Explanation
BACKGROUND
This ordinance authorizes the Director of the Department of Development to enter into a grant agreement with Columbus Metropolitan Housing Authority for development of a 177-unit affordable housing development in an amount up to $4,800,000.00. Columbus Metropolitan Housing Authority will enter into a grant agreement with the city for the bond funds as a pass-through entity to Nelson Park Preservation Associates LLC. Assignment is subject to approval of ownership and control documentation by the City Attorney’s Office.
MHP Nelson Park, Inc. is the administrative member of the managing member (Nelson Park Manager LLC) of Nelson Park Preservation Associates LLC. MHP Nelson Park, Inc. is a wholly owned subsidiary of Metropolitan Housing Partners, Inc. and Metropolitan Housing Partners, Inc. is a wholly owned subsidiary of the Columbus Metropolitan Housing Authority (CMHA) and CMHA will hold title. In addition to being co-owners of the project as members of Nelson Park Preservation Associates LLC - Renewal Housing Associates LLC, The Orlean Company and CMHA - are all co-developers of the project.
Nelson Park Apartments involves the acquisition and rehabilitation of an existing 177-unit affordable housing development in the Eastgate neighborhood on the near east side of the City of Columbus. The property was originally constructed in 1958 and has been identified by the Ohio Historic Preservation Office and the National Park Service (NPS) as a historically significant asset as one of the first housing developments in the United States developed using financial assistance from the Section 221 program and has been listed on the National Historic Register. The property has not received a substantial rehabilitation since 1980 when it was brought into HUD’s Section 8 sub-rehab program. The project currently includes 47 residential buildings with one, two and three-bedroom townhomes serving both families and seniors, 100% of which are covered by a...
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