Explanation
BACKGROUND
This legislation authorizes the Director of the Department of Development, or his designee, to enter into a Housing Development Agreement (HDA) with Central Ohio Community Land Trust, an Ohio Non-profit Corporation (hereinafter the “COCLT”). The COCLT is a subsidiary of the Central Ohio Community Improvement Corporation, the Franklin County Land Reutilization Corporation.
In 2022, City Council authorized a $12,000,000 Housing Development Agreement (“HDA”), permitting the construction of affordable homeownership houses in Columbus neighborhoods using land bank lots. In 2024, City Council authorized a second HDA for $20,000,000.00. This legislation will authorize the Director of the Department of Development, or his designee, to enter into a third HDA for an additional $20,000,000.00, pending future availability of funds under the City’s affordable housing bonds. Entering into an HDA allows the COCLT to enter into development agreements and start expenditures prior to the availability of funds. The Department of Development agrees to submit future legislation to City Council to authorize one or more Agreements for the total funding commitment.
FISCAL IMPACTS
There is no fiscal impact for this legislation.
Title
To authorize the Director of the Department of Development, or his designee, to enter into a Housing Development Agreement with the Central Ohio Community Land Trust, to outline the plans and certain commitments of the parties relating to the proposed redevelopment of land bank and other properties located in various Columbus neighborhoods. ($0.00)
Body
WHEREAS, by Ordinances 0227-2019 and 0872-2020, Columbus City Council authorized the Director of the Department of Development, or his designee, to enter into an agreement with the Central Ohio Community Improvement Corporation to establish a Community Land Trust and authorized the expenditure of $4,000,000; and
WHEREAS, by Ordinances 1237-2020 and 2751-2020, Col...
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