Explanation
BACKGROUND: This legislation authorizes the appropriation and expenditure of up to $270,201.00 of the 2023 HOME Investment Partnerships Program (HOME) entitlement grant (CHDO Set-a-side) from the U.S. Department of Housing and Urban Development (HUD) and authorizes the Director of the Department of Development enter into a commitment letter, loan agreement, promissory note, mortgage, and restrictive covenant, as well as authorizes the city to act as a lender for this project with Homes on the Hill Community Development Corporation. The project is to develop and construct a single family housing unit at 120 N. Eureka Ave., which was recently purchased from the City of Columbus Land Bank.
The funding of this project will address the need for affordable housing in the City of Columbus for low-income families that are at or below 80% of the Area Median Income limits set by HUD. This project will add decent, safe and sanitary housing to the Hilltop Neighborhood, located in the Greater Hilltop Area of Columbus. The increased availability of safe and stable housing in Columbus promotes the health and well-being of the neighborhood and the citizens living in the neighborhood.
We are funding this project with the Homes on the Hill Community Development Corporation, who is a Community Housing Development Organization (CHDO) in partnership with the City of Columbus. Homes on the Hill will use HOME CHDO set-aside funds to develop the 120 N. Eureka Avenue project on land purchased from the Land Bank.
Homes on the Hill Community Development Organization was founded in 1993 with the mission to be the exemplary housing counseling and development organization in Central Ohio.
With the construction of a new, single-family home at 120 N. Eureka Avenue, the Homes on the Hill Community Development Organization is investing in and providing affordable housing to the Hilltop neighborhood. The two-story, single family home will consist of three bedrooms, two and a...
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