Explanation
This legislation authorizes the City Clerk to enter into a not-for-profit service contract with the Center for Public Enterprise, to analyze the feasibility of a revolving loan fund locally and the opportunities for mixed-income housing. The City currently lacks the human resources to perform this function.
Given the ongoing housing crisis in Columbus and the lack of affordable housing locally, the City recently completed the Putting Assets to Work engagement, which identified parcels of land that are publicly owned or owned by non-profit partners that may be well-suited for strategic investment and development. As a next step, the City aims to better understand innovative opportunities for financing and leveraging local land assets through a research and technical assistance contract with the Center for Public Enterprise.
Center for Public Enterprise is a national leader in the design and implementation of innovative mixed-income development programs administered by housing authorities, housing finance agencies, and other state and local government instrumentalities to assist governments in furthering their housing production goals.
The services provided by the Center for Public Enterprise will include engaging with stakeholders, detailing opportunities for a novel financing mechanism to encourage mixed income projects. They will produce several briefs and/or reports, model pro-formas for potential capital stack structures and developments, and potentially identify projects that can build a pipeline of projects.
FISCAL IMPACT: Funding in the amount of $30,000.00 is available in the Neighborhood Initiatives
Title
To authorize the City Clerk to enter into a not-for-profit service contract with the Center for Public Enterprise (CPE) in an amount up to $30,000 to provide evaluation, research, and technical support for a mixed income pilot fund and program; and to authorize an appropriation and expenditure within the Neighborhood Initiatives subf...
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