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 the Community Housing Network (Network Restoration 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, Community Housing Network (Network Restoration II) is proposing to preserve and rehabilitation of 120 housing units throughout the older City of Columbus; and
WHEREAS, the project will contain a total of 120 units; and
WHEREAS, twenty-four (24) of the project's units will be affordable to and occupied by extremely low income persons at thirty-five percent (35%) or less of Area Median Gross Income (AMGI); and
WHEREAS, ninety-six (96) of the project's units will be occupied by low income persons at sixty percent (60%) or less of Area Median Gross Income (AMGI); and
WHEREAS, thirty (30) of the project's units will be 1 bedroom, seventy-five (75) will be 2 bedroom and fifteen (15) of the project's units will be 3 bedroom; and
WHEREAS, at least twenty-four (24) of the units are set aside for Extremely Low Income Households; and
WHEREAS, the project conforms with the goals of the Consolidated Plan in that it preserves the supply of affordable rental housing; and
WHEREAS, an emergency exists in the usual daily operation of the City of Columbus in that it is immediately necessary to approve 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 Community Housing Network (Network Restoration II) for Low Income Housing Tax Credits to attract financial investment for the preservation and rehabilitation of housing in 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.