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File #: 1963-2024    Version: 1
Type: Ordinance Status: Council Office for Signature
File created: 6/26/2024 In control: Housing, Homelessness, & Building Committee
On agenda: 7/15/2024 Final action:
Title: To authorize the City Auditor to transfer funds within the Affordable Housing Bond Fund; to authorize the Director of the Department of Development to enter into a grant agreement with NCJC Housing & Development Foundation for the NCJC Downtown Campus project in an amount up to $3,875,000.00; to authorize the expenditure of $3,875,000.00 from the Affordable Housing Bond Fund; and to declare an emergency. ($3,875,000.00)
Attachments: 1. 1963-2024 Housing NCJC Downtown Campus Bond
Explanation

BACKGROUND
This ordinance authorizes the Director of the Department of Development to enter into a grant agreement with the NCJC Housing & Development Foundation for the NCJC Downtown Campus project in an amount up to $3,875,000.00. NCJC Housing & Development Foundation will enter into a grant agreement with the city for the bond funds as a pass-through entity. NCJC Downtown Campus, LP is the ownership entity of the project with NCJC Housing & Development Foundation being the majority member and General Partner.

NCJC Downtown Campus (“Project”) is a proposed affordable housing tax credit development with a total of 120 units of housing over a pad with parking and commercial space located at 266 E. Main Street.

The Project will serve families and consist of 120 units including 58 one-bedroom units, 48 two-bedroom units and 14 three-bedroom units. It will obtain LEED Silver Green Certification and will also provide for resident parking and amenities such as playground and exercise equipment. The rents will be affordable to families at or below 30 to 80% of the Franklin County AMI using Income Averaging with an overall average AMI between 55 and 60%. 24 units will be set aside at the 30% AMI rent, which could potentially serve individuals that income qualify, but currently reside in local shelters. Social Service Coordination will be provided to the residents by NCJC Housing & Development Foundation through partnerships with local area providers.

The development is being proposed as a joint venture between Sunset Development and the NCJC Housing & Development Foundation (“NCJCs”), which is a local nonprofit. Sunset Development has been involved in the development of affordable housing throughout Ohio for 20 years as a consultant, developer and owner. The NCJCs are a non-profit formed in 2009 with a grant from the Board of the Jaycee Arms HUD 202 for the purpose of providing housing and services to families throughout Ohio. They currently o...

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