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 June 7, 2007.
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 Samaritan Project Development Corporation/Commonwealth Capital Corporation (Samaritan Senior Village) 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, Samaritan Project Development Corporation/Commonwealth Capital Corporation (Samaritan Senior Village) is proposing new construction and rehabilitation, senior housing units in the near east area of the City of Columbus; and
WHEREAS, the project will contain a total of fifty-four (54) units; and
WHEREAS, the project conforms with the goals of the Consolidated Plan in that it creates new affordable rental housing; and
WHEREAS, Samaritan Project Development Corporation/Commonwealth Capital Corporation (Samaritan Senior Village) has presented the proposal to the North Central Area Commission; 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 Samaritan Project Development Corporation/Commonwealth Capital Corporation (Samaritan Senior Village) for Low Income Housing Tax Credits to attract financial investment for the new construction 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.