Explanation
BACKGROUND: This ordinance authorizes the appropriation and expenditure of up to $360,297.00 of Neighborhood Stabilization Program 1 (NSP 1) program income from the U.S. Department of Housing and Urban Development (HUD) and to enter into a commitment letter, loan agreement, promissory note, mortgage, restrictive covenant, and bond grant agreement with CHP Homeport Homes LLC for the construction of a single family home in American Addition located at 1315 Key West Avenue and 1306 Key West Avenue.
With the construction of two new, single-family homes at 1306 and 1315 Key West Avenue, CHP Homeport Homes, LLC continues their redevelopment of the American Addition neighborhood in the central city of Columbus. It is a 60 acre site consisting of approximately 260 parcels. The boundaries of the neighborhood are defined by Twelfth Avenue to the north, Dewey Avenue to the south, Joyce Avenue to the west, and Puritan Avenue to the east. The scope of this project includes all new infrastructure, storm water system, and new roads and sidewalks. The redevelopment of this residential community consists of mixed home designed, including 2-story and ranch style homes.
The project at 1306 Key West Avenue is a 1,300 sq. ft. two-story, single-family dwelling and will feature three bedrooms, one and a half bathrooms, a front porch, and a two-car garage. A first-time homebuyer earning below 120% of the Area Median Income will be identified for the project. This project will receive $173,153.00 in NSP 1 funds and $4,496.00 in Bond funds. The Bond funds are being provided to cover the difference between the appraised value of the land and the land purchase and carrying costs incurred by Homeport.
The project at 1315 Key West Avenue is a 1,300 sq. ft. two-story, single-family dwelling and will feature three bedrooms, one and a half bathrooms, a front porch, and a two-car garage. A first-time homebuyer earning below 120% of the Area Median Income will be identified for th...
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