Explanation
BACKGROUND: This legislation authorizes the consent to the assignment and assumption of a loan of HOME funds by Columbus Housing Partnership from Emerald Glen Housing Limited Partnership to Emerald Glen Housing Rehab, LLC. The City made a HOME loan to Columbus Housing Partnership in April 1994 (“1994 HOME Loan”). Columbus Housing Partnership in turn made a loan to Emerald Glen Housing Limited Partnership and assigned its rights under the loan to the City. This loan is to be assigned to and assumed by Emerald Glen Homes Rehab, LLC. This legislation also authorizes this transfer to occur at the time of closing, and that the existing loan’s maturity date be re-set at 30 years from the date of transfer to align with the term of the new HOME loan authorized by ordinance 1684-2025.
Under Ordinance 1684-2025, approved by Columbus City Council on July 14, 2025, the Director of the Department of Development is authorized to enter into a commitment letter, loan agreement, promissory note, mortgage, and restrictive covenant with Emerald Glen Homes Rehab LLC., in an amount up to $500,000.00 for the Emerald Glen apartments rehab project.
The Columbus Housing Partnership would like to assign the loan package authorized previously to Emerald Glen Homes Rehab, LLC which will assume the liability and responsibilities under the loan.
Emergency Designation: An emergency action is needed in order for the assignment of the property’s HOME loan from the City to Columbus Housing Partnership to Emerald Glen Housing Limited Partnership to Emerald Glen Homes Rehab, LLC to occur at the time of closing, and that the existing loan’s maturity date be re-set at 30 years from the date of transfer to align with the term of the new HOME loan authorized by ordinance 1684-2025.
Contract Compliance: the vendor number is 052643 and expires on 05/21/2027
Title
To authorize the Director of Development to consent to the assignment and assumption of a loan of HOME funds by Co...
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