Explanation
BACKGROUND: This ordinance authorizes the Director of Development to enter into agreements totaling $1,500,000.00 with Community Housing Network Inc. for the Touchstone Place I project. One set of agreements that include a commitment letter, loan agreement, pledge agreement, promissory note, mortgage, and restrictive covenant will be funded by the 2020 HOME Investment Partnerships Program (HOME) entitlement grant from the U.S. Department of Housing and Urban Development in an amount up to $500,000.00. The other agreement, up to $1,000,000.00, will be funded by Affordable Housing Taxable bond funds.
The Touchstone Field Place I project is a recipient of Low Income Housing Tax Credits from the Ohio Housing Finance Agency for this permanent supportive housing project (PSH) on the south side of Columbus. The project is new construction and consists of fifty-six (56) one-bedroom units with onsite supportive services for those who face homelessness due to mental illness and substance addictions. This development hopes to house some of the individuals who currently reside in the downtown YMCA building who will be relocated before the building is sold. There will be at least two HOME funding assisted units included in this project.
The lead entity in the project is Community Housing Network (CHN), working in partnership with Ohio Capital Corporation for Housing as the equity investor. CHN was founded in 1987 and provides permanent supportive housing for individuals who are challenged with mental health conditions, addiction disorders, and histories of homelessness. PSH is housing with linkages to services that help residents successfully maintain housing and rebuild their lives.
This legislation represents appropriation for a part of the HOME portion of the 2021 Action Plan, per Ordinance 2345-2020.
Emergency action is requested to allow for the developer to maintain the project schedule.
Contract Compliance: the vendor number is 004867 and expir...
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