Explanation
BACKGROUND: This ordinance authorizes the appropriation in an amount up to $1,173,587.48 the transfer between object classes within fund 2201 and various HOME Grants in an amount up to $126,639.13 and expenditure in an amount up to $1,500,000.00 of grant funding from the U.S. Department of Housing and Urban Development (HUD), through the HOME Investment Partnerships Program grant (HOME) and the HOME Investment Partnerships Program American Rescue Plan (HOME-ARP) and authorizes the Director of Development to execute separate commitment letters, loan agreements, promissory notes, mortgages, and restrictive covenants with Nelson Park Preservation Association LLC for the Nelson Park Apartments project based on their funding sources.
Total City funding for the project utilizing grant funding is $1,875,000.00. Of this amount $1,500,000.00 is found within this ordinance and establishes HOME and HOME -ARP funding for the Nelson Park Apartments project. A subsequent ordinance will be put forth to City Council in an amount up to $375,000.00 for the remaining HOME-ARP funding of this project to provide supportive services for residents at this location over the course of four years. There will be an additional ordinance for the bond eligible portion of this project in an amount up to $4,800,000.00.
Nelson Park Apartments involves the acquisition and rehabilitation of an existing 177-unit affordable housing development in the Eastgate neighborhood on the near east side of the City of Columbus. The property was originally constructed in 1958 and has been identified by the Ohio Historic Preservation Office and the National Park Service (NPS) as a historically significant asset as it was one of the first housing developments in the United States that was developed using financial assistance from the Section 221 program and has been listed on the National Historic Register. The property has not received a substantial rehabilitation since 1980 when it was brough...
Click here for full text