Explanation
BACKGROUND: This legislation authorizes the Director of the Department of Development to enter into an agreement with the Franklinton Development Association (FDA), a non-profit organization. The funds provided by the agreement will be used to make needed repairs and provide development and affordability subsidy for the sale of three housing units as part of the Hawkes Homes project under the City's Home Again Initiative. The Hawkes Homes project is located in Franklinton which is the service area of FDA. FDA facilitates the production of affordable housing and the enhancement of home ownership opportunities in Franklinton.
This project was originally developed under the Home Again program through an agreement with Bluebird Properties Inc. Although the houses were completed, Bluebird was unable to secure qualified buyers in the time period of its agreement with the City. FDA has agreed to purchase the homes and facilitate the sale of each home. The successful completion of Hawkes Homes project with FDA will continue the neighborhood revitalization of Franklinton. Any program income generated from the sale of the units will be recycled by FDA in additional Home Again eligible projects.
The Housing Preservation Fund represents the City's commitment to the preservation of affordable housing in the City of Columbus.
Emergency action is necessary to allow for FDA to immediately complete the acquisition of these homes and facilitate their sale to homebuyers.
FISCAL IMPACT: Funding is from the Housing Preservation Fund.
Title
To authorize the Director of the Department of Development to enter into an agreement with the Franklinton Development Association to implement the Hawkes Homes component of the City's Home Again Initiative; to authorize the expenditure of $250,000.00 from the Housing Preservation Fund; and to declare an emergency. ($250,000.00)
Body
WHEREAS, the Department of Development, Housing Division desires to administer...
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