Central Ohio Community Improvement Corporation to establish a Community Land Trust and authorized the expenditure of $4,000,000; and
WHEREAS, by Ordinances 1237-2020 and 2751-2020, Columbus City Council authorized the Director of Development, or his designee, to enter into Housing Development Agreements for up to $5,000,000 to construct COCLT houses in various Columbus neighborhoods; and
WHEREAS, by Ordinance 1059-2021, Columbus City Council authorized the expenditure of an additional $3,060,000 to fund additional trust projects; and
WHEREAS, by Ordinance 2522-2022, Columbus City Council authorized the Director of the Department of Development, or his designee, to enter into a 2022 Housing Development Agreement for up to $12,000,000, and through Ordinances 2522-2022, 3377-2023 and 2358-2024 authorized the expenditure of the $12,000,000; and
WHEREAS, by Ordinance 2382-2024, Columbus City Council authorized the Director of the Department of Development, or his designee, to enter into a 2024 Housing Development Agreement for up to $20,000,000 and through Ordinances 1213-2025 and 3279-2025 authorized the expenditure of $15,000,000 of that amount; and
WHEREAS, the Department of Development anticipates a future Ordinance to appropriate and expend the remaining $5,000,000 under the existing 2024 Housing Development Agreement once Affordable Housing Bonds are available;
WHEREAS, now the Department of Development seeks a new 2026 Housing Development Agreement for an additional $20,000,000.00 to cover costs beyond the 2024 Housing Development Agreement to allow projects to continue in anticipation of future Affordable Housing Bonds; and
WHEREAS, the Parties desire to memorialize their understanding and agreements with respect to such cooperation; and
WHEREAS, the City's agreement to provide financial assistance as set forth herein is contingent upon authorization pursuant to subsequent passage of appropriate legislation by Columbus City Council; NOW, THEREFORE,
BE IT ORDAINED BY THE COUNCIL OF THE CITY OF COLUMBUS:
SECTION 1. That the Director of the Department of Development, or his designee, be and is hereby authorized to enter into a Housing Development Agreement for $20,000,000 on behalf of the City with the Central Ohio Community Land Trust, an Ohio Non-profit Corporation, to outline the plans and certain commitments of the parties relating to the proposed redevelopment of various sites located in Columbus neighborhoods.
SECTION 2. That this ordinance shall take effect and be in force from and after the earliest period allowed by law.