Explanation
BACKGROUND: This ordinance authorizes the appropriation in an amount up to $420,147.73 the transfer between object classes in an amount up to $57,053.35 and expenditure in an amount up to $500,000.00 of grant funding from the U.S. Department of Housing and Urban Development (HUD), through the HOME Investment Partnerships Program grant (HOME) and authorizes the Director of Development to a commitment letter, loan agreement, promissory note, mortgage, and restrictive covenant with Emerald Glen Homes Rehab, LLC for the Emerald Glen apartments project.
Emerald Glen is a 130-unit apartment complex for families on the far west side of Columbus encompassing 14.8 acres. Built in 1995 by Homeport and financed by Low Income Housing Tax Credits, the property is in need of a substantial rehabilitation. The property has not been substantially renovated since it was first built. Homeport proposes replacing interior finishes such as flooring, cabinets and countertops; replacement of lighting fixtures; replacement of plumbing fixtures and hot-water heaters; the addition of accessible units for disabled individuals and replacing the HVAC systems, which will improve units’ livability, energy efficiency, and residents’ comfort.
Emerald Glen offers a mix of housing types, including two- and three-bedroom flats and three- and four-bedroom townhomes. Although Emerald Glen feels secluded between Hall Road and the Camp Chase Bike Trail, it is located within three miles of many thousands of jobs clustered along the I-270 outer belt, between I-70 and Urbancrest, and it is within a mile of the Georgesville Square shopping center. As part of the renovation, the number of accessible units will be increased from two to fourteen, to meet OHFA’s requirement that the property provides double the minimum number of accessible units required by Section 504. There will be nine accessible two-bedroom flats, four three-bedroom lofts with an accessible first floor, and one four-bedroom ...
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