Explanation
BACKGROUND: The Ohio Housing Finance Agency (OHFA) operates the Non-Housing Credit Housing Development Assistance Program (HDAP). This program is designed to provide financing for eligible affordable housing projects to expand, preserve, and/or improve the supply of decent, safe, affordable housing. This assistance provides the private housing development community with the financial incentives to develop affordable housing by offsetting building acquisition, new construction, or substantial rehabilitation costs.
HDAP is a competitive review process based on the applicant meeting selected criteria, such as local government support, public benefit, location, and organizational capacity. A resolution of support from Columbus City Council would provide the applicant with necessary community support to ensure the project's viability to the Ohio Housing Finance Agency.
Emergency action is requested for this resolution in order to comply with the time line for the OHFA applications.
FISCAL IMPACT: No funding is required for this legislation.
Title
To support the application of Tuscan Group Ltd (Riverside Mill Homes) for Non-Housing Credit Housing Development Assistance Program; and to declare an emergency.
Body
WHEREAS, The Ohio Housing Finance Agency (OHFA) is requesting applications for the Non-Housing Credit Housing Development Assistance Program (HDAP) from developers to create affordable housing in areas of high need and for special populations having the highest need; and
WHEREAS, the process plan requires evidence of local government support in the form of a City Council resolution; and
WHEREAS, Tuscan Group Ltd (Riverside Mill Homes) is proposing the construction of housing units in the City of Columbus; and
WHEREAS, the project will contain a total of six (6) units; and
WHEREAS, the project serves a targeted population category of low-income homebuyers with either mobility impairment; and
WHERE...
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