Explanation
BACKGROUND: This legislation authorizes the unplanned modification of a HOME Investment Partnerships loan package with Nelson Park Preservation Associates LLC, that utilizes the 2019, 2020, 2021, and 2022 HOME Investment Partnerships Program (HOME) entitlement grant funds and HOME Investment Partnerships Program American Rescue Plan (HOME-ARP) from the U.S. Department of Housing and Urban Development (HUD) and authorizes the Director of the Department of Development enter an amended and restated commitment letter, loan agreement, promissory note, mortgage, restrictive covenant, associated with the Nelson Park Apartments development to reflect that the HOME-ARP assisted units will be fixed units within the development versus the floating units that the documents state.
Original Agreement $1,500,000.00 Ord. 1156-2025
Modification No. 1 $ 0.00 Ord. 2471-2025 PO529841
Modification No. 2 $ 0.00
Total $1,500,000.00
Ordinance 1156-2025 modified by 2471-2025, approved by City Council on May 12, 2025 and September 29, 2025, authorized the Director of Development to support 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 redevelopment plan reduced the footprint and population of the property and reduced the buildings from 47 residential buildings to 42 buildings. Theis reduction will cause a decrease in units from 177 to 140 units and this is due to the challenge in managing, operating, and maintaining this large of a property and assuring it remains affordable and that it remains a quality viable property for years to come.
The State of Ohio and the Ohio Housing Finance Authority also has funding within this development and has since required the developer to assign the HOME-ARP funded units to be fixed versus floating units and therefore our documentation with the builder must be reflective of the sa...
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