Explanation
BACKGROUND
This legislation authorizes the expenditure of $4,000,000.00 from the Affordable Housing Fund per the Housing Development Agreement with the Central Ohio Community Land Trust (COCLT).
Columbus City Council Ordinance 2522-2022, passed October 3, 2022, authorized the Director of the Department of Development to enter into a $12 million Housing Development Agreement (HDA) with the COCLT and appropriated $4 million for first allocation under the HDA. Council Ordinance 3377-2023, passed January 8th, 2024, authorized the expenditure of the second allocation of $4 million under the agreement. The Department of Development now request the final $4 million allocation under this HDA.
The COCLT is a successful tool to bring more affordable homeownership opportunities and reutilize Land Bank lots. This agreement will allow the continued expansion of the COCLT and continue ongoing projects. As of August, 2024 the COCLT has developed and sold 126 affordable homeownership housing units throughout Franklin County, including 100 within the City of Columbus. An additional 47 units are finished and under contract or in substantially in construction.
Emergency action is requested to ensure completion of the units according to schedule and made available for occupancy.
FISCAL IMPACTS
This ordinance authorizes an expenditure of $4,000,000.00 in the Affordable Housing Bond Fund. An amendment to the 2024 Capital Improvement Budget is required to establish sufficient budget authority within the proper project.
CONTRACT COMPLIANCE: the vendor number is 039810 and expires 2/9/26.
Title
To amend the 2024 Capital Improvement Budget; to authorize the transfer of cash and appropriation within the Affordable Housing Bond Fund; to authorize a funding agreement in an amount up to $4,000,000.00 with the Central Ohio Community Land Trust to develop affordable housing; to authorize the expenditure of up to $4,000,000.00 from the Affordable Housing Bond Fund...
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