Explanation
This ordinance authorizes the Director of the Department of Development to enter into a grant agreement with the Hudson Investment Fund V, LLC for the acquisition and redevelopment of 94 units at 399 S. Grant Avenue, now known as Market Mohawk Apartments, in an amount up to $1,250,000.00. Hudson Investment Fund V, LLC will enter into a grant agreement with the city for the bond funds as a pass-through entity. Market Mohawk Apartments, LLC is the ownership entity of the project and child entity under Hudson Investment Fund V, LLC. Approval is also requested for reimbursement of expenses incurred prior to execution of the purchase order, starting January 1, 2023.
The Market Mohawk Apartments, LLC project involves the acquisition and redevelopment of 94 units at 399 S. Grant Avenue in Columbus, OH. Pursuant to the acquisition, a land use restrictive agreement (LURA) was recorded ensuring that 70% of the rental units are limited to a maximum of 80% of AMI, 30% of the rental units are limited to a maximum of 60% of AMI, and any rent increases to current residents are limited to a maximum of 4% per year.
The redevelopment plan includes a multifaceted approach to ensuring affordability while improving quality and addressing deferred maintenance. The priority for this project is to provide safe, well-maintained, energy-efficient, accessible and affordable housing to residents, many of whom work in the community, rely on access to public transit, and wish to continue to call downtown Columbus home. The terms of the LURA ensure that these residents, who would otherwise have limited housing options due to the rapidly rising cost of living both in Columbus and nationwide, have access to quality residences at levels well below market rents.
The Market Mohawk Apartments, LLC project represents an important opportunity to improve downtown affordability, given the well-known challenges in developing affordable housing units due to the rising cost of construction...
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