Explanation
BACKGROUND: Authorization is needed for the Director of the Department of Development to enter into an option agreement or sales contract to sell and transfer 13 parcels to Columbus Housing Partnership, located within the Hilltop. The sites are a part of a 40-unit scattered site, lease-to-own single-family project Columbus Housing Partnership will develop in partnership with Homes on the Hill Community Development Corporation. The project will include both new construction and renovation of existing residential homes and is contingent on the allocation of 2014 Low Income Housing Tax Credits. This legislation authorizes the Director of Development to enter into the necessary option agreement or agreements as needed to sell and transfer of the property.
FISCAL IMPACT: No funding is required for this legislation. The City may first recover reimbursement of any and all expenses incurred on account of the acquisition, administration, management, maintenance and disposition of such land and such other expenses of the program as the City may apportion to such land from the sale proceeds.
EMERGENCY JUSTIFICATION: Emergency action is requested to enable the City to immediately enter into the necessary agreements allowing the buyer to meet the application deadlines established by the Ohio Housing Finance Agency, which is required to complete the development of the lease-to-own project.
Title
To authorize the Director of the Department of Development to enter into an option agreement or agreements as needed to sell and transfer by quitclaim deed 13 parcels, located in the Hilltop Neighborhood to Columbus Housing Partnership or other entity established for the Hilltop Homes II Project; and to declare an emergency.
Body
WHEREAS, ordinance 1860-2008 adopted the City’s Neighborhood Stabilization Program, authorized the filing of the City’s Neighborhood Stabilization Program application with the United States Department of Housing and Urban Developmen...
Click here for full text