Explanation
BACKGROUND: This legislation authorizes the appropriation and expenditure of up to $400,000.00 of 2023 HOME Investment Partnerships Program (HOME) grant funds from the U.S. Department of Housing and Urban Development (HUD) and authorizes the Director of the Department of Development execute a commitment letter and loan agreement with Juniper Crossing Limited Partnership for the Juniper Crossing project in an amount up to $400,000.00 and authorizes the city, through the Department of Development, to act as a lender and have a commitment letter, loan agreement, promissory note, mortgage, and restrictive covenant executed by Juniper Crossing Limited Partnership for the project.
Woda Cooper Companies, Inc. (“WCCI”) is proposing the Juniper Crossing project. Juniper Crossing phase 1 is a proposed 44-unit senior 55+ affordable housing development located at 60 Obetz Road in the Far South neighborhood in Columbus, Ohio.
Juniper Crossing will target households with incomes at 30% to 70% of area median gross income. Juniper Crossing will offer fifteen (15) one-bedroom units and twenty-nine (29) two-bedroom units. The target population for Juniper Crossing will be seniors aged 55+. Juniper Crossing will include the construction of a three-story elevator building with various amenities including: on-site management office, community room with kitchenette, and more.
As a condition to accepting this funding, Borrower agrees that five (5) units affordable at 30% AMI will be offered first to households currently in the shelter system with incomes that would be sufficient to pay the 30% AMI rents and meet all other criteria in the Tenant Selection Plan with the exception of an eviction due to non-payment of rent. The project is within steps of COTA bus stops along South High Street and Obetz Road, multiple grocery stores providing access to fresh produce, several restaurants, adjacent to the Central Ohio Area Agency on Aging, and a half a mile from Scioto Sout...
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