Explanation
BACKGROUND: This legislation authorizes the expenditure of $10,000,000.00 from the Affordable Housing Fund under the Housing Development Agreement with the Central Ohio Community Land Trust. Approval is also requested to advance funding per a pre-determined schedule to be included in the agreement and to allow for expenses incurred prior to purchase order creation, starting January 1, 2025. Prior expenses include affordability subsidies for closed projects.
Columbus City Council Ordinance 2382-2024, passed October 7, 2024, authorized the Director of the Department of Development to enter into a $20 million Housing Development Agreement (HDA) with the Central Ohio Community Land Trust (COCLT). As authorized, the Director of the Department of Development entered into a Housing Development Agreement with the COCLT in November 2024. By Ordinance 1213-2025, Columbus City Council authorized the first allocation of $5m under this HDA. This legislation authorizes an additional $10 million under the HDA for the COCLT to continue ongoing and future projects. COCLT is a successful tool to bring more affordable homeownership opportunities and reutilize Land Bank lots. This agreement will allow the continued expansion of the COCLT and continue ongoing projects. Recently, the COCLT celebrated its 150th unit sold and presently has multiple projects in construction and planning stage in Columbus neighborhoods.
EMERGENCY DESIGNATION: To ensure that there are no delays in the construction timeline emergency action is requested.
FISCAL IMPACTS: Funding in the amount of $10,000,000.00 is available in 2025 Capital Improvement Budget, Affordable Housing Bond fund.
CONTRACT COMPLIANCE: The vendor’s contract compliance number is 039810 and expires 2/9/26.
Title
To authorize the Director of Department of Development to execute a funding agreement in an amount up to $10,000,000.00 with the Central Ohio Community Land Trust to develop affordable housing; to ...
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