Explanation
1. BACKGROUND
This legislation authorizes the Director of the Department of Development to enter into a Housing Development Agreement with Central Ohio Community Land Trust, an Ohio Non-profit Corporation (hereinafter the “COCLT”). The COCLT is a subsidiary of the Central Ohio Community Improvement Corporation, the Franklin County Land Reutilization Corporation.
COCLT is proposing to develop multiple houses in Columbus neighborhoods using land bank lots. The projects will continue the successful development of Trust homes that started in 2019 when City Council authorized an initial $4 million dollar investment (Council Ordinances 0227-2019 and 0872-2020). As of November, 2020, a total of 38 houses have been construction or are finishing, all are sold or in contract to income qualified buyers. This agreement will allow the expansion of the COCLT in additional neighborhoods and result in the sale of 40-45 additional homeownership units. The Housing Development Agreement (the “HDA”) will outline the plans and certain commitments of the Development Team and the City as it relates to the Project.
The Department of Development agrees to submit future legislation to City Council to authorize one or more Agreements for the funding commitment of $4,000,000.00.
2. FISCAL IMPACTS
There is no fiscal impact for this legislation.
Title
To authorize the Director of the Department of Development to enter into a Housing Development Agreement with the Central Ohio Community Land Trust to outline the plans and certain commitments of the parties relating to the proposed redevelopment of land bank lots located in various Columbus neighborhoods.
Body
WHEREAS, COCLT is developing new affordable residential homes on lots in neighborhoods throughout the City; and
WHEREAS, COCLT is proposing to develop affordable housing under the land trust model that will include retaining ownership of the underlying land to ensure the site remain permanently affordable...
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