Explanation
BACKGROUND
This legislation authorizes the expenditure of $5,000,000.00 from the Affordable Housing Fund under the Housing Development Agreement with the Central Ohio Community Land Trust Corporation.
Columbus City Council Ordinance 2382-2024, passed October 7, 2024, authorized the Director of the Department of Development to enter into a $20 million Housing Development Agreement (HDA) with the Central Ohio Community Land Trust Corporation (COCLT). As authorized, the Director of the Department of Development entered into a Housing Development Agreement with the COCLT in November, 2024.
The Department of Development now requests the first allocation of $5 million 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 February 2025, the COCLT has developed and sold 138 affordable homeownership housing units throughout central Ohio, most of which are located in Columbus neighborhoods. Authorization is requested to reimburse expenses incurred prior to the execution of the purchase order, starting October 7, 2024.
Emergency action is requested to ensure completion of the units according to schedule and made available for occupancy.
FISCAL IMPACTS
Funding in the amount of $5,000,000.00 is available within Fund 7779, Affordable Housing Bond Fund within the Department of Development.
CONTRACT COMPLIANCE: the vendor number is 039810 and expires 02/09/26.
Title
To amend the 2024 Capital Improvement Budget; to authorize the City Auditor to transfer cash and appropriation between projects within the Affordable Housing Bonds Fund; to authorize the Director of the Department of Development to enter into a Funding Agreement with the Central Ohio Community Land Trust Corporation to develop affordable housing; and to authorize the expenditure of $5,000,000.00 within the Affordable...
Click here for full text