Explanation
BACKGROUND: The Ohio Housing Finance Agency (OHFA) operates the Non-Housing Credit Housing Development Assistance Program (HDAP). This program is designed to increase the supply of quality affordable rental housing. This assistance provides the private housing development community the incentives to develop affordable housing by offsetting building acquisition, new construction or substantial rehabilitation costs.
HDAP is a competitive review process based on the applicant meeting selected criteria. Some of the criteria are public benefit, location and organizational capacity. A resolution of support from Columbus City Council would provide the applicant with necessary community support to ensure the project's viability to the Ohio Housing Finance Agency.
Emergency action is requested for this resolution in order to comply with the time line for the OHFA applications.
FISCAL IMPACT: No funding is required for this legislation.
Title
To support the application of New Beginnings Christian Community Revitalization Corporation (Legacy Village I) for Housing Development Assistance Program; and to declare an emergency.
Body
WHEREAS, The Ohio Housing Finance Agency (OHFA) is requesting applications for the Non-Housing Credit Housing Development Assistance (HDAP) from developers to create affordable housing in areas of high need and for special populations having the highest need; and
WHEREAS, the competitive process plan offers competitive points for local government support in the form of a City Council resolution; and
WHEREAS, New Beginnings Christian Community Revitalization Corporation (Legacy Village I) is proposing the new construction of rental housing units on the far east side in the City of Columbus; and
WHEREAS, the project will contain a total of thirty-two (32) units; and
WHEREAS, seven (7) of the project's units will be affordable to extremely low income persons at thirty percent (30%) o...
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