Explanation
BACKGROUND: This legislation authorizes the appropriation and expenditure of up to $600,000.00 of HOME Investment Partnerships Program (HOME) entitlement grants ($100,000.00 from the 2022 grant and $500,000.00 from the 2023 grant) from the U.S. Department of Housing and Urban Development and authorizes the Director of the Department of Development to enter into a commitment letter, loan agreement, promissory note, mortgage, and restrictive covenant with Habitat for Humanity-MidOhio to construct six single family homes. Each address would have its own set of loan documents.
Habitat for Humanity is a global nonprofit housing organization working in local communities across all 50 states in the U.S. and in approximately 70 countries. Habitat’s vision is of a world where everyone has a decent place to live. Habitat works toward the City’s vision by building strength, stability, and self-reliance in partnership with families in need of decent and affordable housing. Habitat homeowners help build their own homes alongside volunteers and pay an affordable mortgage.
Habitat has a well planned construction schedule that must take into account timing of public and private funding availability, volunteer labor, and subcontractor schedules. Habitat for Humanity is the only developer building homeownership units with HOME funds for qualified homebuyers who earn between 30-60 % AMI and every home on the list is one purchased or optioned from/with the Land Bank of Columbus and Franklin County.
Habitat offers a zero percent interest mortgage and also brings up to 58% of the funding to each deal with the use of donor dollars, the mortgage payments of other Habitat homeowners, and in-kind donations for materials. These six units are part of the eleven in Columbus that Habitat plans to build in the 2023-2024 construction season and funded, in part, with City of Columbus HOME funds:
1362 Aberdeen Avenue (010 059520) (HOME 2022) - A two adult, two children part...
Click here for full text