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 for 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 thirty-five (35) competitive points. The LIHTC applications are due to OHFA on March 18, 2004.
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 American Community Developers (Mount Vernon Plaza II.) for Housing 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, American Community Developers (Mount Vernon Plaza II.) is proposing the preservation and rehabilitation of housing units at 945 Atcheson. in the City of Columbus; and
WHEREAS, the project will contain a total of one hundred fifty (150) units; and
WHEREAS, one hundred fifty (150) of the project's units will be affordable to low income persons making forty-five percent (45%) or less of Area Median Gross Income (AMGI); and
WHEREAS, there is no special needs population targeted for the project; and
WHEREAS, one hundred thirty-six (136) units of the project's units will be 2 bedroom and fourteen (14) will have 3 bedrooms; and
WHEREAS, the project conforms with the goals of the Consolidated Plan in that it preserves the supply of affordable rental housing; and
WHEREAS, the developer has presented the proposal to the North East Area Commission and community members for review; and
WHEREAS, an emergency exists in the usual daily operation of the City of Columbus in that it is immediately necessary to adopt said resolution in order to comply with the time line for the OHFA applications, 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 American Community Developers (Mount Vernon Plaza II.) for Low Income Housing Tax Credits to attract financial investment for the preservation and rehabilitation of housing on Mt. Vernon Ave. in the City of 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.