Explanation
BACKGROUND
This ordinance authorizes the Director of the Department of Development to enter into a grant agreement with Columbus Housing Partnership, Inc. (dba Homeport) for development of 60 apartments in an amount up to $400,000.00. Columbus Housing Partnership, Inc. will enter into a grant agreement with the city for the bond funds as a pass-through entity. Hamilton Place Homes, LLC is the ownership entity of the project and Hamilton Place Housing, Inc, the managing member of Hamilton Place Homes, LLC, is wholly owned by Columbus Housing Partnership, Inc. Approval is also requested for reimbursement of construction expenses incurred prior to execution of the purchase order, starting January 1, 2023.
The Northam is a proposed 60-unit apartment development for families located at 5430 North Hamilton Road in Columbus. The site is located along a major retail corridor that is experiencing significant growth, with several retailers located within the immediate neighborhood.
The property will consist of a four-story interior elevator apartment building with flat unit designs. The Northam will offer a mix of 25 one-bedroom, 28 two-bedroom, and 7 three-bedroom apartments. Community space includes a community room with kitchenette, fitness room and management office. The Northam will serve a mix of income levels from 30% AMI to 70% AMI.
Financing will be secured from public and private sources fulfilling the estimated development cost of $21.1 million.
Homeport, whose subsidiary will serve as Managing Member of the project, will provide supportive services coordination for project residents. Typically, Homeport is able to assist residents on an as-needed basis with referrals to a wide range of community services, such as financial and material assistance, educational and employment assistance, medical care, etc.
FISCAL IMPACT: Funding for this project will not be available to the Department of Development until the bonds are sold related to the 202...
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