Explanation
BACKGROUND: This legislation authorizes the appropriation in an amount up to $81,187.73 and expenditure in an amount up to $170,595.96 of 2018 HOME Investment Partnerships Program (HOME) entitlement grants from the U.S. Department of Housing and Urban Development and authorizes the Director of the Department of Development to enter into a commitment letter, loan agreement, promissory note, mortgage, and restrictive covenant with Habitat for Humanity-MidOhio to construct two single family homes. These two single family homes will each have their own set of loan documents. The funding of these two homes will be in an amount up to $220,420.00 which will be comprised of the $170,595.96 of 2018 HOME Investment Partnerships Program funds listed above as well as $20,446.02 2024 HOME Investment Partnerships Program funds from Ordinance 1084-2024 and $29,378.02 from Ordinance 1361-2024.
Habitat for Humanity is a global nonprofit housing organization working in local communities across all 50 states in the U.S. and in approximately 70 countries. Habitat’s vision is of a world where everyone has a decent place to live. Habitat works toward the City’s vision by building strength, stability, and self-reliance in partnership with families in need of decent and affordable housing. Habitat homeowners help build their own homes alongside volunteers and pay an affordable mortgage.
Habitat has a well-planned construction schedule that must take into account timing of public and private funding availability, volunteer labor, and subcontractor schedules. Habitat for Humanity is the only developer building homeownership units with HOME funds for qualified homebuyers who earn between 30-60 % AMI and every home on the list is one purchased or optioned from/with the Land Bank.
Habitat offers a zero percent interest mortgage and also brings up to 58% of the funding to each deal with the use of donor dollars, the mortgage payments of other Habitat homeowners, and in-k...
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