Explanation
BACKGROUND: This ordinance authorizes the appropriation and expenditure of up to $200,000.00 of the 2022 HOME Investment Partnerships Program (HOME) entitlement grant from the U.S. Department of Housing and Urban Development and to enter into a commitment letter, loan agreement, promissory note, and mortgage with Habitat for Humanity MidOhio to construct two single family homes.
Habitat for Humanity MidOhio has purchased from the City Land Bank two lots on Genessee Avenue in the Linden neighborhood on which they plan to develop two single family homes for low income families earning between 30-60% AMI.
Per Habitat's mission, the lots have been selected by pre-approved partner families who are currently working on their required sweat equity, which includes an extensive home owner education program that encompasses long term home maintenance and repair, personal financial management, and building their own home as well as the homes of other Habitat partner families.
1280 Genessee Avenue will be the location of a three bedroom new build, energy efficient home that will be purchased by a single head of household female who will share the home with her two children.
1262 Genessee Avenue will be the location of a four bedroom new build, efficient home that will be purchased by a single head of household female who will share the home with her three children.
Habitat for Humanity Has requested from the City $100,000.00 per unit and will provide leverage from donations and the Fund for Humanity, funds generated by the mortgage payments of Habitat homeowners.
This legislation represents appropriation for a part of the HOME portion of the 2022 Action Plan, per Ordinance 2800-2021.
Emergency action is requested to allow for the developer to maintain the project schedule.
Contract Compliance: the vendor number is 004859 and expires 4/13/2023.
Fiscal Impact: $200,000.00 is available from the 2022 HOME grant (G442102). The commitment of funds thro...
Click here for full text