Explanation
BACKGROUND: This legislation authorizes the Director of the Department of Development to enter into an agreement with the Affordable Housing Trust Corporation (AHTC) for Columbus and Franklin County. The AHTC currently facilitates the production of affordable housing and the enhancement of home ownership opportunities in Columbus. Specifically, this legislation authorizes the AHTC and the city of Columbus Home Again Initiative to selectively target acquisitions of vacant and abandoned properties for redevelopment and to waive the provisions of Columbus City Code Sections 328.01 and 329.29. The legislation also authorizes the Director of the Department of Development to execute any and all agreements and deeds necessary for conveyance of title of properties. Properties acquired by the AHTC and/or its subsidiary, the City County Holding Company, will be deeded to the city of Columbus and its Land Redevelopment Office. urban land reutilization program. As such, t The properties will be held and managed by the City's Land Bank that is managed and maintained by the Land Redevelopment Office. Residential structures acquired for rehabilitation will be held until the rehabilitation is completed and then transferred back to the City County Holding Company.
The AHTC and/or its subsidiary will contract for and manage the rehabilitation of these structures. The AHTC may also select residential structures to rehabilitate that were acquired through the Land Reutilization Program and held in the City's Land Bank. Vacant properties will be processed in accordance with the policies and procedures established by the Land Redevelopment Office for the implementation of the Land Reutilization Program.
Emergency action is necessary to allow for the AHTC and/or its subsidiary, the City County Holding Company, to immediately begin the acquisition process.
FISCAL IMPACT: No funding is required for this legislation. Costs to hold these properties include but ar...
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