Explanation
BACKGROUND: This legislation authorizes the Director of the Department of Development to modify existing agreements executed between the City, the Affordable Housing Trust for Columbus and Franklin County (AHT) and the Whitney Young Collaborative (WYC) that will allow the sale of the Whitney Young Condominium project to the Columbus Metropolitan Housing Authority (CMHA) subject to the loans provided by the City. The City provided a $3,400,000 loan funded through the Housing Preservation Fund and the Whitney Young Housing Capital Fund. The City also provided funds to the project from the General Government Grant Fund under the HOME Investments Partnership Program. CMHA will complete construction of all 28 units in the project and offer them for sale and rent on a market rate basis with the exception of two affordable units supported by the HOME funds. Upon sale of the project to CMHA, AHT will be released from its obligations to the City for management of the project. The $3,400,000 loan provided by the City to the project will remain outstanding until each unit is completed and occupied by a renter or purchaser. Upon occupancy of each unit, a ratable share of the loan attributable to each unit will be released.
FISCAL IMPACT: No additional funding is required for this legislation. Release of AHT from its obligations to the City for the project, transfer of ownership of the project, provision to allow debt release for units successfully completed and occupied.
Title
To authorize and direct the Director of the Department of Development to modify existing agreements between the City, the Affordable Housing Trust for Columbus and Franklin County and the Whitney Young Collaborative.
Body
WHEREAS, the Department of Development, has entered into agreements with the Affordable Housing Trust for Columbus and Franklin County and the Whitney Young Collaborative to loan $3,400,000 in funds from the Housing Preservation Fund and Whitney ...
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