Explanation
BACKGROUND: This legislation authorizes the unplanned modification of a HOME Investment Partnerships loan package with Touchstone Field Place II, LLC, that utilizes HOME 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 into an amended and restated promissory note and a second amended and restated commitment letter, loan agreement, mortgage, restrictive covenant, if applicable, associated with the Touchstone Field Place II, LLC development to accurately reflect the actual amount of HOME-ARP funds expended to account for the unutilized balance of funds and to declare an emergency.
Original Agreement $1,050,000.00 Ord. 0736-2024 PO462083
Modification No. 1 $ 0.00 Ord. 2025-2025 PO462083
Modification No. 2 $ 0.00
Total $1,050,000.00
Ordinance 0736-2024 modified by 2025-2025, approved by City Council on March 27, 2024 and July 23, 2025, authorized the Director of Development to support the construction of six (6) out of forty-four (44) one-bedroom units of permanent supportive housing prioritized for individuals who meet the State of Ohio’s Permanent Supportive Housing Policy Framework. Specifically, all forty-four units will prioritize individuals who meet the HUD definition of chronic homelessness. Upon completion of the project, the full amount of HOME-ARP funding originally authorized in the loan package was not needed therefore causing the need to have documentation that reflects the reduction of the total amount from $1,050,000.00 to $945,000.00.
This legislation allows for the amendment and restating of the various loan package documents which include but are not limited to the promissory note, and the second amendment and restating of the commitment letter, loan agreement, mortgage, and restrictive covenant as needed to reflect the accurate amount of HOME-ARP funds used in the proj...
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