Explanation
BACKGROUND: This legislation authorizes the Director of Development to modify (Modification 2) the not-for-profit service contract entered into with Affordable Housing Trust for Columbus and Franklin County ("AHT") for the purpose of modifying the contract scope to more clearly specify that the loans provided as part of the program may be forgivable or non-forgivable.
Original Contract $2,500,000.00 Ord. 0595-2023 PO407615
Modification No. 1 $ 0.00 Ord. 3270-2024 Extend contract term
Modification No. 2 $ 0.00
Total contract amount $2,500,000.00
The program, Emerging Developers Accelerator Program (EDAP), is AHT’s minority developer cultivation and training program. The goal of the EDAP is to increase the number of affordable housing units by engaging more women and people of color who are largely underrepresented as developers. The program will reduce socioeconomic inequities by increasing the financial capacity of emerging developers to bring on more affordable housing units.
Columbus City Council, per Ordinance Number 0595-2023, authorized the Director of Development to enter into a not-for-profit service contract with the Affordable Housing Trust for Columbus and Franklin County (AHT) in an amount up to $2,500,000.00 to provide funding to support emerging developers by way of loans to cohort participants that meet the underwriting requirements. The loans were identified as forgivable to developers as long as the project meets affordability requirements.
The original contract terms, under purchase order PO407615, started on September 27, 2023 and ended on December 31, 2024. Columbus City Council, per Ordinance Number 3270-2024, authorized a modification to extend the contract end date to December 31, 2025 to allow for additional minority participation in the six month training program.
This second modification will further clarify that the loans provided as part of the may be forgivable if they...
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