Explanation
BACKGROUND:
To authorize the Director of the Department of Development to forgive the principal and accrued interest on a HOME note and mortgage as well as forgive the principal and accrued interest of a UDAG loan down to $1,000.00 and extend the maturity of the loan to December 31, 2099, as well as reduce the interest rate to 0% for Hilltop Senior Village (Hilltop I) currently owned by Hilltop Senior Housing Limited Partnership which is wholly owned by National Church Residences. The property located at 300 Overstreet Way, Columbus, Ohio 43228 was originally developed by Hilltop Senior Housing Limited Partnership for low-income senior housing. A HOME loan was made on June 23, 2000 in the amount of $960,000.00 from the City of Columbus for construction of the project which has been providing affordable senior housing for eligible residents since that time. The interest rate on the loan is 3.0% with a maturity date of December 31, 2024 which has resulted in approximately $460,085.00 in interest. The current balance of the loan with interest exceeds $1,420,085.00 The UDAG loan was made on June 23, 2000 in an amount of $140,000.00 with an interest rate of 3.0% and the interest that has accrued on said loan is in excess of $52,144.37. The current balance of the UDAG loan exceeds $192,144.37 and has a maturity date of December 31, 2024. The ground lease with the City of Columbus matures in 2097 and will remain in place. The required federal compliance period for this loan is complete and the restrictive covenant can be released. The completion of the 20-year HOME affordability period has passed and the owner would like to recapitalize soon.
Hilltop Senior Village is located within the Hilltop neighborhood. It was built in partnership with the City of Columbus in two phases in 2000 and 2004. Hilltop Senior Village (I and II) totals 200 units offering a wide range of one and two bedroom, midrise and cottage style apartments to senior residents (age ...
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